This story is part of Forbes’ coverage of Korea’s Richest 2022. See the complete checklist listed here.
Despite South Korea’s export-led economic climate escalating 4% in 2021, its stock sector was Asia’s 2nd-worst performer around the previous 12 months soon after Hong Kong. The benchmark Kospi index fell 13% because fortunes had been very last measured in Could 2021 as desire rates rose and traders retreated. As a consequence, the mixed wealth of the country’s 50 richest fell to $130 billion, down from $156 billion final calendar year. And for the first time in a decade, none of the billionaires among the the 50 richest has a double-digit fortune.
Kakao founder and self-produced billionaire Kim Beom-su tops the checklist for the initially time with $9.6 billion, even right after a string of controversies weighed down the world wide web giant’s inventory. Samsung’s Jay Y. Lee retained the next spot with $9.2 billion, while his fortune, as well, fell. At No. 3, for the to start with time, is private fairness billionaire Michael Kim, this year’s largest gainer in both of those percentage and greenback phrases. Kim far more than doubled his net well worth to $7.7 billion soon after New York-primarily based Dyal Capital Partners obtained a minority stake in his privately held MBK Partners at a valuation of just about $9 billion.
Last year’s No. 1 Search engine marketing Jung-jin slipped to No. 4 with $6.9 billion, down $5.6 billion—or 45%. Shares of his drugmaker Celltrion fell amid disappointment that its Covid-19 antibody procedure has still to protected U.S. regulatory approval. Coupang founder Bom Kim, who was very last year’s largest gainer following his company’s blockbuster IPO in March 2021, observed his web worth decrease the most in share conditions. As losses mounted at the New York Inventory Trade-outlined e-commerce business, his wealth halved to $3.2 billion. The Harvard Small business Faculty dropout comes in at No. 14, down seven places from past yr.
The 7 new faces this year include 3 startup founders: fintech unicorn Viva Republica’s Lee Seung-gun (No. 36), and Dunamu cofounders Tune Chi-hyung (No. 9) and Kim Hyoung-nyon (No. 22) who operate South Korea’s greatest cryptocurrency trade Upbit. Yoo Jung-hyun can make her debut following the sudden demise of her partner, Kim Jung-ju, in February at age 54. Yoo’s 14% stake in on line gaming big Nexon, which she aided Kim begin in 1994, was previously mixed with that of her late spouse, whose estate is yet to be settled.
Brothers Cho Hyun-sang (No. 44) and Cho Hyun-joon (No. 47) of industrial conglomerate Hyosung Team are the sole returnees this calendar year. Shares of Hyosung Sophisticated Supplies, a subsidiary that will make carbon fiber employed in hydrogen fuel-mobile motor vehicles, soared on trader optimism for emission-no cost automobiles.
Noteworthy amongst the 9 drop-offs this 12 months is the LG clan’s Koo Bon-joon, who donated a chunk of his LG shares to 3 charitable foundations and handed on a element of his stake in keeping outfit LX Holdings to his small children. The cutoff for the list this 12 months is $950 million, up marginally from $940 million in 2021.
Comprehensive Protection of Korea’s Richest 2022:
More analysis by Eunice Lam, Simran Vaswani and Catherine Wang.
The record was compiled utilizing details from the persons, analysts, authorities organizations, personal databases, stock exchanges and other resources. Internet truly worth figures are primarily based on inventory prices and exchange charges as of the close of marketplaces on April 1. Personal firms were being valued by making use of money ratios and other comparisons with equivalent, publicly traded firms. The estimates can consist of a spouse’s wealth and, if the man or woman is the corporation founder, the wealth of sons and daughters that is derived from that firm. The checklist can also have those who are included due principally to comprehensive small business and household ties to South Korea, or citizens who do not reside in the nation but have sizeable small business or other ties to the place. The editors reserve the ideal to amend any information and facts or get rid of any listees in mild of new facts.