Korea’s national balance sheet for the year 2022 has been released, showing promising results with a significant increase in national wealth. According to the preliminary data, the nation’s net assets, also known as national wealth or “국민순자산(國富),” experienced a 2.2% rise compared to the previous year, reaching an impressive 2,380 trillion won. This amount is approximately 9.4 times the nominal gross domestic product (GDP), which stood at 2,162 trillion won in the same period.
The comprehensive report highlights the following key findings:
- Non-Financial Assets Dominate: Non-financial assets accounted for a substantial portion, constituting 95.2% of the total national wealth. These non-financial assets amounted to 1,094 trillion won, reflecting a notable increase of 276 trillion won (+1.4%) compared to the previous year.
- Steady Growth in Financial Assets: Financial assets totaled 2,960 trillion won, with a corresponding financial liability of 982 trillion won. The net financial assets, calculated by subtracting the financial liability from the financial assets, amounted to 978 trillion won, representing a remarkable growth of 165 trillion won (+20.3%) over the previous year. This category also includes Korea’s net external financial assets, which are the result of converting the foreign financial assets and liabilities denominated in foreign currencies into the local currency (won).
The report also shed light on the dynamics of production and non-production assets:
- Robust Growth in Production Assets: By the end of 2022, production assets reached a total value of 8,859 trillion won, showcasing an increase of 394 trillion won (+4.7%) compared to the previous year. Within this category, construction assets recorded a growth of 214 trillion won (+3.4%), while equipment assets and knowledge-based assets witnessed an increase of 83 trillion won (+8.0%) and 60 trillion won (+9.6%), respectively.
- Decline in Non-Production Assets: Non-production assets amounted to 1,544 trillion won, experiencing a decrease of 118 trillion won (-1.1%) compared to the previous year. Notably, land assets recorded a decline of 119 trillion won (-1.1%).
The released report serves as a comprehensive overview of Korea’s economic status, highlighting the nation’s wealth distribution and asset composition. The details provided in the attached files offer a more in-depth understanding of the various factors contributing to the nation’s economic growth and stability.