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<p>The money released during the pandemic flowed into asset markets.  

Seoul apartment prices surged by 30–50% between 2019 and 2021.  

The KOSPI rose from its 2020 low of 1,439 to 3,305 in 2021—more than doubling in just one year.  

Here’s who won and who lost over those two years:  

Homeowners: Asset values rose 30–50%.  
Stockholders: Asset values doubled.  
Non-homeowners: Faced higher rent and deposit burdens.  
Cash holders: Lost purchasing power.  

During the same period, in the same country, outcomes varied completely based on position.  

Those who simply saved money in their bank accounts suffered the greatest losses.</p>

The money released during the pandemic flowed into asset markets.  
Seoul apartment prices surged by 30–50% between 2019 and 2021.  
The KOSPI rose from its 2020 low of 1,439 to 3,305 in 2021—more than doubling in just one year.  
Here’s who won and who lost over those two years:  
Homeowners: Asset values rose 30–50%.  
Stockholders: Asset values doubled.  
Non-homeowners: Faced higher rent and deposit burdens.  
Cash holders: Lost purchasing power.  
During the same period, in the same country

The money released during the pandemic flowed into asset markets. Seoul apartment prices surged by 30–50% between 2019 and 2021. The KOSPI rose from its 2020 low of 1,439 to 3,305 in 2021—more than doubling in just one year. Here’s who won and who lost over those two years: Homeowners: Asset values rose 30–50%. Stockholders: Asset values doubled. Non-homeowners: Faced higher rent and deposit burdens. Cash holders: Lost purchasing power. During the same period, in the same country, outcomes varied completely based on position. Those who simply saved money in their bank accounts suffered the greatest losses.

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