Wealthy Koreans see little investment opportunities in cryptocurrencies: KB Wealth Report
[THE INVESTOR] Wealthy Koreans are not too keen on investing in cryptocurrencies, a report by KB Financial Group showed on Aug. 7.
The report, based on a survey on 400 people with more than 1 billion won (US$888,000) financial assets, revealed 24 percent of respondents said they have experience investing in cryptocurrencies. The number is higher than the 14 percent ordinary people. However, only 4 percent of them are currently investing in digital coins, the report said. Looking at the future, the number gets even lower. Only 2 percent of the respondents said they are willing to invest in cryptocurrencies in the future.
This compares with other countries where 29 percent of high net worth individuals in Asian countries excluding Japan said they are interested in investing in the newly emerged assets.
While Korea’s wealthy have little expectations on cryptocurrencies, a majority of the people, or 29 percent, picked domestic real estate as the most promising investment.
Last year saw an increase in real estate value. As a result, the proportion of real estate in the portfolio grew over the last two consecutive years.
The report shows that there are 278,000 people who own financial assets worth over 1 billion won in Korea, a 15.2 percent increase from a year earlier.
Seoul has the most rich people or 43.7 percent of the total number, followed by Gyeonggi Province with 21.3 percent.
Wealthy Koreans own 360 million won worth stocks on average. This compares to 34,000,000 on average owned by ordinary stock holders.
By Park Ga-young (firstname.lastname@example.org)