We recently compiled a report on the 30 Wealthiest People in South Korea and in this article we will look at the wealthiest person.
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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The Wealthiest Person in South Korea
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.
To view other wealthy people in South Korea, check out our report on the 30 Wealthiest People in South Korea.
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