The number of accounts with deposits of over 1 billion Korean won in South Korea reached a new record high.

According to data from the economic statistical system of the Bank of Korea on the 4th, as of the end of last year, there were 100,000 accounts with a balance of over 1 billion Korean won in bank savings deposits. The number of accounts increased by 3,000 in the past six months from the end of June last year. The overall balance also increased significantly. As of the end of last year, the total balance of savings accounts with a balance of over 1 billion Korean won amounted to 815.81 trillion Korean won, an increase of 34.578 trillion Korean won from 781.232 trillion Korean won six months ago. This is also the first time this balance has exceeded 800 trillion Korean won. It is interpreted that companies have delayed investment and accumulated idle funds due to the election of Trump and the outbreak of the martial law crisis in South Korea. The Bank of Korea analysis believes that with the key interest rate cut by the Bank of Korea in October and November last year, more and more people expect further declines in market interest rates, hence the concentrated demand for high-interest deposits.