South Korea's 'ant investors' are marching to U.S. equities even as domestic market hits record highs
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- South Korea net bought $73.6 billion of U.S. stocks in 2025, almost five times its 2024 purchases, ranking third globally behind Singapore and Norway (CNBC data).
- Bank of Korea reported that U.S. assets now comprise 63.4% of the country’s external portfolio, far above the 25.3% average for advanced economies.
- Retail investors—about 15 million, accounting for 60‑70% of trading volume—led the outflow, with net U.S. equity purchases exceeding all other overseas buys, according to the Korea Securities Depository settlement data.
Why it matters: South Korean retail investors gain exposure to higher‑yield U.S. stocks, while domestic firms risk capital outflows; the $73.6 billion shift boosts foreign‑exchange demand and could pressure Korean market liquidity and corporate governance reforms.
