[KB 2025 Korea Wealth Report ①] "Real Estate Invincibility Is a Thing of the Past, Self-Made Wealthy on the Rise"... The 'Wealth Map' of 470,000 Korean Super Rich

The number of 'rich' people in South Korea with financial assets of 1 billion won or more has exceeded 470,000, breaking the record for the largest scale ever. The total financial assets held by them have surpassed 3,000 trillion won for the first time in history. What is noteworthy is that the topography of wealth is changing. The absolute proportion of real estate is shrinking while financial assets are expanding, and the proportion of 'self-made' rich who accumulated wealth through business rather than inheritance is increasing, rewriting the formula of wealth in South Korea.

■ 3.6-fold surge in 15 years... Opening of the 'Era of 3,000 Trillion Won in Financial Assets'

According to the '2025 Korea Wealth Report' published by the KB Financial Group Research Institute, the number of rich people in South Korea was tallied at 476,000 as of the end of 2024. This is an increase of 20,000 (4.4%) in one year from 456,000 at the end of 2023. Looking at the long-term trend, the growth rate is even steeper. The number of wealthy Koreans, which was 130,000 in 2011 when the report was first published, has swelled more than 3.6 times in 15 years.

The scale of funds they mobilize is also megaton-class. The total financial assets of the wealthy in Korea recorded 3,066 trillion won, breaking the 3,000 trillion won barrier for the first time since statistics were compiled. The average financial assets per person is estimated to be about 6.44 billion won. This increase in assets is analyzed as a result of a combination of factors, such as the recovery of the stock market and the rise in bond values driven by expectations of interest rate cuts.

■ Breaking away from 'all-in on real estate'... Asset portfolio reorganized to '5:4:1'

The myth of 'invincible real estate', which was known as the wealth management formula for the wealthy in Korea, is gradually losing its power. According to the report, the composition of the wealthy's total asset portfolio was ▲real estate assets 54.8% ▲financial assets 38.9% ▲other assets (gold, jewelry, artworks, etc.) 6.3%.

The most notable change is the reduction in the proportion of real estate. The proportion of real estate assets peaked at 59.0% in 2021 and has continuously declined, falling below the 55% mark. On the other hand, the proportion of financial assets has steadily increased during the same period, narrowing the gap with real estate.

The KB Financial Group Research Institute analyzed this, saying, "The asset structure that was historically heavily weighted towards real estate is being reorganized into a ratio of real estate (5), finance (4), and others (1), evolving into a balanced portfolio." This is interpreted as the wealthy turning their eyes to financial assets, which easily secure liquidity, as uncertainty in the real estate market grew due to prolonged high interest rates and concerns over real estate project financing (PF) insolvencies.

■ The number one source of wealth is 'business income'... Self-made rather than silver spoons

The answer to 'how did they become rich?' has also changed. The main source of wealth cited by the wealthy was 'business income', taking the top spot at over 30%. Overtaking 'real estate investment' and 'inheritance or gifts', which were symbols of wealth in South Korea in the past, the proportion of those who built their wealth by directly managing companies or operating businesses was the highest.

The proportion of those who became rich based on earned income and financial investment returns is also on the rise. This suggests that 'self-made' rich people, who accumulated wealth through their own abilities without assets inherited from their parents, are emerging as the mainstream of South Korea's wealthy class.

■ The wealthy's standard: "You need total assets of 10 billion won to be truly rich"

Although having 1 billion won or more in financial assets classifies one as 'rich' statistically, the 'standard of wealth' perceived by the actual wealthy was much higher. According to the report, it was found that the wealthy in Korea consider that total assets must be at least 10 billion won to be truly rich. This standard has remained unchanged for nearly 15 years since the 2011 survey, showing that the standard of the wealthy is firmly established regardless of inflation or fluctuations in asset values.