Collective Wealth Of Korea’s 50 Richest On 2022 Forbes List Falls 17%
Kim Beom-su of web giant Kakao is No.1 for the first time
SINGAPORE (April 21, 2022) – The combined wealth of the tycoons on the 2022 Forbes record of Korea’s 50 richest declined by 17% to US$130 billion, from $156 billion in 2021. For the initial time in a 10 years, none of the billionaires on the list has a double-digit fortune. The total record is readily available in this article as well as in the April/May situation of Forbes Asia and the June concern of Forbes Korea.
Even with South Korea’s export-led financial system expanding 4% in 2021, its stock industry was Asia’s 2nd-worst performer in excess of the previous 12 months. As interest prices rose and investors retreated, the benchmark Kospi index fell 13% considering the fact that fortunes ended up previous measured in May well 2021.
Forbes Asia
Forbes Asia
Kakao founder and self-built billionaire Kim Beom-su is the new No.1 with $9.6 billion. His fortune declined by $1 billion from very last calendar year, as a string of controversies weighed down the online giant’s stock. Samsung’s Jay Y. Lee retains the No. 2 place with $9.2 billion. His fortune much too fell from $12.4 billion last 12 months.
At No. 3 for the first time is private fairness billionaire Michael Kim, who bucked the development to grow to be this year’s biggest gainer in both of those proportion and greenback terms. Kim more than doubled his web worth to $7.7 billion after New York-based mostly Dyal Money Partners obtained a minority stake in his privately held MBK Partners at a valuation of almost $9 billion.
Very last year’s checklist topper Seo Jung-jin slipped to No. 4 with $6.9 billion, down $5.6 billion, or 45%. Shares of his drug-maker Celltrion fell amid disappointment that its Covid-19 antibody treatment has but to secure U.S. regulatory approval. Rounding out the top 5 on the record is Kwon Hyuk-bin of online video online games developer Smilegate, who also saw his fortune drop to $6.85 billion from $9.5 billion in 2021.
Coupang founder Bom Kim, who was previous year’s major gainer following his company’s blockbuster IPO in March 2021, noticed his internet value decrease the most in share terms. As losses mounted at the New York Stock Exchange-mentioned e-commerce organization, his wealth halved to $3.2 billion. The Harvard Organization School dropout will come in at No. 14, down 7 places from past 12 months.
3 out of the 7 new faces this calendar year are startup founders. Earning his debut is fintech unicorn Viva Republica’s Lee Seung-gun (No. 36, $1.2 billion), who is also highlighted on the include of the April/May possibly concern of Forbes Asia. With a blockbuster funding spherical in the operates, Lee is getting his finance superapp Toss to its next stage with a big push in Southeast Asia.
Other newcomers consist of Dunamu cofounders Tune Chi-hyung (No. 9, $3.7 billion) and Kim Hyoung-nyon (No. 22, $1.95 billion), who operate South Korea’s premier cryptocurrency exchange Upbit. Yoo Jung-hyun (No. 15, $3 billion) would make her debut following the unexpected demise of her husband, Kim Jung-ju, in February. Yoo’s 14% stake in on the web gaming huge Nexon, which she aided Kim get started in 1994, was previously mixed with that of her late husband, whose estate is still to be settled.
The sole returnees this yr are brothers Cho Hyun-sang (No. 44, $1.01 billion) and Cho Hyun-joon (No. 47, $980 million) of industrial conglomerate Hyosung Group. Shares of its subsidiary Hyosung Highly developed Materials, which will make carbon fiber applied in hydrogen gasoline-cell autos, soared on investor optimism for emission-absolutely free autos.
Notable amongst the 9 fall-offs this yr is the LG clan’s Koo Bon-joon, who donated a chunk of his LG shares to a few charitable foundations and gave a section of his stake in keeping outfit LX Holdings to his children.
The minimum amount expected to make the checklist is $950 million, up marginally from $940 million in 2021.
The best 10 richest in South Korea are:
- Kim Beom-su US$9.6 billion
- Jay Y. Lee $9.2 billion
- Michael Kim $7.7 billion
- Search engine marketing Jung-jin $6.9 billion
- Kwon Hyuk-bin $6.85 billion
- Hong Ra-hee $6.4 billion
- Chung Mong-Koo $4.4 billion
- Lee Boo-jin $3.9 billion
- Song Chi-hyung $3.7 billion
- Cho Jung-ho $3.5 billion
The checklist was compiled applying data from the men and women, analysts, authorities companies, personal databases, inventory exchanges and other sources. Web well worth quantities are based on stock selling prices and exchange premiums as of the shut of marketplaces on April 1. Personal firms were valued by employing money ratios and other comparisons with identical, publicly traded businesses. The estimates can involve a spouse’s wealth and, if the individual is the business founder, the wealth of sons and daughters that is derived from that company. The list can also have those who are bundled owing largely to considerable business enterprise and residential ties to South Korea, or citizens who never reside in the nation but have considerable company or other ties to the place.
For additional details, visit www.forbes.com/korea.
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Forbes Korea:
Licensed in 2003, Forbes Korea is a regular monthly Korean language publication by Joongang Ilbo, one particular of South Korea’s primary media conglomerates. About one particular-3rd of Forbes Korea’s content is from Forbes and Forbes Asia the rest are local tales. Content include things like information on South Korea’s business people, famous people, and philanthropists as nicely as on the life-style and insights of the loaded and famous in Korea.
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