Gallup Korea Survey of 1,000 People
Average Wealth Considered "Rich" Rises to 3.3 Billion KRW... Up 900 Million in Six Years
A survey revealed that the average wealth scale considered wealthy by Koreans this year is 3.3 billion KRW (5% trimmed mean).
On the 28th, Gallup Korea conducted a survey from the 25th to the 27th targeting 1,000 people nationwide aged 18 and older, asking, "How much wealth in billions of KRW qualifies someone as wealthy?" The most common answer was 1 billion KRW at 23%, followed by 2 billion KRW, 3 billion KRW, and 5 billion KRW (each 14%), 10 billion KRW (12%), and 0.5 billion KRW (5%). Gallup Korea explained that the average wealth scale of the wealthy at 3.3 billion KRW in this survey has increased significantly compared to 2.5 billion KRW in 2014 and 2.4 billion KRW in 2019.
Looking at the total amounts by range, 8% said "less than 1 billion KRW," 25% said "1 billion to 1.9 billion KRW," 15% said "2 billion to 2.9 billion KRW," 15% said "3 billion to 4.9 billion KRW," 14% said "5 billion to 9.9 billion KRW," and 14% said "10 billion KRW or more." Ten percent withheld their opinion.
By respondent characteristics, the average wealth amount considered wealthy was relatively higher among ▲ Seoul residents (average 4.4 billion KRW, Incheon/Gyeonggi 3.4 billion KRW, non-metropolitan areas in the 2 billion KRW range) ▲ people in their 40s (3.9 billion KRW, 2.2 billion KRW for those in their 20s) ▲ and those with subjective living standards in the upper and upper-middle class (4.1 billion KRW, 2.4 billion KRW for the lower-middle class).
Regarding these results, Gallup Korea stated, "Five years ago, Seoul (3.2 billion KRW) was also higher than other regions, but the differences by age and living standards were less pronounced than now," and interpreted this as "likely due to the widening gap in housing prices between metropolitan and non-metropolitan areas before and after the COVID-19 pandemic, as well as the expansion of financial asset disparities such as domestic and international stock investments."
This survey was conducted via telephone interviews by surveyors using randomly extracted wireless phone virtual numbers. The response rate was 14.5%. For more details, refer to the Central Election Survey Deliberation Commission.
Meanwhile, in a related survey on inheritance tax conducted simultaneously, more than half (52%) of respondents expressed the opinion that inheritance tax should be lowered from the current level. Twenty-two percent said it should be maintained at the current level, and 12% said it should be raised.
By political inclination, 65% of conservatives, 43% of progressives, and 52% of moderates answered that a reduction in inheritance tax is necessary. By party support, 70% of People Power Party supporters and 38% of Democratic Party supporters said inheritance tax should be lowered, while 49% of non-affiliated respondents shared this view. Regarding the proposal to reduce the top inheritance tax rate from the current 50% to 40%, 69% of respondents supported it, while 19% opposed it.
The survey has a 95% confidence level with a sampling error of ±3.1%P.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
