Who are South Korea’s 5 richest billionaires?
South Korea has its fair share of billionaires. Earlier this year, Business Insider reported South Korea ranked in the top 10 of places with the most billionaires in the world. It’s ahead of its Asian neighbours, Japan and Taiwan, and Switzerland and France in the West; and behind China, India and Hong Kong, as well as Western nations such as the US, UK, Russia and Germany. The number of billionaires tallies around 45; here we take a look at the top five richest South Koreans shaping the country’s economic landscape according to Forbes’ Korea’s 50 Richest People list.
Lee Kun-hee
Net worth: US$16.4 billion*
The chairman of Korea’s largest conglomerate, Samsung Group, is the country’s richest man according to the Forbes 2019 Korea’s Richest People list. Since the unveiling of the list, Lee’s net worth, at US$16.8 billion, has since dropped because of the economic climate of late. Lee is the third son of Samsung founder, Lee Byung-chull, who himself was the son of a wealthy landowner who started a trading company almost four decades ago. He took over the business in 1987 soon after his father’s death and expanded the business to its current glory. His wealth includes that of his wife, Hong Ra-hee, who is the daughter of a media tycoon in Korea. Aside from electronics, The Samsung Group’s business portfolio also comprises theme parks, IT services, insurance and fashion.
Seo Jung-jin
Net worth: US$8.2 billion*
In less than 20 years, the CEO of biopharmaceutical company Celltrion, who co-founded the business in 2002 and publicly listed it in 2008, has become South Korea’s second richest man. The company develops biosimilars and drugs in treatment of – among other things – cancer, influenza and rheumatoid arthritis. It received FDA approval for its biosimilar Herzuma – a treatment for breast cancer – in partnership with Teva. Biosimilars are popular among investors in South Korea, and Celltrion remains one of the most favoured companies for investment.
Kim Jung-ju
Net worth: US$7.2 billion*
Online gaming tycoon Kim Jung-ju is the founder of Nexon, and chairman of its holding company NXC. The latter diversified into cryptocurrency and now holds 83 per cent of Korbit, an exchange based in Seoul. Nexon is South Korea’s largest gaming company with more than 350 million users across 72 countries. Kim went through a rough patch in 2016 when he faced bribery charges, and was found not guilty. In 2018, Kim pledged US$93 million towards start-up initiatives and children’s hospitals.
Jay Y. Lee
Net worth: US$5.8 billion*
The de facto chief of the Samsung empire and son of Lee Kun-hee, Jay Y. Lee (or Lee Jae-yong) has been the vice-chairman of Samsung Electronics since 2012, and heir to the country’s biggest conglomerate. Born with a silver spoon, it was not all smooth sailing for Lee. He was imprisoned in 2017 for bribing a confidante of the former president of South Korea, Park Geun-hye. Lee’s five-year sentence was slashed into 2.5 years by the appeal court, and he was freed on probation in 2018. The same year in September, he accompanied President Moon as part of his business delegation to North Korea.
Chung Mong-koo
Net worth: US$3.1 billion*
Chung Mong-koo is Hyundai’s chairman with the nickname “bulldozer”. His forceful leadership style has propelled this business tycoon to the top of South Korea’s chaebol society. His role in developing the country’s automobile industry and the nation’s economy has seen him being inducted as the first South Korean into the 2020 Automotive Hall of Fame – the highest honour in the industry. He was once imprisoned for embezzlement and sentenced to three years in prison, of which he only served a few months before his sentence was suspended.
*Real time net worth figures taken from Forbes as of April 17, 2020
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Unsurprisingly Samsung Group’s chairman Lee Kun-hee tops the list, but who are the other four South Korean billionaires?