Tax records show babies less than 12 months old own W15b in inherited wealth

By Yonhap

Published : Oct. 18, 2017 - 09:59

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More than 46,000 under-age minors own an average of 112.74 million won ($99,549) in inherited assets, including 304 who are less than one year old, a report from the National Tax Service said Wednesday.

The data, submitted to the National Assembly for parliamentary audits, covered the 2008-2016 period.

The report showed 46,542 minors aged under 18 held 5.24 trillion won in handed-down wealth. Financial assets accounted for 2.81 trillion won, or 39.7 percent, while real estate amounted to 1.69 trillion won, or 32.3 percent. Stocks counted for 1.25 trillion won -- 24 percent -- of the total.

(Yonhap)

This group includes 304 babies who had not yet turned one. They inherited 15 billion won, averaging at around 49.34 million won per child.

High school students, aged 13-18, received 2.65 trillion won in inheritances, averaging at 122.7 million won per person.

Asset transfers were the highest at age 14, which is when 3,149 minors received 419.2 billion won, or an average of 133.12 million won per child.

The same data indicated that inheritance in the form of financial assets fell as children grew older, from 49.3 percent for those under two to 37.5 percent in the 13-18 age group. Real estate inheritance stayed close to 30 percent for all ages.

The young people checked paid 23.59 million won in taxes, amounting to a 20.9 percent rate of taxation. (Yonhap)

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Tax records show babies less than 12 months old own W15b in inherited wealth

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