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The power of ‘modern’… Ulsan, the city with the most wallets

It was found that the more provincial cities with Korea’s representative industrial complexes, the higher the cash holdings of residents.

As a result of Maekyung Economy’s analysis of ‘deposit capacity data by province and province’ of Korea Data Exchange (KDX) and Korea Credit Bureau (KCB), the region with the highest monthly average deposit capacity was ‘Ulsan Metropolitan City’. Savings capacity means the ‘consumable amount’ that can be used immediately. In other words, the higher the deposit capacity, the more cash that can be used. The cash mobilization power of local residents was higher than in the metropolitan area, where real estate prices were high. Ulsan (6.87 million won), Gyeongbuk (6.6 million won), and Jeonnam (6.26 million won) exceeded 6 million won, followed by Chungnam (576 million won) and Chungbuk (508 million won) in the highest order.

What these cities have in common is that they are areas where large corporations’ production complexes are gathered. The fact that there are many high-income earners working in manufacturing factories is interpreted as raising the average savings capacity. Ulsan is a representative industrial city. Hyundai Heavy Industries, Hyundai Motor’s manufacturing plants, and affiliates that supply them are concentrated. Pohang Works, one of the largest steel mills in Korea, is located in Pohang, Gyeongsangbuk-do. There are many factories in the industrial complexes around Gumi. Gwangyang Steel Works is located in Gwangyang, Jeollanam-do, and chemical industrial complexes are located in Yeosu. On the other hand, it was found that the amount of debt repayment was higher in the metropolitan area where house prices were high and loans were large compared to other areas. Following Sejong City (470,000 won), where house prices rose abnormally last year, Gyeonggi Province (410,000 won), Incheon (380,000 won), and Seoul (360,000 won) had the largest debt repayment amount. In Jeju Island (530,000 won), where real estate prices rose mainly in some regions, the amount of loan repayment per capita was also quite high.

Reference-www.mk.co.kr

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