Korea has the vast majority of wealth concentrated with chaebol families. While Korea doesn’t have a large amount of billionaires, the chaebols do have an overwhelming majority of assets.
jinxp_3 on
A lot of that wealth are stocks, and some are inflated. If they were to cash out, it’d drastically bring the value down.
Not that is not a lot of money still, but net cash it is less than what it appears at face value.
zhivago on
Well, Korea is in the rest of the world. 🙂
Ab4739ejfriend749205 on
That’s just valued assets. They are rich, but not wealthy. A lot of it is in stocks and real estate that can change in value rapidly…as quick as 20% in a single day market crash.
There are individuals who have more wealth than all of those billionaires combined as they have the power to claim or seize it at anytime.
To them these billionaires are just efficient caretakers who pay them tithes whenever requested.
covidsandwich on
People who think Korea should lower its inheritance tax would be disappointed that Korea didn’t make it on this chart
ebolaRETURNS on
You have just about 50 million people. I’m not sure how favorable the comparison would be per-capita.
ProbstWyatt3 on
Korean billionaires often own wealth as families, foundations, or corporations, not as individuals.
+ If my memory is correct, many billionaires also have USA citizenship. They’re foreigners by the Korean law.
Squidhunter71 on
Also a lot of rich Koreans have moved overseas.
vankill44 on
Korea has some of the lowest wealth inequality per the GINI index, with 57 (lower the better), slightly better than UK’s 58 and much better than Germany’s 68.
It is ranked 22nd in the number of billionaires, or 35th if you go by per capita.
But some people will watch some youtube vidios and ignorantly state that Korea us some dystopian capitalistic country where all the wealth is controlled by a handful of chaebols.
TyLion8 on
I mean isnt like only 3 companies in Korea make up like half of its GDP. Thats not a good look either tbh.
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Korea has the vast majority of wealth concentrated with chaebol families. While Korea doesn’t have a large amount of billionaires, the chaebols do have an overwhelming majority of assets.
A lot of that wealth are stocks, and some are inflated. If they were to cash out, it’d drastically bring the value down.
Not that is not a lot of money still, but net cash it is less than what it appears at face value.
Well, Korea is in the rest of the world. 🙂
That’s just valued assets. They are rich, but not wealthy. A lot of it is in stocks and real estate that can change in value rapidly…as quick as 20% in a single day market crash.
There are individuals who have more wealth than all of those billionaires combined as they have the power to claim or seize it at anytime.
To them these billionaires are just efficient caretakers who pay them tithes whenever requested.
People who think Korea should lower its inheritance tax would be disappointed that Korea didn’t make it on this chart
You have just about 50 million people. I’m not sure how favorable the comparison would be per-capita.
Korean billionaires often own wealth as families, foundations, or corporations, not as individuals.
+ If my memory is correct, many billionaires also have USA citizenship. They’re foreigners by the Korean law.
Also a lot of rich Koreans have moved overseas.
Korea has some of the lowest wealth inequality per the GINI index, with 57 (lower the better), slightly better than UK’s 58 and much better than Germany’s 68.
It is ranked 22nd in the number of billionaires, or 35th if you go by per capita.
But some people will watch some youtube vidios and ignorantly state that Korea us some dystopian capitalistic country where all the wealth is controlled by a handful of chaebols.
I mean isnt like only 3 companies in Korea make up like half of its GDP. Thats not a good look either tbh.