Seoul: The number of South Koreans holding more than 1 billion won (US$676,818) in financial assets increased by over 3 percent last year, reaching nearly 480,000, a report revealed Sunday.

According to Yonhap News Agency, a wealth report by the research institute of the KB Financial Group estimated that 476,000 individuals possessed at least 1 billion won in financial assets as of the end of 2024. This group represents 0.92 percent of the total population. The figure signifies a 3.2 percent rise from the previous year and more than triples the 130,000 recorded in 2011, when such surveys began.

The collective financial assets of these high net worth individuals totaled 3,066 trillion won, marking an 8.5 percent increase from a year earlier. This amount accounts for 60.8 percent of the total household financial assets nationwide. The institute noted that the rate of growth in the wealthy individuals' financial assets was nearly double that of overall household financial assets, highlighting a faster wealth accumulation among the rich compared to the general population.

The report further detailed that 32,000 people held financial assets worth between 10 billion and 30 billion won, while 12,000 individuals owned more than 30 billion won in financial assets. In-depth interviews conducted by the institute with 400 wealthy individuals during July and August revealed that 54.8 percent of their assets were allocated to real estate and 37.1 percent to financial assets.

Regarding investment performance over the past year, 34.9 percent of respondents reported gains, a 2.7 percentage point increase from last year, amidst a robust local stock market. Looking to the future, 55 percent of participants cited stocks as the most promising investment for the upcoming year, followed by gold and jewelry at 38.8 percent, and residential housing at 35.5 percent. Stocks also topped the list of the most attractive longer-term investment options, with 49.8 percent of respondents expressing this view, a significant rise from last year's 35.5 percent, according to the report.