South Korea Reports 1,600+ Minor 'Financial Tycoons' Including Five 1-Year-Olds Earning Millions
Bastillepost · 1 SOURCESabout 2 hours ago5 MIN
Summary
South Korea's National Tax Service data reveals that 1,606 minors filed comprehensive income tax returns in 2024 after their financial income surpassed 20 million won (approximately HK$108,000). Among these underage declarants, five were merely one year old, yet each earned roughly 39.4 million won (about HK$213,000) from interest and dividends. The data, obtained by Democratic Party lawmaker Moon Jin-seok (文振碩) from the National Assembly's Financial and Economic Committee, shows these minors declared a combined income of 166.91 billion won (roughly HK$901 million), with financial income accounting for 154.69 billion won, predominantly from dividends .
Key Points
- South Korea's tax authority confirms 1,606 minors declared comprehensive income tax in 2024 after financial income exceeded 20 million won
- Five one-year-old babies among declarants earned a combined 197 million won, averaging 39.4 million won per infant
- Total declared income reached 166.91 billion won (approximately HK$901 million), averaging 104 million won per minor
- Financial income comprised 154.69 billion won, with dividends at 137.68 billion won and interest at 17.01 billion won
- Declared numbers have fluctuated significantly: 2,068 in 2019, peak of 3,987 in 2020, dropping to 1,327 in 2021, then rising annually to 1,606 in 2024
- Age distribution shows increasing declarants with age: under-5 (122), ages 6-11 (424), ages 12-14 (376), ages 15-17 (489), and age 18 (195)
Why It Matters
The phenomenon highlights growing wealth inequality and raises questions about South Korea's inheritance and gift tax enforcement. While legitimate transfers are legal, experts warn that parents may be using children's names to circumvent reporting requirements and hide assets. The data suggests the actual number of minors with financial income is likely far higher, as the threshold excludes those earning below 20 million won annually.
The phenomenon highlights growing wealth inequality and raises questions about South Korea's inheritance and gift tax enforcement. While legitimate transfers are legal, experts warn that parents may be using children's names to circumvent reporting requirements and hide assets. The data suggests the actual number of minors with financial income is likely far higher, as the threshold excludes those earning below 20 million won annually.