한국에서의 자산 축적의 요인 분해와 자산 격차에 미치는 영향에 대한 연구
Determinants of Wealth Accumulation in South Korea and its Effects on Wealth Inquality
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본 연구에서는 지난 10여년 간 한국에서의 자산축적에의 기여 요인을 분석하고 이것이 자산격차에 미치는 영향을 분석하였다. 통계청의 가계금융복지조사를 기본 데이터로 활용하되, 저축과 상속증여는, 가계동향조사, 재정패널조사를 활용하여 조정하였다. 자산축적회계 방법을 적용하여 자산증감을 저축, 자본이득, 상속증여 등으로 분해한 결과, 2011-2021년간 저축에 기인한 자산증가가 56%, 자본이득에 따른 자산증가가 44%로 나타났다. 특히 주택 중에서도 아파트의 경우 기여도가 23%에 달한다. 젊은 연령층의 저축률과 자본수익률이 낮은데도 자산증가율이 높은 것으로 나타났으며, 젊은 연령 코호트층에서 금융부채와 실물자산이 증가한 것으로 나타났다. 부채를 동원해 부동산을 매입한 최근 흐름을 나타내는 것으로 판단된다. 자산계층별로 보면, 고자산층에서 자본이득이, 자산중간층에서는 저축이, 저자산층에서는 전월세임대보증금이 자산증감에 더 큰 기여를 하였다. 이러한 자산증감의 변동 요인이 자산격차에 미치는 영향을 시뮬레이션 해본 결과, 자본이득은 자산격차를 확대하고 저축은 자산격차를 줄이는 것으로 나타났다.
Abstract
This study analyzes the contributing factors to wealth accumulation in Korea over the past decade and its impact on the wealth gap. Statistics Korea's Household Financial Welfare Survey was used as the primary data, while savings and inheritance gifts were adjusted using the Household Trends Survey and the Financial Panel Survey. Applying the asset accumulation accounting method to decompose asset growth into savings, capital gains, and inheritance, we found that 56% of asset growth from 2011-2021 was attributable to savings and 44% to capital gains. Among housing, apartments contributed 23%. The high rate of wealth growth in the younger age cohort, despite the low savings rate and return on capital, was driven by an increase in financial liabilities and real assets. This is likely a reflection of the recent trend of using debt to purchase real estate. By wealth class, capital gains contributed more to wealth growth in the high wealth class, savings in the middle wealth class, and rent deposits in the low wealth class. When we simulated the impact of these variables on the wealth gap, we found that capital gains widened the wealth gap and savings narrowed it.
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