Tokyo to Draw Massive Wealth from Other Areas on Inheritances

Economy

Tokyo, Nov. 16 (Jiji Press)--The Tokyo metropolitan area is seen logging an inflow of 57.8 trillion yen in household financial wealth from other areas over the next three decades due to inheritances, a major bank has said.

In Japan, household financial assets totaling 650 trillion yen are expected to be inherited over the next 30 years, of which an estimated 125 trillion yen, or some 20 pct, will move between areas, according to a report by Sumitomo Mitsui Trust Bank released Tuesday.

About 46 pct of the 125 trillion yen will go to the metropolitan area made of Tokyo and three neighbors, namely Saitama, Chiba and Kanagawa prefectures.

The Sumitomo Mitsui Trust Holdings Inc. <8309> unit compiled the report as inheritances are expected to spike over the next 30 years or so due to the country's rapidly aging population.

The bank estimates that nearly 12 million residents in the three metropolitan regions of Tokyo, Nagoya and Osaka are expected to inherit assets from parents living outside their regions.

[Copyright The Jiji Press, Ltd.]

Jiji Press