The 2024 Forbes list of Korea’s richest individuals saw a collective net worth increase to $115 billion, fueled by the rebound of the Kospi index and the government’s initiative to make the country a global chip production hub. Top spot went to Jay Y. Lee, executive chairman of Samsung Electronics, whose net worth increased to $11.5 billion. Michael Kim, last year’s leader, saw his wealth remain flat at $9.7 billion, causing him to slip to the second spot. Seo Jung-jin of Celltrion retained the third spot with a net worth of $7.5 billion, up from last year.
The biggest gainer in terms of percentage was Cho Jung-ho, chairman of Meritz Financial Group, whose net worth increased 82% to $6.2 billion, landing him at the fourth spot. Four newcomers made the list, primarily from companies involved in AI chips, with the fourth one being U.S.-trained biochemist Park Soon-jae, co-founder and CEO of biotech firm Alteogen. Park’s company struck a lucrative licensing deal with Merck, potentially earning over $400 million in milestone payments.
Several members returned to the list, including Chang Byung-gyu, founder of online gaming firm Krafton, whose shares rebounded 30% following a downturn. Eight individuals from last year dropped off the list, including former billionaire Chung Yong-ji. The cutoff to make the list fell to $775 million from $830 million the previous year, reflecting the changing fortunes of Korea’s wealthiest individuals.
Overall, the resurgence of the Kospi index and the government’s chip production hub initiative played a significant role in boosting the net worth of Korea’s richest individuals. The dominance of AI chips in the tech industry also contributed to the wealth increase of several list members. The reshuffling of the rankings highlighted the dynamic nature of the country’s economy and the influence of key sectors like technology and healthcare.
The methodology used for compiling the list involved obtaining shareholding and financial information from various sources, including families, stock exchanges, government agencies, and analysts. Net worth calculations were based on stock prices and exchange rates as of April 2, 2024, with private companies valued in comparison to publicly traded ones. The editors reserve the right to amend any information or remove listees based on new information, ensuring the accuracy and relevance of the rankings.
