‘Super-rich’ South Koreans ditch real estate for cash in 2022

The wealthiest members of society owned an average of 18.7 billion won (S$19 million) in cash holdings and deposits. - Reuters

SEOUL (The Korea Herald/Asia News Network): The wealthiest in South Korea tended to increase their shares of safe haven assets, such as cash holdings and deposits, rather than taking a risk with real estate in 2022, according to a report published on Sunday by a think-tank under Hana Bank.

According to the 2023 Korean Wealth Report compiled by the Hana Institute of Finance, the wealthiest members of society owned an average of 18.7 billion won (RM63mil) in cash holdings and deposits, accounting for an average of 58 per cent of total assets, more than double the 25 per cent from 2021.