Seoul: South Korea's per capita household net assets increased by more than 3 percent from the previous year in 2024, influenced by rising home prices and the growth in financial assets, central bank data revealed. The average value of net assets held by local households was recorded at 252.51 million won (US$181,570) last year, marking a 3.3 percent rise from 2023, as stated in the national balance sheet from the Bank of Korea (BOK).

According to Yonhap News Agency, when converted into U.S. dollars using the average 2024 exchange rate of 1,363 won per dollar, the figure stood at $185,000, slightly lower than the $187,000 in 2023. However, it remained higher than Japan's $180,000, with South Korea surpassing Japan in this metric for the third consecutive year. The United States reported a figure of $521,000, followed by Australia at $401,000, Canada at $295,000, France at $230,000, and Britain at $206,000.

South Korea's total national assets reached 24,105 trillion won at the end of 2024, a 5.3 percent increase from the previous year, marking a significant acceleration from the 1.3 percent growth in 2023. Net national wealth was 9.4 times the country's nominal GDP of 2,557 trillion won by the end of 2024.

The growth was attributed to an increase in the value of non-financial assets, such as land and housing, which rose by 2.9 percent on-year to 22,485 trillion won. These assets made up 93.3 percent of the total national assets. Financial assets saw a 56 percent on-year surge to 1,620 trillion won, spurred by strong overseas investments and the won-dollar exchange rate.

"Individual Korean investors significantly increased their investments in overseas stocks and bonds, and the valuation gains from those investments also grew substantially," a BOK official explained. "The solid performance in overseas stock markets and the strong dollar boosted the valuation of foreign financial assets held by Koreans," he added.