The number of ‘rich people’ who keep 1 billion won in their bank account and earn interest has increased again.

The proportion of deposits exceeding 1 billion won decreases
This is due to the surge in overall savings deposit balances.

In the first half of this year, large deposits exceeding 1 billion won increased by nearly 10 trillion won. The Bank of Korea analyzed this as ‘the impact of high interest rates in the first half of the year.’

According to the Bank of Korea’s economic statistics system on the 2nd, as of the end of June, the total size of bank savings deposits in accounts with balances exceeding 1 billion won was calculated to be 781.232 trillion won. This is a 1.2% increase from the end of last year (KRW 771.749 trillion).

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The size of deposits exceeding 1 billion won decreased by 3.0% from 796.348 trillion won at the end of December 2022 to 772.427 trillion won at the end of June last year, marking the first decline in 10 years. At the end of December last year, the decreasing trend continued, down 0.1% to KRW 771.749 trillion, but this year, large deposits turned to an increasing trend again, surpassing KRW 780 trillion.

The balance of term deposits exceeding 1 billion won in the first half of the year was 538.531 trillion won, an increase of 1.3% from the end of last year. During the same period, corporate free deposits exceeding 1 billion won increased 0.8% to 231.556 trillion won, and savings deposit balances increased 8.6% to 10.529 trillion won. A corporate free deposit is a product in which a corporation temporarily deposits surplus funds in a bank, and a savings deposit is a settlement deposit that allows free deposit and withdrawal.

The total amount of deposits exceeding 1 billion won increased, but its proportion decreased. This is because the overall savings deposit balance increased significantly this year. As of the end of June, deposits exceeding 1 billion won accounted for 45.6% of total deposits, the lowest in 6 years and 6 months since the end of 2017 (44.9%). This is because the total size of savings deposits was 1,712.826 trillion won as of the end of June, a new all-time high.

An official from the Bank of Korea explained, “Large-amount deposits increased moderately, but the increase was not large,” adding, “It appears that the high interest rates that continued until the first half of the year also affected the deposit balance.”

Reporter Kim Eun-ha [email protected]

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