South Korea real estate
A construction worker looks out from 99th floor of Lotte World Tower, which is currently under construction, in Seoul Reuters

Real estate assets accounted for almost 90% of South Korea's national wealth in 2013, according to official statistics.

As of the end of 2013, the country had a net wealth of 11,039tn won (£6.4tn, €9.0tn, $10.1tn), up 3.5% from 2012, according to data released by the Bank of Korea and Statistics Korea. National net wealth is calculated by deducting debts from gross national assets.

The national wealth is 7.7 times bigger than the country's gross domestic product (GDP) of 1,429.4tn won in 2013. South Korea's net worth has remained at 7.7 times GDP since 2011.

During 2013, there was an increase of 371.5tn won in the net worth of the economy as a whole. Of this, 229.2tn won, or 61.7%, was accounted for by changes stemming from net acquisition of assets, and 142.3tn won, or 38.3%, by changes due to other changes in assets.

The net wealth is 88.7% comprised of real estate assets, including land and buildings.

The country's land assets had a value of 5,848tn won in 2013, representing 53% of the total wealth. Meanwhile, construction assets, including buildings and public works, totalled 3,942tn won or 35.7% of the total.

Net wealth of households and non-profit organisations averaged 330,850,000 won as of the end of 2013. They held 64.7% of their assets in non-financial assets and 35.3% in financial assets.

Non-financial assets, mostly land and buildings, accounted for 64.7% of the total, higher than 29.9 % in the US, 39.9% in Japan and 45.8% in Canada. Net financial assets – financial assets minus financial liabilities – amounted to -39.3tn.