This article is part of Forbes magazine's coverage of South Korea's richest people in 2024.See full list here.
South Korea's benchmark Kospi index was Asia's worst performer last year, driven by investor enthusiasm for AI and the government's $470 billion deal with the private sector to make the country a global chip production hub. Backed by the plan, it rebounded in 2024. Since we last measured wealth 12 months ago, the Kospi's 11% rise has lifted the total net worth of the country's 50 richest people from $106 billion to $115 billion.
Almost half of listed people's wealth increased. Jay Y. Lee, the executive chairman of major semiconductor manufacturing company Samsung Electronics has become the top executive for the first time. Lee, the year's biggest dollar earner, added $3.5 billion to his net worth of $11.5 billion. Samsung Electronics shares rose on news that the company is developing high-bandwidth memory chips for use in AI computing for U.S. technology giant Nvidia.
Last year's top companies, the wealth of private equity gurus michael kimThe MBK Partners founder was flat at $9.7 billion, dropping to second place. Seo Jeong JinThe co-founder of pharmaceutical company Celltrion retained his No. 3 spot with a net worth of $7.5 billion, up $1.8 billion from last year, as he came out of retirement and began a long-delayed restructuring.
The biggest increase in percentage was Cho Jeong HoThe chairman of Meritz Financial Group's net worth rose 82% to $6.2 billion, moving him up five spots to No. 4. The financial conglomerate's stock price rose after it merged its insurance and securities divisions and relisted.
All but one of this year's four new entrants have made their fortunes from companies involved in AI chips. Kwak Dong ShinCEO of chip equipment manufacturer Hanmi Semiconductor, Lee Chae YoonCEO of chip testing company Leeno Industrial, Jung Ji Wanchairman of Soulbrain Holdings, which makes chemicals for chipmakers such as Samsung.
Fourth newcomer is a US-trained biochemist Park Seung Jae, co-founder and CEO of biotechnology company Arteogen, which signed a lucrative licensing agreement with Merck in February. Major US drugmaker has the right to administer the best-selling cancer drug Keytruda subcutaneously (rather than intravenously) using Arteogen's technology, in a milestone payment that could potentially exceed $400 million. was secured.
This year, four returnees are ranked. Jang Byung Gyu, founder of online game company Krafton. After falling from pandemic-induced highs, Krafton's stock has rebounded more than 30% over the past year, boosted by the popularity of the Indian version of the hit video game. PUBG: Battlegrounds. That's down eight jobs from last year, including former billionaire Yongji Zheng's biotechnology company Caregen, which rode the wave of weight loss but lost momentum as product delays slumped its stock price.
The minimum amount to be listed was $775 million, down from $830 million a year ago.
Complete coverage of South Korea's richest people in 2024:
Edited by Jane Ho. Reporting by Zinnia Lee, Catherine Wang, and Yasmine Zhai.
methodology:
This list was compiled using stock ownership and financial information obtained from family members and individuals, stock exchanges, annual reports, analysts, government agencies, and other sources. Net assets are based on stock prices and exchange rates as of market close on April 2, 2024, and private companies are valued based on publicly traded peers. Real-time net worth on Forbes.com may reflect a different valuation. This ranking lists both personal and family wealth (including joint wealth among relatives) and may differ from the World Richest List, which includes personal wealth, including net worth as of March 8. there is. The list may also include foreign nationals with whom you have business, residence, or other connections. A country, or a national who does not reside in that country but has business or other significant ties to that country. The editor reserves the right to amend information to take new information into consideration or to remove listees.