This story is part of Forbes’ coverage of Korea’s Richest 2024. See the full list here.
Although South Korea’s benchmark Kospi index was one of the worst performers in Asia last year, it rebounded in 2024 fueled by investor frenzy over AI and the government’s $470 billion plan with the private sector to make the country a global chip production hub. The Kospi’s 11% rise, since we last measured fortunes 12 months ago, lifted the collective net worth of the country’s 50 richest to $115 billion from $106 billion.
The wealth of nearly half of the listees rose, led by Jay Y. Lee, executive chairman of chipmaking giant Samsung Electronics, who tops the list for the first time. This year’s biggest dollar gainer, Lee added $3.5 billion to take his net worth to $11.5 billion. Shares of Samsung Electronics climbed on news that it is developing high-bandwidth memory chips used in AI computing for U.S. tech giant Nvidia.
The wealth of last year’s topper, private equity maven Michael Kim, founder of MBK Partners, was flat at $9.7 billion and he slipped to No. 2. Seo Jung-jin, cofounder of drugmaker Celltrion, held on to the third spot with a net worth of $7.5 billion, up $1.8 billion from last year, as he came out of retirement and kicked off a long-delayed restructuring.
The biggest gainer in percentage terms was Cho Jung-ho, chairman of Meritz Financial Group, whose net worth was up 82% to $6.2 billion, and he jumped five spots to No. 4. Shares of the financial conglomerate got a boost after it merged its insurance and securities units and was relisted.
Of the four newcomers this year, all but one draw their fortunes from companies involved in AI chips: Kwak Dong Shin, CEO of chip equipment-maker Hanmi Semiconductor, Lee Chae-yoon, CEO of chip-testing firm Leeno Industrial, and Chung Ji-wan, chairman of Soulbrain Holdings, which makes chemicals for chip manufacturers such as Samsung.
The fourth new entrant is U.S.-trained biochemist Park Soon-jae, cofounder and CEO of biotech firm Alteogen, which struck a lucrative licensing deal with Merck in February. The U.S. drug giant secured the rights to use Alteogen’s technology to administer its top-selling cancer drug Keytruda subcutaneously (instead of intravenously), for milestone payments that could potentially exceed $400 million.
There are four returnees to the ranks this year, including Chang Byung-gyu, founder of online gaming firm Krafton. After falling from a pandemic-induced high, shares of Krafton rebounded more than 30% in the past year, boosted by the popularity of the Indian version of its hit video game PUBG: Battlegrounds. Eight from last year dropped off, including former billionaire Chung Yong-ji, whose biotech company Caregen rode the weight-loss wave but lost steam as product delays sent its shares into a tailspin.
The cutoff to make the list fell to $775 million from $830 million a year ago.
Full Coverage of Korea’s Richest 2024:
Editing assistance by Jane Ho. Reporting by Zinnia Lee, Catherine Wang and Yasmine Zhai.
Methodology:
This list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, annual reports, analysts, government agencies and other sources. Net worths were based on stock prices and exchange rates as of the close of markets on April 2, 2024 and private companies were valued based on similar companies that are publicly traded. Real-time net worths on Forbes.com may reflect different valuations. The ranking lists both individual and family fortunes, including those shared among relatives and may differ from the World’s Billionaires List, which includes individual fortunes with net worths as of March 8. The list can also include foreign citizens with business, residential or other ties to the country, or citizens who don’t reside in the country but have significant business or other ties to the country. The editors reserve the right to amend any information or remove any listees in light of new information.
