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Kim Beom-su of web big Kakao is No.1 for the primary time
SINGAPORE (April 21, 2022) – The mixed wealth of the tycoons on the 2022 Forbes checklist of Korea’s 50 richest declined by 17% to US$130 billion, from $156 billion in 2021. For the primary time in a decade, not one of the billionaires on the checklist has a double-digit fortune. The whole checklist is obtainable right here in addition to within the April/Might difficulty of Forbes Asia and the June difficulty of Forbes Korea.
Regardless of South Korea’s export-led financial system rising 4% in 2021, its inventory market was Asia’s second-worst performer over the previous 12 months. As rates of interest rose and buyers retreated, the benchmark Kospi index fell 13% since fortunes had been final measured in Might 2021.
Forbes Asia
Forbes Asia
Kakao founder and self-made billionaire Kim Beom-su is the brand new No.1 with $9.6 billion. His fortune declined by $1 billion from final 12 months, as a string of controversies weighed down the web big’s inventory. Samsung’s Jay Y. Lee retains the No. 2 spot with $9.2 billion. His fortune too fell from $12.4 billion final 12 months.
At No. 3 for the primary time is personal fairness billionaire Michael Kim, who bucked the development to develop into this 12 months’s greatest gainer in each share and greenback phrases. Kim greater than doubled his internet value to $7.7 billion after New York-based Dyal Capital Companions acquired a minority stake in his privately held MBK Companions at a valuation of practically $9 billion.
Final 12 months’s checklist topper Search engine optimisation 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 remedy has but to safe U.S. regulatory approval. Rounding out the highest 5 on the checklist is Kwon Hyuk-bin of video video games developer Smilegate, who additionally noticed his fortune fall to $6.85 billion from $9.5 billion in 2021.
Coupang founder Bom Kim, who was final 12 months’s greatest gainer following his firm’s blockbuster IPO in March 2021, noticed his internet value decline probably the most in share phrases. As losses mounted on the New York Inventory Trade-listed e-commerce firm, his wealth halved to $3.2 billion. The Harvard Enterprise Faculty dropout is available in at No. 14, down seven spots from final 12 months.
Three out of the seven new faces this 12 months are startup founders. Making his debut is fintech unicorn Viva Republica’s Lee Seung-gun (No. 36, $1.2 billion), who can be featured on the quilt of the April/Might difficulty of Forbes Asia. With a blockbuster funding spherical within the works, Lee is taking his finance superapp Toss to its subsequent stage with a giant push in Southeast Asia.
Different newcomers embody Dunamu cofounders Tune Chi-hyung (No. 9, $3.7 billion) and Kim Hyoung-nyon (No. 22, $1.95 billion), who run South Korea’s largest cryptocurrency change Upbit. Yoo Jung-hyun (No. 15, $3 billion) makes her debut following the sudden demise of her husband, Kim Jung-ju, in February. Yoo’s 14% stake in on-line gaming big Nexon, which she helped Kim begin in 1994, was earlier mixed with that of her late husband, whose property is but to be settled.
The only returnees this 12 months are brothers Cho Hyun-sang (No. 44, $1.01 billion) and Cho Hyun-joon (No. 47, $980 million) of business conglomerate Hyosung Group. Shares of its subsidiary Hyosung Superior Supplies, which makes carbon fiber utilized in hydrogen fuel-cell autos, soared on investor optimism for emission-free vehicles.
Notable among the many 9 drop-offs this 12 months is the LG clan’s Koo Bon-joon, who donated a piece of his LG shares to 3 charitable foundations and gave part of his stake in holding outfit LX Holdings to his kids.
The minimal quantity required to make the checklist is $950 million, up barely from $940 million in 2021.
The highest 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 optimisation 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
- Tune Chi-hyung; $3.7 billion
- Cho Jung-ho; $3.5 billion
The checklist was compiled utilizing data from the people, analysts, authorities businesses, personal databases, inventory exchanges and different sources. Internet value numbers are primarily based on inventory costs and change charges as of the shut of markets on April 1. Personal firms had been valued through the use of monetary ratios and different comparisons with comparable, publicly traded firms. The estimates can embody a partner’s wealth and, if the particular person is the corporate founder, the wealth of little children that’s derived from that firm. The checklist can even have those that are included due primarily to in depth enterprise and residential ties to South Korea, or residents who don’t reside within the nation however have important enterprise or different ties to the nation.
For extra data, go to www.forbes.com/korea.
Forbes:
Forbes champions success by celebrating those that have made it, and those that aspire to make it. Forbes convenes and curates probably the most influential leaders and entrepreneurs who’re driving change, remodeling enterprise and making a big impression on the world. The Forbes model right now reaches greater than 150 million folks worldwide by way of its trusted journalism, signature LIVE and Forbes Digital occasions, customized advertising applications and 47 licensed native editions in 80 nations. Forbes Media’s model extensions embody actual property, schooling and monetary companies license agreements.
Forbes not too long ago introduced plans to go public by way of a enterprise mixture with Magnum Opus (NYSE: OPA), a particular function acquisition firm (SPAC), which is predicted to shut within the second quarter of 2022.
Forbes Korea:
Licensed in 2003, Forbes Korea is a month-to-month Korean language publication by Joongang Ilbo, considered one of South Korea’s main media conglomerates. About one-third of Forbes Korea’s content material is from Forbes and Forbes Asia; the remainder are native tales. Content material embody information on South Korea’s entrepreneurs, celebrities, and philanthropists in addition to on the life-style and insights of the wealthy and well-known in Korea.
For media queries, please contact:
Catherine Ong Associates Pte Ltd
Catherine Ong, cell: +65 9697 0007, E mail: cath@catherineong.com
Joana Ferreira, cell: +65 8648 4587, E mail: joana@catherineong.com
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