Minors' total income reaches 166.91 billion won; average 104 million won per person

A bankbook
A bankbook

More than 1,600 minors reported annual financial income — including interest and dividends — exceeding 20 million won ($14,900) and filed comprehensive income tax returns, according to data released Sunday. Among them were five 1-year-old infants and 122 children under the age of 5.

The data, obtained from the National Tax Service by Democratic Party of Korea lawmaker Moon Jin-seog of the National Assembly's fiscal and economic planning committee, showed that 1,606 minors reported financial income in their 2024 comprehensive income tax filings.

Under current law, financial income — including interest and dividends — exceeding 20 million won per year is subject to comprehensive income tax reporting.

The number of minors filing comprehensive income tax returns on financial income rose from 2,068 in 2019 to 3,987 in 2020, before falling to 1,327 in 2021. The figure then climbed for three consecutive years: 1,395 in 2022, 1,461 in 2023 and 1,606 in 2024.

The total income reported by these minors in 2024 came to 166.91 billion won, averaging about 104 million won per person.

Of that total, financial income accounted for 154.69 billion won, while non-financial income stood at 12.22 billion won. Within the financial income category, interest income totaled 17.01 billion won and dividend income reached 137.68 billion won.

No filings were recorded for children aged zero, while five 1-year-olds were included. Their combined financial income totaled 197 million won, averaging about 39.4 million won each.

A total of 122 children aged 5 or under filed comprehensive income tax returns on financial income. The figures for older age groups were 424 for those aged 6 to 11, 376 for those aged 12 to 14, 489 for those aged 15 to 17, and 195 for 18-year-olds.

"The fact that minors are earning tens of millions of won in financial income is the result of wealth being passed down from the parent generation," Moon said. "The National Tax Service needs to strengthen its post-filing oversight of advance gifts and nominee assets held in minors' names."


quq@heraldcorp.com