Statistics show that 6 out of 10 individuals aged 65 and older suffering from dementia in the country own assets. The total amount of assets owned by them is estimated to be 154 trillion won, which amounts to about 200 million won per person. The government expects that due to ongoing aging, the assets of elderly dementia patients will increase to 488 trillion won by 2050.
The Low Birth Rate and Aging Society Commission announced the results of a comprehensive survey on the assets of elderly dementia patients on the 6th.
This is the first comprehensive survey conducted at the government level. The Commission collaborated with the National Health Insurance Service and the Health and Finance Center of Seoul National University.
This initiative aims to understand the assets of elderly dementia patients, which have emerged as a social issue in countries like Japan, where aging has progressed earlier than in Korea, and to respond policy-wise. In the country, there have been issues such as caregivers embezzling the assets of dementia patients or financial problems arising among the families of dementia patients.
According to the survey results announced by the Commission on that day, the number of dementia patients aged 65 and older in the country is approximately 1.24 million as of 2023. Of these, it is estimated that 760,000, or 61% of the total, own assets.
The total income and assets of elderly dementia patients who own assets are estimated to be 154 trillion won. This accounts for 6.4% of the gross domestic product (GDP). The average asset per person is about 200 million won.
The Commission noted, “The assets owned by elderly dementia patients, who make up 2.4% of the total population, account for about 6.4% of the total GDP, indicating a high asset proportion relative to the population.”
The proportion of assets owned by elderly dementia patients is highest in real estate, which accounts for 74.1% of the total (about 114 trillion won). Financial assets make up 21.7%, estimated at about 33.4 trillion won.
In the future, the assets owned by elderly dementia patients are expected to continue to increase. This is because the number of dementia patients is projected to rise. The Commission predicts that the number of dementia patients in the country will increase to 3.967 million by 2050. Accordingly, the assets they hold are estimated to increase to over 488 trillion won, more than three times the current amount.
The Commission plans to use this survey as a starting point to investigate and publish the fluctuations in the assets of elderly patients annually.
Joo Hyung-hwan, Vice Chairman of the Commission, said, “Elderly dementia patients personally cannot manage their own assets, making them susceptible to unauthorized use or fraud by family members or third parties,” and added, “Socially, if the assets of dementia patients are frozen, it leads to a collapse of the economic virtuous cycle that would otherwise result in investment and consumption.”
He further remarked, “Understanding the scale of the assets of dementia patients holds significant meaning as a stepping stone for systematic policy measures.”