Ever Wonder How the Rich in Korea *Actually* Live?
Hey guys! When you think of rich people in Korea, your mind probably jumps to the flashy chaebol heirs you see in K-dramas, right? But the reality for most of Korea’s self-made wealthy is way less dramatic and a lot more disciplined. A recent report from the KB Financial Group Management Research Institute just spilled the tea on the common habits they all share to grow their assets, and honestly, it’s pretty eye-opening. It’s not about one big secret, but a bunch of small, consistent things they do every single day. Let’s get into it!
Rule #1: The News is Their Bible
This was a huge one. The report found that wealthy Koreans have a strict routine of staying informed. Many of them start their day at 6 a.m., not by scrolling through social media, but by reading economic newspapers and checking international market trends online for at least an hour. One person with 7 billion won in assets said they’ve been doing this every single morning for 20 years! They treat information like a top-tier asset, believing that staying ahead of market flows is crucial. It’s a habit they maintain for years, which helps them react smartly to new information and see opportunities others might miss.
Rule #2: Save 100 Million Won First (About $75k)
Okay, this is a major keyword in their financial journey: “1억 모으기” (ireok moeugi), which means “saving 100 million won.” For many, this is the first major milestone. A 40-year-old with 1 billion won in assets said, “That first 100 million won you save without spending frivolously changes your life. Once you hit 200 million, the speed at which your assets grow becomes much faster.” The idea is to build a strong, untouchable seed fund through pure saving and discipline *before* you even think about making bigger, riskier investments. It’s all about building a solid foundation first.
Rule #3: The Final Decision is Always Theirs
While they might have private bankers or financial advisors, wealthy Koreans use their advice as just that—advice. The final call on where to put their money is always their own. They believe that if you just follow what others say without your own conviction, you can’t protect your assets. As one person put it, “Whether it’s a profit or a loss, the responsibility is on you.” This also means they don’t invest in things they don’t fully understand. They do their homework, study a company thoroughly, and only invest when they feel confident in their own analysis.
Rule #4: No ‘YOLO’ on Luxury or Luck
This might be surprising, but true, self-made rich people here tend to avoid showing off. Former news anchor Baek Ji-yeon shared insights on this, saying they rarely buy lottery tickets because they don’t believe in luck. They’d rather put their energy into creating their own opportunities. The same goes for luxury goods. They see excessive spending on designer bags or supercars as “consumption for show.” Their spending is more about quality and personal value, not trends or impressing others. They focus on long-term assets, like real estate, over short-term thrills.
The Takeaway?
So, the secret sauce is… there’s no magic trick! It really boils down to being a lifelong learner, being incredibly disciplined with saving, taking personal responsibility for your choices, and valuing substance over flash. It’s a marathon, not a sprint, and it seems like these habits are what truly build lasting wealth in Korea.
