Despite the spread of COVID-19, it was found that the total assets of households with the top 10-30% of income in Korea increased by nearly 150 million won in one year.
Woori Financial Group’s Financial Management Research Institute published today (5th) ‘2021 Wealth Management Customer Analysis Report: Mass Affluent in the Era of Pandemic’, in the top 10-30% of household income from September to October (7 before tax). According to the survey, the result of a survey of 4,000 people across the country was defined as an individual with an income of 10 million to 120 million won) as the wealthy class of the masses.
According to the report, the average total assets of the wealthy this year stood at 913.74 million won, an increase of 149.01 million won from last year.
Debt increased by 29.62 million won to 148.34 million won, and net assets excluding this were 765.4 million won.
Total assets consisted of real estate assets of 7542 million won, financial assets of 12.77 million won, and real assets such as virtual currency 42.54 million won.
The report analyzed, “Real estate assets increased by 14.43 million won (23.2%) from last year (68.99 million won), resulting in a significant increase in total assets.”
The proportion of stocks among financial assets also increased significantly, and the number of respondents who showed aggressive investment tendencies also increased.
Stocks accounted for 24.3% of the wealthy people’s financial assets, up 8.9 percentage points from the previous year.
The number of respondents who said that they pursue high-risk, high-return investment was 43.6%, an increase of 9.9 percentage points from last year, and the number of respondents who said that they pursue safety decreased by 7.8 percentage points to 33.4%.
After the spread of Corona 19, the response rate that the value of labor activities ‘decreased’ was almost twice as high as that of ‘it increased’. It was 15.5%.
The reason for the decrease in the value of labor activities was that the increase in earned income was small compared to the increase in the price of assets such as real estate and stocks.
The report analyzed, “There were many wealthy people in the public who thought that the value of their work activities decreased after the COVID-19 pandemic,” and especially, “This change in perception was more pronounced when income levels or real estate assets decreased.”