Seen in this photo is a row of ATM machines in Seoul, Oct. 20. Yonhap

More Koreans appear to be rich enough to save more than 1 billion won ($724,300) in cash and reap large interest income correspondingly, according to data, Sunday.

The data released by the Bank of Korea (BOK) showed banks nationwide reported a total of 781.23 trillion won in their customers' savings accounts with remaining balances exceeding 1 billion won at the end of June.

The figure represents a 1.2 percent increase from the end of 2023 and also marks the first upturn in the balances of the aforementioned accounts in a year and a half.

The amount totaled at 796.34 trillion won at the end of 2022 and fell to 772.42 trillion in June 2023 and again to 771.49 trillion won at the end of 2023.

The BOK did not specify how many accounts or holders were reported.

The central bank cited its high interest rate policy as the reason behind the increase in the balances of the savings accounts with more than 1 billion won.

The BOK kept benchmark interest rates at 3.5 percent — the highest since December 2008 — from January 2023 before it cut the rate by 0.25 basis point to 3.25 percent, Oct. 11.

The Korea Finance Customer Federation, an advocate group of financial customers, deemed that the BOK findings “reflect a growing number of wealthy Koreans who have 1 billion won in cash.”

“Or, the findings perhaps suggest that a handful of Koreans who are at the top of the income pyramid are increasingly opening savings accounts and putting in 1 billion won and more to reap high interest income.”

The federation also deemed that a 1 billion won worth savings account is estimated to give tens of millions of won in interest income annually in return.

Meanwhile, a separate study from KB Financial Group's think tank showed a total of 456,000 individuals in the country had financial assets worth 10 billion won or more in 2023.

The 2023 tally increased by 8 percent from 393,000 in 2020. It also accounted for only 0.89 percent of the country's entire population.

The 456,000 individuals had financial assets worth 2,747 trillion won collectively. The value of real estate they owned was worth 2,543 trillion won.

While real estate makes a significant share in Koreans' wealth, financial assets are considered another barometer in measuring such wealth as it can be cashed out quickly in case of emergency.