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1,470 South Koreans have more than $30 million to their name

November 20, 2014

South Korea ranks 23rd in the world when it comes to number of billionaires. In Asia, China leads the pack with 190 billionaires, followed by India (100) and Hong Kong (82), according to the World Ultra Wealth Report 2014.

The wealthiest in South Korea became wealthier this year, with the number of individuals with more than $30 million to their name increasing, Yonhap reported.

According to the World Ultra Wealth Report 2014, compiled by Wealth-X and UBS and released Wednesday, Korea’s super-rich increased by 80 people, or 5.8 percent, from last year.

The amount possessed by these 1,470 individuals is about $280 billion, a 5.7 percent increase from last year.

Korea’s super-rich is comprised of 89 percent men and 11 percent women; 20 percent have inherited their wealth, 39 percent are self-made and 41 percent have obtained wealth through a mix of both; and 17 percent were born to chaebol families.

The richest among the super-rich are the billionaires, of which there are 21 in the country, a decrease from last year’s 23.

South Korea ranks 23rd in the world when it comes to number of billionaires. In Asia, China leads the pack with 190 billionaires, followed by India (100), Hong Kong (82), Japan (33), Singapore (32) and Taiwan (29).