A report by South Korea's tax authority revealed that the value of assets inherited or handed down by children from their parents exceeded 71 trillion won (US$62.8 billion) last year, a year-on-year increase of 21 trillion won from the previous year.

The South Korean news agency Yonhap on Saturday quoted the authority as explaining that the value of inherited assets reached 27.4 trillion won by the end of 2020, up 27.3% from a year earlier, noting that the value of real estate given to children or spouses rose by 54.4% year-on-year to 44 trillion won.

South Korean news agency Yonhap reported on Saturday.

Last year, more people transferred ownership of buildings to their children, and the total value of these transactions jumped 144.1% year-on-year to 19.8 trillion won.

It noted that the value of financial assets handed over to children increased by 37.6% year-on-year to 7 trillion won, while the value of land decreased by 10.2% to 7.8 trillion won.

The value of land decreased by 10.2% to 7.8 trillion won.