Elderly dementia patients hold 154 trillion won in assets

Assets held by elderly dementia patients in South Koreawhich is commonly referred to as “dementia money” have reached 154 trillion won, representin...

Assets held by elderly dementia patients in South Koreawhich is commonly referred to as “dementia money” have reached 154 trillion won, representing 6.4 percent of the nation’s gross domestic product , according to a new government report.

With the number of dementia patients expected to rise sharply, the value of their assets is projected to surpass 488 trillion won by 2050. Experts warn that safeguards are urgently needed to prevent fraud and minimize the broader economic impact of these frozen assets. On May 6, the National Council on Aging announced the results of a survey on the assets of elderly dementia patients in collaboration with the National Health Insurance Corporation and Seoul National University's Health Finance Center. The survey is the first attempt by the government to respond to so-called “dementia money,” which has already emerged as a social problem in Japan and other countries. Dementia money, also known as “sleeping money,” has emerged as a socio-economic problem due to restrictions on financial transactions for dementia patients with cognitive decline, resulting in frozen assets. In Japan, dementia money is expected to reach 230 trillion yen by 2030. Also known as “sleeping money,” dementia money refers to financial assets effectively frozen due to cognitive decline, which impairs patients' ability to manage their finances. In Japan, the value of such assets is projected to reach 230 trillion yen by 2030. Without proper legal and procedural safeguards, these assets remain locked and vulnerable to unauthorized access. Cases have already emerged of family members or caregivers illicitly acquiring financial information and taking control of patients’ assets. Given the scale of these holdings, the economic implications are significant. According to the survey, there were approximately 1.24 million people aged 65 or older living with dementia in Korea as of 2023. An estimated 61 percent of them own assets. Their total holdings amount to 154 trillion won, with an average of about 200 million won per person. Although they account for only 2.4 percent of the population, their asset share is disproportionately large. Real estate comprises the bulk of their holdings, at 74.1 percent or about 114 trillion won, while financial assets make up 21.7 percent, or roughly 33.4 trillion won. However, actual financial holdings may be underestimated, as the data excludes individuals with annual financial income below 20 million won. 사회 많이 본 기사 The dementia population is projected to grow to 1.79 million by 2030 and nearly 4 million by 2050. Correspondingly, their total assets are expected to more than triple to 488 trillion won, which would account for 15.6 percent of Korea’s projected GDP in 2050. A committee official emphasized the dual threat posed by dementia money: “At the individual level, patients lose the ability to manage their assets, making them vulnerable to fraud or unauthorized use by others. At the societal level, these frozen assets hinder the economic cycle of investment and consumption.” The official added that the government plans to introduce a systematic support framework and incorporate these measures into the upcoming 5th Basic Plan on Low Birth Rate and Aging Society, to be announced later this year. ※This article has undergone review by a professional translator after being translated by an AI translation tool. 한글기사 원본

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