Based on the wealth of the top 1% in South Korea

The wealthiest 1% of South Koreans have a net worth of 2.9 billion won, according to a survey. Net worth is the amount of wealth a person has after subtracting debts and borrowings from his or her property, such as a house, car, and cash.

As of 2021, the top 0.1 percent had more than 7.68 billion won in net worth, and the top 1 percent had more than 2.9 billion won, according to Hanwha Life Insurance on Tuesday. The top 5% had more than 1.35 billion won in net worth, and the top 10% had more than 900 million won스포츠토토.

The wealthiest 1% totaled more than 209,000 households. The average household had 2.8 members, totaling an estimated 586,000 people. The average age of household heads in the top 1% is 63.5 years old, and 72% of them live in the Seoul metropolitan area.

The average annual income of the top 1% of households was KRW215.71 million, 3.5 times higher than the average household income of KRW61.25 million. 88.5% of the top 1% lived in their own homes, compared to 7.7% who rented and 3.8% who rented.

The median retirement age of these households was 70.7 years old, which is later than the average for all households at 68.2 years old.

The minimum cost of living for these households was KRW 3.59 million per month and the maximum cost of living was KRW 5.22 million per month.

The average annual income of the top 1% of households is 3.5 times that of all households, but their minimum retirement cost is 1.66 times higher and their optimal retirement cost is 1.71 times higher.

“The wealthy in the top 1% are mostly growing their wealth through active financial investments such as real estate and stocks,” said an insurance company representative, “and they are also increasingly preparing for their retirement by enrolling in individual pensions.”

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