want to take more control of their investments and bet on the sectors they have knowledge about, not relying passively on private bankers. They opt for stocks, equity-linked bonds and other liquid assets in pursuit of short-term gains, rather than making long-term investments in real estate and bonds, private bankers say. As the self-made rich such as startup founders, cryptocurrency investors and social network influencers are joining the ranks of millionaires, they show little hesitation in adding unlisted foreign stocks to their portfolios.
For alternative investments, they tend to form investment groups or private equity funds on their own to invest in data centers and infrastructure facilities in other countries. “ prefer the areas in which they have knowledge, even if they yield relatively low returns,” said Park Gye-young, a private banker at KB Securities’ wealth management center in Banpo-dong, Seoul. “Some young clients skip private bankers and get investment information by communicating directly with analysts,” said a private banker at a wealth management center in southern Seoul.
According to KB Financial Group’s research institute, the number of individuals with more than 10 billion won ($7.2 million) in financial assets stand at 500,000 in South Korea. Those in their 20s and 30s account for slightly less than 10% at 49,000.
For the cohort aged 20 to 49, the number of the wealthy reached 140,000. Those young millionaires include Kim So-hee, founder of.
