The Number of Millionaires in South Korea Surpasses 1.3 Million…"10th in the World"
Summary
- UBS announced that last year, the number of millionaires in South Korea totaled 1,301,000, ranking 10th in the world.
- The number of millionaires increased compared to 2023, indicating a rise in asset value and wealth accumulation within South Korea.
- UBS projected that more than 5 million new millionaires are expected to emerge worldwide by 2029, driven by U.S. growth and other factors.
Last year, the number of millionaires in South Korea exceeded 1.3 million, ranking 10th among major countries worldwide.
According to the '2025 Global Wealth Report' released by Swiss investment bank UBS on the 18th (local time), the number of South Koreans with assets of at least $1 million (about ₩1,375,000,000) totaled 1,301,000 last year.
This marks an increase from 1,295,674 in 2023, surpassing the 1.3 million threshold.
Among the 56 developed and developing countries surveyed, the United States had the highest number of millionaires.
The U.S. counted 23,831,000 millionaires, which represents 39.7% of all millionaires globally.
The number of millionaires in the U.S. was four times higher than China (6,327,000), which ranked second, and exceeded the combined total of France (2,897,000), Japan (2,732,000), Germany (2,675,000), and the United Kingdom (2,624,000), which were ranked third to sixth.
Canada (2,098,000), Australia (1,904,000), and Italy (1,344,000) followed in seventh to ninth place.
Other countries with over 1 million millionaires included the Netherlands (1,267,000), Spain (1,202,000), and Switzerland (1,119,000).
In the Asia-Pacific region, after Japan and South Korea, Taiwan (759,000), Hong Kong (647,000), and Singapore (331,000) had the most millionaires in order.
Globally, the total number of millionaires was estimated at about 60 million, with their combined assets reaching $226.47 trillion (approximately ₩31,164.5 trillion).
In the U.S., which has the most millionaires, the number increased by 379,000 last year alone—equivalent to roughly 1,000 new millionaires per day, including weekends.
In China, 386 new millionaires were reported to emerge on average per day over the same period.
Meanwhile, UBS predicted that, driven by growth in the U.S. over the next five years, more than 5 million new millionaires are expected to emerge worldwide by 2029.
Boba Lee, Hankyung.com Contributing Reporter newsinfo@hankyung.com
Korea Economic Daily
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