The latest Global Wealth Report by investment bank Credit Suisse showed that assets held by the richest 1 percent account for half of the entire world‘s wealth, which surged at the fastest annual rate of 6.4 percent to $280 trillion as of mid-2017.

Of millionaires worldwide, 2 percent, or 686,000 were South Koreans, with the number predicted to reach 972,000 by 2022.

The report said those with low wealth tend to be disproportionately found among younger age groups, who have had little chance to accumulate assets. Millennials, who are better educated, therefore suffer from a disadvantage and face particularly challenging circumstances with greater likelihood of being unemployed or earning less, as well as being priced out of the housing market and without a pension.