Financial Firms Catering to Ultra-High-Net-Worth Individuals: Tailored Services on the Rise

Financial firms in Korea are stepping up their game to cater to the needs of ultra-high-net-worth individuals and their families. With the number of super-rich individuals on the rise, companies like Samsung Securities are offering specialized asset management services designed exclusively for the affluent group.

Samsung Securities recently announced that over 100 ultra-rich families have joined their Family Office asset management service, with total assets exceeding 30 trillion won ($21 billion). This amount surpasses the assets operated by the country’s top mutual aid associations, highlighting the significant wealth held by these families.

Other financial institutions like Shinyoung Securities and Hana Securities are also expanding their services to target ultra-rich customers, offering customized solutions in areas such as taxation, trusts, and accounting. Shinhan Bank has even introduced its Shinhan Family Office service to provide unique financial partnership services for high-net-worth individuals with assets of 10 billion won or more.

According to a wealth report by KB Financial Group, the number of Koreans holding financial assets worth more than 1 billion won has increased, with around 9,000 ultra-high-net-worth individuals having assets of 30 billion won or more. These individuals are driving the demand for tailored family office asset management services, creating a lucrative market for financial firms in Korea.