S. Korean households' net assets averaged US$ 445,000 in 2020, up nearly 11% y/y: BOK
Updated: 2021-07-22 13:45:18 KST
South Korean households' net assets last year were up by more than 10-percent from the year before.
This is according to the preliminary National Balance Sheets for 2020 released by the Bank of Korea on Thursday.
As of late last year Korean households had an average of around 445-thousand U.S. dollars of assets.
This is 10.6 percent higher than the figure in 2019 when it recorded 403-thousand dollars.
And this is also similar to the figures recorded in 2019 in France and Japan suggesting that South Korea's economy has grown to the level of developed countries.
The central bank said the rise was led by a sharp increase in house prices and stock prices last year.
In fact the combined value of all real estate in the country reached its highest level on record.
Due to higher land and building prices it amounted to 5 times the country's GDP.
Most of the Korean households' assets was real estate accounting for nearly 75-percent of total assets.
This is a 1.1 percent rise from the year before.
National wealth as a whole amounted to over 17.7 trillion U.S. dollars last year up 6.6 percent from the previous year.
That's more than 9 times the nation's GDP.
Bae Eun-ji, Arirang News.