S. Korean households' net asset falls in 2022 on lower home prices

South Korean households' net asset value fell last year on lower home prices, joint data from the country's statistical office and central bank showed Thursday.

The average value of assets, owned by households, came to 52,071,000 won (41,180 U.S. dollars) at the end of 2022, down 4.1 percent from a year earlier, according to Statistics Korea and the Bank of Korea (BOK).

The net value of assets, possessed by households and nonprofit organizations, diminished 317.8 trillion won (251.3 billion dollars) in 2022 after surging 1,036.1 trillion won (819.3 billion dollars) in the previous year.

It marked the first reduction since relevant data began to be compiled in 2008.

The value of non-financial assets dropped 302.7 trillion won (239.4 billion dollars) last year on the back of the sharp fall in housing prices, while the value of the financial asset shrank 15.1 trillion won (11.9 billion dollars) amid stock market routs.

The proportion of property value to the total value of assets, possessed by households and nonprofit organizations, slipped from 75.2 percent in 2021 to 74.6 percent in 2022.

The holdings of cash and deposits expanded 151.4 trillion won (119.7 billion dollars) in 2022, but the possession of equity securities and investment funds retreated 151.8 trillion won (120 billion dollars).