Overseas Assets Held by Japan Residents Hit Record in 2024

Tokyo, Jan. 28 (Jiji Press)–Overseas assets held by wealthy residents of Japan in 2024 rose 26.3 pct from the previous year to a record high of 8,194.5 billion yen, the National Tax Agency said Wednesday. The tally was based on documents that residents of Japan with over 50 million yen in overseas assets are required to submit to tax authorities. The number of documents submitted increased 9.8 pct to 14,544, also a record high. The results “apparently reflected higher stock prices and a weaker yen,” an agency official said. Of the total overseas assets, securities accounted for 66.9 pct, at 5,481.7 billion yen. Deposits and savings totaled 881.7 billion yen. In the 2024 business year that ended in June 2025, reductions in an additional tax imposed on individuals who underreported income and inheritance taxes on their overseas asset holdings were granted in 221 cases in which necessary documents were submitted. A heavier additional tax burden was imposed in 366 cases on overseas asset owners in Japan who did not provide such documents. Under the Common Reporting Standard, a framework that enables the cross-border exchange of financial account information, the Japanese agency obtained information on 2,745,374 financial accounts of residents of Japan from tax authorities in 101 countries and regions. END [Copyright The Jiji Press, Ltd.]