13-04-2023, 12:16 AM
https://www.thestar.com.my/aseanplus/ase...sh-in-2022
The wealthiest in South Korea tended to increase their shares of safe haven assets, such as cash holdings and deposits, rather than taking a risk with real estate in 2022, according to a report published on Sunday by a think-tank under Hana Bank.
According to the 2023 Korean Wealth Report compiled by the Hana Institute of Finance, the wealthiest members of society owned an average of 18.7 billion won (RM63mil) in cash holdings and deposits, accounting for an average of 58 per cent of total assets, more than double the 25 per cent from 2021.
“The rate of cash holdings went up in preparation for economic uncertainties,” the report said, adding: “The preference for deposits went up amid base rate hikes in 2022.”
The report was based on a survey of 2,013 South Koreans above the age of 19 conducted in December 2022.
The wealthiest in South Korea tended to increase their shares of safe haven assets, such as cash holdings and deposits, rather than taking a risk with real estate in 2022, according to a report published on Sunday by a think-tank under Hana Bank.
According to the 2023 Korean Wealth Report compiled by the Hana Institute of Finance, the wealthiest members of society owned an average of 18.7 billion won (RM63mil) in cash holdings and deposits, accounting for an average of 58 per cent of total assets, more than double the 25 per cent from 2021.
“The rate of cash holdings went up in preparation for economic uncertainties,” the report said, adding: “The preference for deposits went up amid base rate hikes in 2022.”
The report was based on a survey of 2,013 South Koreans above the age of 19 conducted in December 2022.