Nearly 63 percent of South Korea's richest from investing in the stock market were found to have become wealthy through inheritance.
CEO Score, a Web site that evaluates the business performances of firms, made the finding after studying the 2007 to 2017 assets held by 40 of the most stock rich in South Korea, Japan, the U.S. and China. The assets were based on figures disclosed annually by U.S. business magazine Forbes.
The Web site found that out of the total 160 reviewed, 70 percent, or 112, had become millionaires by starting their own business. The remaining 30 percent had inherited their wealth.
Of the 40 stock rich listed from South Korea, 62-and-a-half percent, or 25, were millionaires thanks to their inheritance. That’s far higher than the 25 percent posted by the U.S. and 30 percent in Japan.