Korean millionaires in financial assets increased by 30,000 in a year thanks to booming housing and equity market, according to a report by a local financial research institute.

According to 2018 Korea Wealth Report of KB Financial Group Research Institute on Monday, the number of individuals who own 1 billion won ($890,630) or more in financial assets in Korea reached 278,000 as of the end of 2017, up 15.2 percent from a year ago.

The value of their riches in financial assets also increased 17.0 percent on year to 646 trillion won, or an average of 2.32 billion won per individual.

A mere 0.54 percent of the country’s total population accounted for 17.6 percent of Korean household holding in financial assets.

Financial wealth made up 42.3 percent for the rich in Korea, while property ownership made up their bigger wealth of 53.3 percent. Artworks and others made up 4.4 percent of their riches.

By region, 43.7 percent of the wealthy Koreans, or 122,000 individuals, are based in Seoul, followed by 59,000 in Gyeonggi (21.3 percent), and 19,000 in Busan (6.6 percent). Inside Seoul, 43,000 individuals live in three most affluent areas in southern Seoul - Gangnam, Seocho, and Songpa.

By Kim Tae-sung and Cho Jeehyun

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]