Fifty-two minors in South Korea held 1 billion Korean won or more each in bank deposits and installment savings as of the end of July, up from 42 at the end of last year. Data submitted by the Korea Federation of Banks to People Power Party lawmaker Park Sung-hoon showed that 2,595 customers aged 18 or younger held at least 100 million won across 19 deposit-taking banks. Total deposits and savings for minors reached 9.7413 trillion won, up 17.6% from the end of 2022, while the number of accounts rose 36% to 8,995,055. Children aged 6 to 12 held the largest age-group balance at 3.5864 trillion won, followed by those aged 16 to 18 at 2.1463 trillion won and those aged 0 to 5 at 2.1399 trillion won. The figures combine customer counts within each bank, so people using multiple banks may have been counted more than once. Park called for closer scrutiny of fund sources and gift-tax filings for large transfers to minors. Under South Korea's inheritance and gift tax law, a minor may receive up to 20 million won tax-free from a lineal ascendant over 10 years, with amounts above that subject to reporting and payment requirements. The data does not establish how the assets were accumulated.