"Even Newborns Are Landlords: 3,313 Minors Earn Record 59.4 Billion Won in Rental Income"

3,313 Minors Earned an Average of 17.6 Million Won in Rental Income
Record-High Figures... "Driven by Early Gifting and Inheritance"
"National Tax Service Must Thoroughly Investigate Irregular Gifting and Inheritance"

Minors earned a record-breaking 59.37 billion won in real estate rental income over the course of a year. It was found that rental profits were generated across all age groups, from newborns to high school students, raising concerns that the intergenerational transfer of wealth is accelerating.

According to data received by Assemblyman Kim Youngjin of the Democratic Party of Korea, a member of the National Assembly’s Strategy and Finance Committee, from the National Tax Service on September 11, 2025, there were a total of 3,313 minors aged 18 or younger who reported real estate rental income for the 2023 tax year. The total rental income they earned amounted to 59.37 billion won, which averages out to 17.92 million won per person. Compared to the previous year (3,294 minors, 57.993 billion won), both the number of minors and the total amount increased by 19 and 1.377 billion won, respectively, marking an all-time high.

Rental Income from Birth... How Far Will the Golden Spoon Parade Go?

Minors earned a total of 59.3 billion won in real estate rental income over the course of a year, setting a new record high. Image to aid understanding of the article. Photo by Asia Economy DB

Looking at real estate rental income by age group, there were 311 preschool children (ages 0-6) who earned a total of 4.581 billion won in rental income. Notably, even 11 infants aged 0-1 recorded a combined 149 million won in rental income, with an average of 13.55 million won per person. Among elementary school students (ages 7-12), 1,038 earned a total of 16.894 billion won in rental income, averaging 16.28 million won per person annually. Among middle and high school students (ages 13-18), 1,964 earned a total of 37.893 billion won in rental income, which averages out to 19.29 million won per person.

The number of minors earning business income, not just real estate rental income, is also on the rise. In 2023, a total of 13,744 minors reported business income, an increase of 2,400 compared to the previous year. Most were high school students aged 16-18, accounting for 10,619 of the total. The total business income earned was 59.558 billion won, up 9.299 billion won from the previous year. It was also found that 110 preschool children earned 826 million won in business income. For elementary school students, 310 earned a combined 2.973 billion won, and for middle school students, 175 earned a total of 3.845 billion won.

Assemblyman Kim analyzed, "Recently, due to the effects of early inheritance and gifting, real estate rental income among minors is increasing," and added, "In the case of business income, even preschool children and elementary school students-who are unlikely to actually run a business-were reporting such income." He further emphasized, "The National Tax Service must conduct thorough investigations and verifications regarding irregular inheritance and gifting that evade legitimate tax obligations during this process."

"Born with 100 Million Won in the Account"... 734 Golden Spoon Newborns Last Year

Last year, 734 newborn babies were reported to have inherited assets averaging 100 million won each. Image to aid understanding of the article. Photo by Asia Economy DB

This trend is also evident in gift statistics. According to data on gift tax decisions submitted by the National Tax Service to Assemblyman Park Sunghoon of the People Power Party, also a member of the National Assembly’s Strategy and Finance Committee, there were a total of 734 cases of gifts made to newborns (age 0) last year, amounting to 67.1 billion won. This works out to an average of 91.41 million won per child.

The value of assets gifted to newborns soared from 9.1 billion won in 2020 to 80.6 billion won in 2021 and 82.5 billion won in 2022, before decreasing to 61.5 billion won in 2023. However, the upward trend resumed last year, indicating that even newborns are continuing to inherit assets averaging around 100 million won.

Assemblyman Park Sunghoon stated, "There is a possibility of expedient or illegal tax avoidance in the process of gifting assets to young children," and stressed, "Tax authorities must strictly block improper transfers of wealth through proactive tax audits and post-management."