It has been revealed that more than 50 minors in South Korea have high-value deposits and savings accounts exceeding 1 billion won in domestic banks. The total balance of deposits and savings accounts under minor names approached 10 trillion won, with the balance for infants aged 0 to 5 alone surpassing 2 trillion won.

According to data submitted by the Korea Federation of Banks to Representative Park Sung-hoon of the People Power Party on the National Policy Committee on the 5th, the total deposits and savings balance of minors aged 18 and under across 19 domestic deposit-taking banks stood at 9.7413 trillion won as of the end of July this year. This represents an increase of 1.4548 trillion won (17.6%) compared to the end of 2022 (8.2865 trillion won). Over the same period, the number of accounts held also increased by 36.0%, rising from 6,615,941 to 8,995,055.

Based on individual combined balances, a total of 2,595 minors held 100 million won or more. Broken down by bracket, there were 2,419 minors with between 100 million won and under 500 million won, 124 with between 500 million won and under 1 billion won, and 52 with 1 billion won or more. Ultra-high-value holders with 1 billion won or more increased by 10 compared to the end of last year (42).

By bank (with overlapping totals), Hana Bank had the highest number of minors holding 100 million won or more with 566, followed by KB Kookmin Bank (540), Shinhan Bank (437), Woori Bank (422), and NH Nonghyup Bank (172). Notably, holders of 1 billion won or more were concentrated in Hana Bank (14) and Shinhan Bank (12).

On the other hand, minor holders with small balances of less than 1 million won numbered 5,602,273, accounting for 77.5% of the total (7,227,938), revealing a stark polarization of assets.

By age group, the 6 to 12 age bracket had the largest balance at 3.5864 trillion won, while the balance under the names of infants aged 0 to 5 also reached 2.1399 trillion won (22.0%). The 16 to 18 age group and 13 to 15 age group recorded 2.1463 trillion won and 1.8688 trillion won, respectively. Furthermore, minor stock holdings amounted to 7.3113 trillion won (with 5,400 individuals holding 100 million won or more) as of the end of last year, according to the survey.

Representative Park Sung-hoon emphasized, "While normal gifts or asset formation cannot be called into question, it is necessary to closely examine whether there are blind spots—such as the source of funds and the omission of gift tax reporting—in the process of massive financial assets being transferred to minors."

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