Korea's 100 richest in housing own 21,000 homes

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Tue, December 6, 2022 | 18:59

Economy

Korea's 100 richest in housing own 21,000 homes

Posted : 2022-09-29 15:36

Updated : 2022-09-29 15:53

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By Yoon Ja-young

The country's richest 100 people in terms of housing ownership possess nearly 21,000 homes. The total official value of these homes exceeds 2.5 trillion won ($1.74 billion).

According to Statistics Korea data submitted to Rep. Kim Hoi-jae of the main opposition Democratic Party of Korea, the 100 most prolific homeowners in the country owned 20,689 units of housing as of 2020.

Their total value stood at 2.52 trillion won. The figure breaks down to each of these people owning on average 207 homes, worth 25.2 billion won.

The number of homes owned by the top 100 homeowners has been increasing steadily, from 17,244 units in 2016 to 20,689 in 2020. Their total value also rose steeply during this five-year period from 1.5 trillion won in 2016. The increase means that each homeowner gained over 10 billion won in the value of their housing assets.

The lawmaker pointed out that those who are already the richest in terms of housing will benefit from the Yoon Suk-yeol administration's tax revision plan. Based on a simulation, the lawmaker estimated that they will enjoy tax cuts around 1 billion won each on average following the revision of the comprehensive real estate tax, which is levied in addition to the regular property tax on those who have high-priced or multiple homes. Those 100 people who own approximately 21,000 homes were each previously subject to 1.48 billion won in comprehensive real estate tax on average, but they will be taxed only 394.2 million won each on average following the revision.

"The comprehensive real estate tax revision plan of the Yoon administration is a tax cut for the ultra-rich, benefiting those who own hundreds of homes," Rep. Kim said.

"We will ensure that such tax cuts for the ultra-rich are stopped and create a government budget that nurtures the livelihoods of the working and middle classes instead."

yjy@koreatimes.co.kr Article List