Country climbs in ranks of per capita assets
The country ranked 21st among 53 countries and fifth among Asian nations in terms of financial assets per capita in 2015, according to the Global Wealth Report released by German insurer Allianz Group.
Koreans’ net financial assets per capita, excluding liabilities, were 27,371 euros ($30,784) last year, inching the country’s ranking up from 22nd on the 2014 list.
Switzerland topped the list with net financial assets per capita of 170,589 euros and the United States followed with 160,949 euros. Among Asian countries, Japan came first with 83,888 euros and ranked sixth globally, moving up from eighth place.
China ranked 28th with net financial assets per capita of 11,496 euros, rising 40 percent from 33rd in 2014.
Regarding gross financial assets per capita, including liability, Korea was unchanged compared to last year at 22nd among 53 countries and fifth in Asia at 49,580 euros.
Switzerland and the United States came first and second, with 260,804 euros and 202,489 euros. Third went to Denmark with 145,111 euros while the United Kingdom was fourth with 132,308 euros.
Singapore posted the largest gross financial assets per capita among Asian countries with 114,155 euros, ranking eighth globally. Japan came in 10th with 108,660 euros and Taiwan was 12th with 99,257 euros.
Regarding the growth rate of gross financial assets, Korea had a 9.6 percent increase year-on-year and was one of the two countries in Asia, along with Japan, whose annual growth rate surpassed the 10-year average. First place went to China, which achieved an annual growth of 18.3 percent, although it fell from 2014’s 20.4 percent.
The report mentioned Korea as the country whose debt growth rate rose the fastest, from 6.3 percent in 2014 to 9.8 percent last year. Among Asian countries, its debt growth rate was third, following India which had 17.5 percent and China with 16.8 percent.
“Korea’s liability per capita was 22,209 euros and came third among Asian countries, following Singapore with 34,894 euros and Japan with 24,772 euros,” the report said. “This accounts for 12 percent of the Asia’s regional total of household debts.”
In terms of wealth distribution, Korea ranked sixth globally and second in Asia for the share of wealth occupied by the middle class. The percentage of financial assets held by the middle class in Korea was about 55 percent.
BY SONG KYOUNG-SON [email@example.com]