2 days ago
S. Korea has 10th-most millionaires in world
South Korea had the world's 10th-highest number of millionaires globally last year, with 1.3 million individuals holding wealth exceeding $1 million, or 1.37 billion won, a report showed Thursday.
According to the Global Wealth Report 2025, released by Swiss investment bank UBS, the figure marked a slight increase from 1.2 million recorded in 2023, placing the country 10th among 56 countries surveyed.
There were about 60 million millionaires globally, holding a total of $226.47 trillion in wealth.
The US topped the list with 23.8 million millionaires, accounting for 39.7 percent of all millionaires worldwide.
The report noted that the millionaire population in the US rose by 379,000 throughout last year, meaning about 1,000 people joined the millionaire club each day.
UBS projected that more than 5 million new millionaires will be created globally over the next five years, with the US playing a key role in that growth.
China had the second-highest number of millionaires, with 6.3 million, followed by France (2.8 million), Japan (2.7 million), Germany (2.6 million), the United Kingdom (2.6 million), Canada (2 million), Australia (1.9 million) and Italy (1.3 million).
A separate study revealed that the millionaire population in Seoul is declining amid economic and political uncertainties at home.
The number of millionaires living in the city stood at 66,000 as of December last year, a decrease of 16,500 from 82,500 the previous year, according to the 2025 World's Wealthiest Cities Report 2 published in April by English citizenship investment advisory firm Henley & Partners and global wealth intelligence firm New World Wealth.
The report cited the weakening of the Korean won as the main factor behind the decline. It did not provide a number for the country as a whole.
The Korean currency fell sharply to 1,472.5 won against the US dollar in December last year, up 184.5 won, or 14 percent, from 1,288.0 a year earlier, industry data showed.
The report also suggested that the country's turbulent political climate may have prompted a number of high-net-worth individuals to leave the country.
Since Dec. 3, when former President Yoon Suk Yeol declared emergency martial law, Asia's fourth-largest economy has been in political turmoil, leading to his impeachment, removal from office, and an early presidential election. The country now has a new president, Lee Jae Myung.
