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Value of wealth transfer tops 71 tln won last year

All News 14:40 June 29, 2021

SEOUL, June 29 (Yonhap) -- South Korea's tax agency said Tuesday the value of assets inherited by descendants or handed to them by their parents topped 71 trillion won (US$62.8 billion) last year.

This marked an on-year increase of 21 trillion won from the previous year, according to the National Tax Service.

The value of inherited assets amounted to 27.4 trillion won as of end-2020, up 27.3 percent from the previous year.

The value of properties that people gave to their children or spouses rose 54.4 percent on-year to 44 trillion won.

Last year, more people transferred the ownership of buildings to their children. The combined value of such dealings jumped 144.1 percent on-year to 19.8 trillion won.

The value of financial assets handed over to children gained 37.6 percent on-year to 7 trillion won, while that of land declined 10.2 percent to 7.8 trillion won.

Value of wealth transfer tops 71 tln won last year - 1


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