Loaded at birth: 734 lucky newborns inherited a total of W67b last year

(123rf)

A total of 734 babies under the age of 1 received an inheritance in 2024, government data showed Thursday, with a total of 67.1 billion won ($48.2 million) being passed on.

This means they each got an average of more than 90 million won before their first birthday.

The data from the National Tax Service released by the office of Rep. Park Seong-hoon of the main opposition People Power Party also showed that the number of infants receiving an inheritance increased by 98 from the previous year.

The annual total had stood at just 9.1 billion won in 2020, then spiked to 80.6 billion won in 2021 and 82.5 billion won in 2022, before declining to 61.5 billion won in 2023.

Of last year's baby inheritance, most of it was in the form of financial assets, with 554 babies inheriting a total of 39 billion won in this way.

Overall inheritance bequeathed to minors totaled 14,217 cases in 2024, with 1.24 trillion won changing hands, at least on paper. This averages at 87.1 million won per person.

Rep. Park said tax authorities must thoroughly investigate for possible illegal activities that could occur when transferring assets to children.

"We need to see if there are cases of tax evasion or rule-bending in the course of inheritance to avoid paying due taxes," he said.