[Edaily Reporter kyoungeun kim ] Although the stock market is undergoing a correction and investors’ idle funds are flowing out, the number of active stock trading accounts shows little sign of declining. This is attributed to the fact that investors who poured into the market during the bull run are not closing their accounts even during the correction, as well as the growing trend of individuals holding multiple accounts at different brokerage firms—a phenomenon known as the “multi-account era.”

According to statistics from the Korea Financial Investment Association on the 21st, the number of active stock trading accounts stood at 110.85 million as of the end of July. This represents an increase of approximately 1.18 million from the 109.67 million recorded at the end of June. As of the 19th of this month, the number has continued to climb to a record high of 111.48 million.
An active stock trading account refers to a securities account with assets under custody of at least 100,000 won that has been used for at least one transaction in the past six months. Since these are accounts that hold assets above a certain threshold and have seen actual trading activity—rather than simply being open accounts—they are used as one of the indicators of individual participation in the stock market.
This upward trend has never faltered, even amid market corrections. The number of active accounts, which stood at 91.91 million at the end of July last year, has increased by approximately 18.93 million in just one year. This represents a growth rate of 20.6%. After surpassing 100 million for the first time in January of this year—up from 98.29 million at the end of last year—the number has continued to set new monthly records, reaching 103.67 million in March, 172.44 million in May, and 110.85 million in July.
This stands in contrast to recent stock market sentiment. The KOSPI remained at a similar level, moving from 8,476.15 at the end of May to 8,476.48 at the end of June, before falling 22.2% over the course of a month to 6,595.45 at the end of July.
Funds in the stock market also declined rapidly. Investor deposits fell for two consecutive months, from 131.5856 trillion won at the end of May to 121.6340 trillion won at the end of June and 104.1354 trillion won at the end of July. This amounts to an outflow of approximately 27.45 trillion won, or 20.9%, over two months. In July alone, the figure decreased by about 17.5 trillion won.
A somewhat paradoxical phenomenon is unfolding: while stock prices are falling and the amount of money in the market is shrinking, the number of accounts is actually increasing.
This is because the nature of “number of accounts” and “investment funds” differs. Investor deposits—funds that investors place in brokerage accounts to purchase stocks—are a prime example of standby capital in the stock market that can rapidly expand or contract depending on market conditions. In contrast, the number of active stock trading accounts is closer to a cumulative indicator, as accounts that have been opened do not easily disappear.
In particular, as it has become common for a single individual investor to use accounts at multiple brokerage firms simultaneously, the gap between the number of accounts and the actual number of investors is widening. The fact that the number of active stock trading accounts has surpassed 100 million does not mean there are 100 million domestic stock investors.
Many investors have opened multiple accounts to take advantage of promotions and fee competition among brokerage firms, and an increasing number of investors are using separate accounts—such as those for domestic and foreign stocks, Individual Savings Accounts (ISAs), and retirement accounts—depending on their specific investment goals. Opening accounts at multiple brokerage firms to participate in initial public offerings (IPOs) is also a factor driving the increase in account numbers.
Analysts note that the fact that stock investing has become a sort of “basic financial activity” in recent years has also played a role. Rather than closing their stock accounts when the market declines, more investors are now choosing to keep their accounts open while reducing their trading frequency and investment amounts.
In fact, when viewed as a long-term trend, the growth in active stock trading accounts has been largely decoupled from the direction of the stock market. The number of active accounts, which stood at 75.5 million at the end of August 2023, rose to 83.5 million in July 2024, 91.91 million in July of last year, and reached 110.85 million in July of this year. This represents a 46.8% increase over approximately three years.
In contrast, investor deposits have been far more sensitive to market conditions. From 68.6852 trillion won at the end of July last year, they nearly doubled to 131.5856 trillion won in May of this year amid a bull market, only to drop back down to the 104 trillion won range within two months as the market corrected.
Ultimately, this recent trend shows that “leaving the stock market” and “stopping stock investing” no longer mean the same thing. When the market is doing well, investors actively pour money in, but when the mood shifts, they withdraw their funds first while keeping their accounts open. Rather than having completely left the stock market, it can be seen that the number of “investors on the verge of becoming dormant”—those waiting for the next investment opportunity—has increased significantly.
It is difficult to conclude that retail investors’ enthusiasm for investing is continuing to grow based solely on the record-high number of active accounts. The recent trend—where the number of accounts continues to rise while the actual funds injected into the stock market are actually decreasing—illustrates this point.
A securities industry official stated, “Since it has become more common for a single person to hold multiple brokerage accounts than in the past, it is difficult to equate the increase in active accounts with an increase in the number of new investors,” adding, “To gauge actual investor sentiment toward the market, it is necessary to examine financial indicators such as customer deposits and trading volume.”