In this article, we will take a look at the 30 wealthiest people in South Korea.
The South Korean Economy: At a Glance
The South Korean economy continues to post steady results. On April 23, Reuters reported that in quarter 1, South Korea’s economic output was up by 2.4% year-over-year. Retail data from January to February hinted that consumer demand was a major concern for the economy. To expand consumer spending, the state intends to soften its policies. Manufacturing and exports were dominant tailwinds for the economy, as the global demand for semiconductors grew. The government expects the tech industry to positively influence the export rates of South Korea. You can also read our piece on the best places to retire in South Korea.
On April 25, Reuters reiterated that the South Korean economy expanded at the highest rate in two years in the first quarter of 2024. Based on seasonally adjusted rates, the country’s GDP between January and March was 1.3% higher than the previous three months. The state reported that domestic demand has been a primary catalyst for the economy. In the past three months, the economy logged a 0.8% increase in private consumption, followed by a gain of 0.2% in the preceding 3 months. The state expects the economy to grow at a faster rate in 2024, compared to its initial projection of 2.1%. Exports grew for six consecutive months in March. Despite this, consumer spending continues to remain weak especially due to high interest rates and uncertain economic recovery.
The AI Boom in South Korea
On May 23, Reuters reported that South Korea allocated a support package of over $19 billion (26 trillion won) for the chip industry amid the expanding global semiconductor industry. 17 trillion won was allocated to back investments by semiconductor companies. The government suggests that major chipmakers like Samsung Electronics Co., Ltd. (OTC:SSNLF) must be supported. President Yoon Suk Yeol stated that 1 trillion won would be allocated to support equipment makers and fabless companies. The government aims to expand South Korea’s market share in non-memory chips from 2% to 10%. You can also read our piece on the best Korean stocks listed in the US.
On April 3, Samsung Electronics Co., Ltd. (OTC:SSNLF) announced that the company will begin the mass production of the 9th Gen V-NAND flash. The flash will help the company meet AI needs using high-performance and high-density solid-state drives (SSD). Compared to the 8th Gen V-NAND, the company has improved the performance of the flash by 50% and has added innovations such as cell interference avoidance and cell life extension. Samsung Electronics Co., Ltd. (OTC:SSNLF) has integrated its unique channel hole etching technology that maximizes fabrication productivity.
Samsung Electronics Co., Ltd. (OTC:SSNLF) is one of the few companies that sells and designs chips and offers foundry services, all under the same roof. To keep up with the AI boom, the company is making significant moves to make AI chips faster. On June 12, Reuters reported that Samsung Electronics Co., Ltd. (OTC:SSNLF) plans to offer a one-stop shop for clients willing to get AI chips made quickly. Clients will be able to enjoy the company’s novel chips, its foundry services, and chip packaging services all at once. The introduction of a single channel has reduced the time to produce AI chips by around 20%. The company also intends to construct three dozen new chip factories and believes that its turnkey approach will be one of its biggest strengths in creating highly integrated chip parts. Samsung Electronics Co., Ltd. (OTC:SSNLF) also shares its plans for the mass delivery of its 2-nanometer chipmaking process by 2027.
According to Samsung Electronics Co., Ltd.’s (OTC:SSNLF) Q1 2024 earnings release, the company had strong demand for DDR5 and storage products due to the fuel in generative AI. In the second quarter of 2024, the company expects the demand for products used in AI and conventional servers and storage to grow even further. Despite geographic headwinds, Samsung Electronics Co., Ltd. (OTC:SSNLF) expects business to remain strong in 2024.
Now that we have studied the South Korean economy, let’s take a look at the wealthiest people in South Korea. You can also take a look at the wealthiest people in Germany.
Our Methodology
To compile our list of the 30 wealthiest people in South Korea, we utilized the real time billionaires data from Forbes and ranked the wealthiest people in South Korea in ascending order of their net worths, as of June 19.
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30 Wealthiest People in South Korea
30. Kim Taek-jin
Net Worth as of June 19, 2024: $1.1 Billion
Kim Taek-jin has a net worth of $1.1 billion, contributing to his ranking on our list of the wealthiest people in South Korea. He is the founder of NCSoft, an online gaming company based in South Korea. Kim owns under 12% of the company. It was founded in 1997 and went public in 2003. The company provides gaming services in more than 60 countries.
29. Kim Jung-woong
Net Worth as of June 19, 2024: $1.1 Billion
Kim Jung-woong ranks 29th on our list of the wealthiest people in South Korea, with a net worth of $1.1 billion. He is the founder and chief executive officer of GP Club. GP Club is a cosmetics firm that specializes in the production of creams, lipsticks, and cleansers. The company was founded in 2003 and is based in Seoul.
28. Koo Bon-neung
Net Worth as of June 19, 2024: $1.1 Billion
Koo Bon-neung has a net worth of $1.1 billion, contributing to his ranking on our list. He operates Heesung Electronics. The company is engaged in the production of TVs, computers, smartphones, and tablets. He is the younger brother of the late Koo Bon-moo, former chairman of the LG Group.
27. Chung Mong-joon
Net Worth as of June 19, 2024: $1.2 Billion
Chung Mong-joon ranks 27th on our list of the wealthiest people in South Korea. He is the biggest shareholder of Hyundai Heavy Industry, a prominent shipbuilding company. He is also the sixth son of the late Chung Ju-yung, founder of the Hyundai Group.
26. Chung Yong-jin
Net Worth as of June 19, 2024: $1.2 Billion
Chung Yong-jin has a net worth of $1.2 billion, contributing to its ranking on our list of the wealthiest people in the group. He is the grandson of Samsung Group’s founder, Lee Byung-chull, and is the cousin of Samsung Electronics’ executive chairman Jay Y.Lee. In March, he was appointed as the chairman of Shinsegae, a leading retail conglomerate in South Korea.
25. Lee Jay-hyun
Net Worth as of June 19, 2024: $1.2 Billion
Lee Jay-hyun is one of the wealthiest people in South Korea, with a net worth of $1.2 billion. He is the chairman of CJ Group, a food and beverage conglomerate. He is the eldest grandson of Samsung’s founder Lee Byung-chull. CJ Group was founded in 1953 and separated from Samsung in 1993.
24. Lee Hae-jin
Net Worth as of June 19, 2024: $1.2 Billion
Lee Hae-jin ranks 24th on our list of the wealthiest people in South Korea. He is the co-founder of Naver, South Korea’s most used search engine. In 2018, he stepped down as a board member and became the company’s global investment officer.
23. Chey Tae-won
Net Worth as of June 19, 2024: $1.3 Billion
Chey Tae-won has a net worth of $1.3 billion, as of June 19. He is a chairperson at the SK Group, one of South Korea’s largest conglomerates that operates in more than 175 companies in the telecom, semiconductors, chemicals, and energy sectors.
22. Lee Ho-jin
Net Worth as of June 19, 2024: $1.5 Billion
Lee Ho-jin ranks 22nd on our list of the wealthiest people in South Korea. He is the former chairman of Taekwang Industrial. He was promoted to chairman after his oldest brother passed away. He has now stepped down from the position and is said to be struggling with cancer.
21. Lee Su-jin
Net Worth as of June 19, 2024: $1.5 Billion
Lee Su-jin has a net worth of $1.5 billion, contributing to his ranking on our list of the wealthiest people in South Korea. He is the founder and chairman of Yanoljia, a travel super app based in the country. SoftBank’s Vision Fund 2 invested almost $1.7 billion in the company in July 2021.
20. Kim Jung-youn
Net Worth as of June 19, 2024: $1.6 Billion
Kim Jung-youn ranks 20th on our list, with a total net worth of $1.6 billion. The twenty-year-old is the younger sister of Kim Jung-min, and daughter of the late, Kim Jung-ju, founder of Nexon. She inherited a large stake from her father and has no involvement in the operations of the company.
19. Kim Jung-min
Net Worth as of June 19, 2024: $1.6 Billion
Kim Jung-min ranks 19th on our list of the wealthiest people in South Korea. Jung-min owns around 18% of NXC, the largest shareholder in the online gaming giant. The 22-year-old inherited from her father’s stake in Nexon, who died in February 2022. She has not been involved in the operations of the company.
18. Koo Kwang-mo
Net Worth as of June 16, 2024: $1.7 Billion
Koo Kwang-mo is one of the wealthiest people in South Korea, with a net worth of $1.7 billion. He is the chairman and chief executive of LG. He became chairman of LG in 2018 at the age of 40, the youngest chairman of a Korean company. The company was founded in 1947 and is a global leader in consumer electronics.
17. Lee Dong-chae
Net Worth as of June 19, 2024: $1.7 Billion
Lee Dong-chae ranks 17th on our list of the wealthiest people in South Korea. He founded EcoPro, a chemicals group, in 1998. EcoPro BM, EcoPr Group’s largest producer of cathodes. EcoPro BM was founded in 2016 and produces technologies that eliminate and prevent various air pollutants. It mass-produces high-nickel cathode active material (CAM) in South Korea.
16. Bang Si-hyuk
Net Worth as of June 19, 2024: $1.8 Billion
Bang Si-hyuk has a net worth of $1.8 billion, making him one of the wealthiest people in South Korea. He is the founder and chairman of Hybe, previously known as Big Hit Entertainment. The company went public in October 2020. The event was regarded as the largest IPO in the country in three years, making Bang Si-hyuk a billionaire.
15. Suh Kyung-bae
Net Worth as of June 19, 2024: $1.8 Billion
Suh Kyung-bae ranks 15th on our list of the wealthiest people in South Korea. He is the chairman of Amorepacific, one of the largest cosmetics and skincare companies in the country. He joined the company in the 1980s and accepted the position of CEO in 1997.
14. Park Soon-jae
Net Worth as of June 19, 2024: $1.9 Billion
Park Soon-jae has a net worth of $1.9 billion, contributing to his ranking on our list of the wealthiest people in South Korea. He is the co-founder of the Alteogen, a Korean bio-technology firm. The company was founded in 2006 and is a leader in next-generation bio-better.
13. Kim Jun-ki
Net Worth as of June 16, 2024: $2 Billion
Kim Jun-ki ranks 13th on our list of the wealthiest people in South Korea. He was the founder of Dongbu Group but stepped down in 2017 after sexual assault accusations. The company, now referred to as DB, works in the chemicals, finance, electronics, and real estate sectors.
12. Lee Seo-hyun
Net Worth as of June 19, 2024: $2.4 Billion
Lee Seo-hyun has a net worth of $2.4 billion, contributing to her ranking on our list of the wealthiest people in South Korea. She overlooks the Samsung Welfare Foundation, which was founded by her late father, Lee Kun-hee, former chairman of Samsung Electronics. In April, she rejoined Samsung C&T, as President of Strategic Planning.
11. Yoo Jung-hyun
Net Worth as of June 19, 2024: $2.5 Billion
Yoo Jung-hyun ranks 11th on our list of the wealthiest people in South Korea, with a net worth of $2.5 billion. She owns a 14% stake in Nexon, an online gaming giant through NXC. Her husband established Nexon and retired in 2006, and died in 2022. She has been working as a statutory auditor at NXC since 2010.
10. Lee Boo-jin
Net Worth as of June 19, 2024: $2.6 Billion
Lee Boo-jin is one of the wealthiest people in South Korea with a net worth of $2.6 billion. She is the daughter of the late Lee Kun-hee, former chairman of Samsung Group, and the president and chief executive of Hotel Shilla. Lee previously served as an advisor for the trading function of Samsung C&T.
9. Kwon Hyuk-bin
Net Worth as of June 19, 2024: $3.4 Billion
Kwon Hyuk-bin ranks ninth on our list of the wealthiest people in South Korea. The billionaire has a net worth of $3.4 billion. He founded Smilegate in 2002, one of the most popular gaming companies in South Korea. Through his Smilegate Foundation, Kwon made schools in China and Vietnam, offering education and training in IT.
8. Kim Beom-su
Net Worth as of June 19, 2024: $3.6 Billion
With a net worth of $3.6 billion, Kim Beom-su ranks as one of the wealthiest people in South Korea. He is the founder of Kakao, an instant messaging app, but stepped down as chairman in March 2022. The instant messaging application is installed in 90% of all smartphones in South Korea. In 2021, the billionaire pledged to give away most of his wealth to charity.
7. Euisun Chung
Net Worth as of June 19, 2024: $3.9 Billion
Euisun Chung ranks seventh on our list of the wealthiest people in South Korea. He was appointed as chairman of Hyundai Motor after his father, Mong-Koo Chung, retired from his position. He is the only son of Mong-Koo Chung and a large portion of his wealth comes from Hyundai Glovis.
6. Hong Ra-hee
Net Worth as of June 19, 2024: $4.2 Billion
Hong Ra-hee is one of the wealthiest people in South Korea, with a net worth of $4.2 billion. She is the widow of Lee Kun-hee, former chairman of Samsung Group and richest person in South Korea, before his demise in 2020. She was the director of the Samsung Museum of Art, commonly referred to as Leeum. She resigned from this position in 2017.
5. Kwak Dong Shin
Net Worth as of June 19, 2024: $4.6 Billion
Kwak Dong Shin has a net worth of $4.6 billion, contributing to his ranking on our list. He is the CEO and Vice Chairman of Hanmi Semiconductor, a semiconductor packaging equipment company. He stepped up as CEO of the company in 2007 after joining the company in 1998. He also has a stake in HPSP, a semiconductor equipment manufacturer.
4. Mong-Koo Chung
Net Worth as of June 19, 2024: $4.9 Billion
Mong-Koo Chung ranks fourth on our list of the wealthiest people in South Korea, with a net worth of $4.9 billion. He was the chairman of Hyundai Motor for over 20 years and stepped down from his position in March 2020. His son, Euisun, is now the chairman of Hyundai and is also a billionaire. Chung’s second-largest holding is Hyundai Mobis.
3. Cho Jung-ho
Net Worth as of June 19, 2024: $5.6 Billion
Cho Jung-ho is one of the wealthiest people in South Korea. He is the chairman of Meritz Financial Group Inc. The financial holding company was founded in 2011 and owns multiple subsidiaries including Meritz Fire & Marine Insurance and Meritz Securities.
2. Seo Jung-jin
Net Worth as of June 19, 2024: $7.1 Billion
With a net worth of $7.1 billion, Seo Jung-jin ranks second on our list of the wealthiest people in South Korea. Seo Jung-jin is the co-founder of Celltrion Inc. The biopharmaceutical company was founded in 2002 and currently makes drugs that treat cancer and influenza among other diseases. Celltrion Inc. is the largest exporter of biosimilars, supplying to about 110 countries.
1. Jay Y. Lee
Net Worth as of June 19, 2024: $10.7 Billion
Jay Y. Lee is the wealthiest person in South Korea with a net worth of $10.7 billion, as of June 19. Jay Y. Lee is the executive chairman of Samsung Electronics and was assigned to the position in October 2022. The 55-year-old billionaire is ranked 201st in the world. Y. Lee completed his master’s of business administration at Keio University and earned his bachelor’s at Seoul National University. Jay Y. Lee was acquitted of stock manipulation charges in February this year. These charges were related to a 2015 merger between two Samsung affiliates. The Lee family is currently in the process of paying approximately $8.5 billion in inheritance taxes, following the death of Lee Kun-hee.
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