The country's combined net assets rose 5.3% last year to KRW 24,105 trillion. Shown is the financial district of Yeouido in Seoul's Yeongdeungpo-gu District. (Seoul Metropolitan Government)

By Charles Audouin

The country's combined net assets, a measure of national wealth, rose 5.3% last year to break KRW 24,000 trillion.

In addition, per capita net worth of households grew about 3% to exceed KRW 250 million.

This was thanks to the appreciation of non-financial and financial assets due to rising housing prices and favorable performances by stock markets abroad.

These statistics were announced on July 17 in the Korean National Balance Sheets for 2024 released by the Bank of Korea and Statistics Korea. The collective assets of domestic economic entities reached KRW 24,105 trillion, up KRW 1,217 trillion from 2023 and 9.4 times the scale of gross domestic product.

The sheets are considered "financial statements of the national economy" in showing the assets and liabilities of the overall economy and individual economic players.

Per capita net worth of household was an estimated KRW 252.51 million, up 3.3% from 2023. This figure is derived by dividing the total net assets of households and non-profit organizations, or KRW 13,068 trillion, by the national population of 51.75 million.

The value of this statistic converted to the market exchange rate (KRW-USD rate of 1,363 in 2024) was USD 185,000, higher than Japan's (USD 180,000) but lower than those of the U.S. (USD 521,000), Australia (USD 401,000), Canada (USD 295,000), France (USD 230,000) and the U.K. (USD 206,000).

Based on the exchange rate for purchasing power parity (KRW-USD rate of 933 in 2024), Korea's figure of USD 271,000 surpassed those of Japan (USD 248,000) and the U.K. (USD 233,000).

caudouin@korea.kr