Second headline: South Korea’s population of individuals holding at least ₩1 billion in financial assets reached an estimated 476,000 at end-2024, lifting combined assets to ₩3,066 trillion and tightening concentration across the economy.

  • Count: 476,000 individuals (end-2024)
  • Threshold: ₩1 billion (~$676,818)
  • Combined assets: ₩3,066 trillion (+8.5% YoY)
  • Survey date: End-2024; report by KB Financial Group research institute

The finding, briefly

The KB Financial Group’s wealth report, cited by Yonhap, shows a 3.2% year‑on‑year rise in the number of high‑net‑worth (HNW) Koreans — more than triple the level recorded when the survey began in 2011. Wealth among this cohort has expanded faster than household assets overall, giving the upper tier a materially greater share of national financial wealth.

Granular allocation and risk appetite

In in‑depth interviews with 400 affluent respondents, allocations reveal a portfolio with the substantial heft of property at the centre — 54.8% of assets are in real estate — while financial assets make up 37.1%. Within financial preferences, stocks dominate near‑term sentiment: 55% named equities as the most promising investment over the coming year, with gold and jewellery second at 38.8% and residential housing at 35.5%.

Context in 2025: what this means for luxury and capital flows

Two linked trends in 2025 sharpen the significance of the KB findings. First, demand for luxury goods is increasingly driven by a convergence of investment and aesthetics: investors prize items that carry both intrinsic value and sculptural presence — think gold with a satin sheen or limited‑edition watches with a substantial heft. Second, sustainability and provenance now influence purchasing decisions: lab‑grown diamonds and responsibly sourced metals are reshaping price expectations and inventory strategies for retailers targeting wealthy Asian buyers.

Why US retailers and investors should take note

For US luxury retailers: the growing cohort of Korean HNW buyers represents concentrated, high‑intent demand. Stocking curated lines that emphasise responsible sourcing, clear provenance and sculptural design will appeal to both the investment and aesthetic motives cited in the report. Consider tighter inventory turns for high‑margin, limited runs and introduce lab‑grown diamond offerings with transparent lifecycle claims — these satisfy sustainability preferences while preserving margin elasticity.

For investors: the rise in HNW numbers and the 8.5% growth in their combined assets suggest outsized capital available for equities, real estate and alternative assets. That is already visible in the survey’s preference for stocks. Portfolio managers should watch for increased private capital allocations into Korean tech and real estate, and factor in currency exposure, domestic policy shifts and concentration risk: just 0.92% of the population now controls roughly 60.8% of household financial assets.

Practical actions

  • Retailers: introduce limited‑edition, provenance‑verified jewellery and lab‑grown options timed to Korean market demand cycles.
  • Wholesalers: prepare for higher volume of gold and sculptural pieces; emphasise tactile quality and serialized authenticity.
  • Investors: monitor inflows into Korean equities and luxury sectors; stress‑test portfolios for wealth‑concentration shocks and FX movements.

Source: KB Financial Group research institute; reporting by Yonhap. The numbers point to a market in which concentrated wealth is shaping both consumption — favouring high‑quality, responsibly made luxury — and capital allocation across asset classes.

Image Referance: https://www.thehansindia.com/business/number-of-high-net-worth-individuals-in-s-korea-grows-over-3-pc-to-nearly-480000-1030999