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Real estate takes up 89 pct of S.Korea's national wealth

Xinhua, May 13, 2015 Adjust font size:

Real estate assets, including land and buildings, took up almost 90 percent of South Korea's national wealth in 2013, data showed Wednesday.

The country's national net wealth, which gauges national assets minus debts, was 11,039 trillion won (10.1 trillion U.S. dollars) as of end-2013, up 3.5 percent from a year earlier, according to the joint data by Bank of Korea (BOK) and Statistics Korea.

The national wealth was 7.7 times larger than gross domestic product (GDP) in 2013, higher than the multiples of 5.9 in Australia, 3.5 in Canada and 6.4 in Japan in 2012.

Among the total, real estate assets accounted for 88.7 percent, indicating a still heavy dependence of households on housing for their wealth.

As of end-2013, the percentage of land assets to national wealth was 5,848 trillion won, or 53 percent of the total. It was down 0.7 percentage points from a year earlier, but the share topped 50 percent.

Construction assets, including buildings and public works, came to 3,942 trillion won, or 35.7 percent of the total, at the end of 2013.

Net wealth of households and non-profit organizations averaged 330,850,000 won (301,100 U.S. dollars) as of the end of 2013.

As of end-2014, non-financial assets, mostly land and buildings, accounted for 64.7 percent of the total, higher than 29.9 percent in the United States, 39.9 percent in Japan and 45.8 percent in Canada. Endi