The annual average financial income of the top 2% among those filing for comprehensive taxation on financial income reached 2.1 billion won. The larger the scale of financial assets, the higher the share of dividends than interest.
According to data submitted by People Power Party lawmaker Park Seong-hun of the National Assembly's Strategy and Finance Committee on the 26th from the National Tax Service, the number of filers for comprehensive taxation on financial income for 2023 was 336,246, up 75.6% from the previous year (191,501). It is analyzed that the number of filers increased significantly due to a stock market boom and a high interest rate stance.
Their aggregates of financial income totaled 32.4929 trillion won, with an average of 97 million won per person. Of total financial income, interest income was 10.7537 trillion won and dividend income was 21.7392 trillion won, with dividend income reaching twice that of interest income.
Those reporting more than 500 million won in financial income numbered 6,882, accounting for 2% of all filers. The financial income they reported totaled 14.2436 trillion won, accounting for 43.8% of total financial income. The average financial income per person reached 2.07 billion won.
The larger the financial income, the higher the share of dividend income. For those exceeding 500 million won, dividend income was 12.3327 trillion won, 6.5 times interest income (1.9108 trillion won). The share of dividends within financial income was 86.6%. In the 300 million to 500 million won bracket as well, dividend income was 2.8 times higher than interest income.
In contrast, in brackets at or below 80 million won in financial income, interest income was higher than dividend income. In the 20 million to 30 million won and 30 million to 40 million won brackets, the share of dividend income was 33.0% and 37.4%, respectively. This shows that the wealthier in financial assets focus their asset management on stock dividends rather than deposit interest.