South Korea ranked 22nd in the per capita net financial assets among 53 major economies last year, a report said.
According to a global wealth report by the German-based Allianz Group on October 10, South Korean had 28,180 euros (US$33,302 or 37.8 million won) on average in net financial assets last year.
It marks an increase of 809 euros (US$956 or 1.09 million won) from 27,371 euros (US$32,346 or 36.7 million won) the previous year, when the ranking was 21st. Net financial assets are total financial assets minus liabilities, including cash, bank deposits, stocks, insurance and pensions.
The United States had the largest amount of per capita net financial assets at 177,210 euros (US$209,419 or 237.69 million won) last year largely due to the strong U.S. dollar, up one notch from a year earlier. Switzerland came in second with 175,720 euros (US$207,658 or 235.69 million won), down one notch from the previous year. Japan ranked third with 96,890 euros (US$114,500 or 129.96 million won).
Taiwan was fifth with 92,360 euros (US$109,147 or 123.88 million won) and Singapore seventh at 89,570 euros (US$105,850 or 120.14 million won). The three countries were the only Asian countries that surpassed South Korea. China was 27th at 12,770 euros (US$15,091 or 17.13 million won), up one notch from a year ago.
South Korea's ranking was also 22nd in total per capita financial assets when liabilities were added, with 52,380 euros (US$61,900 or 70.26 million won), remaining the same with the previous year.
Switzerland topped this list at 268,840 euros (US$317,703 or 360.59 million won), followed by the U.S. at 221,690 euros (US$261,983 or 297.35 million won), Denmark at 146,490 euros (US$173,115 or 196.49 million won), the Netherlands at 137,540 euros (US$162,538 or 184.48 million won) and Sweden at 136,270 euros (US$161,038 or 182.78 million won). The North European countries followed in the third, fourth and fifth rankings.
Singapore came in eighth at 125,640 euros (US$148,475 or 168.52 million won) and Japan ninth at 118,950 euros (US$140,570 or 159.55 million won). In short, Singapore had the largest per capita debt – 36,075 euros (US$42,632 or 48.39 million won) – among Asian economies and South Korea came in second at 24,200 euros (US$28,598 or 32.46 million won).
South Korea's household debt ratio to gross domestic product (GDP) was 95.8 percent, the highest among Asian countries.