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Korea’s 50 richest’s wealth dips to $130 billion

South Korea’s stock was Asia’s second-worst performer after Hong Kong in the past twelve months. 

As a result, Korea’s 50 richest’s combined wealth dipped to $130 billion from last year’s $156 billion. 

However, in 2021, South Korea’s export-led economy soared by 4%. 

Furthermore, for the first time in a decade, none of Korea’s 50 richest has a double-digit fortune. 

May 2021, last measured the fortunes. Since then, the benchmark Kospi index has dipped by 13%. 

Among Korea’s 50 richest, only eight witnessed a fortune rise

A string of controversies led to a dip in the internet giant’s stock. 

However, self-made billionaire Kim Beom-su, the founder of Kakao, topped the list with $9.6 billion for the first time. 

Furthermore, despite a dip in fortune, Samsung’s Jay Y. Lee gained the second spot with $9.2 billion. 

Private equity billionaire Michael Kim gained the number three spot with a doubled fortune of $7.7 billion. 

He has been deemed the year’s biggest gainer in dollar terms and percentages. 

Moreover, his fortune doubled when New York-based Dyal Capital Partners acquired a minority stake in his privately held MBK Partners. 

The valuation estimation is around $9 billion. 

A $130 billion wealth dip

Last year’s No.1 Seo Jung-jin slid to the No.4 spot with $6.9 billion, down $5.6 billion — or 45%. 

Failing to secure U.S. regulatory approval for its Covid-19 antibody treatment led to a dip in the shares of his drugmaker Celltrion. 

Bom Kim, the founder of Coupang, slid seven spots from last year, halting at no.14. 

Despite his company’s blockbuster IPO in March 2021, his net worth declined in percentage terms.

Nevertheless, this year the seven new faces include three startup founders.

At no.36 is fintech unicorn Viva Republic’s Lee Seung-gun. 

Standing at no.9 and no.22 are the cofounders of Dunamu, Song Chi-hyung ,and Kim Hyoung-nyon (who runs South Korea’s largest cryptocurrency exchange, Upbit). 

Up next is Yoo Jung-hyun making her debut after the sudden death of her husband. 

Furthermore, she owns a 14% stake in Nexon which she helped start in 1994. 

However, this year’s sole returnees are brothers of Hyosung Group, Cho Hyun-sang at no.44 and Cho Hyun-joon at no.47. 

The Hyosung Advanced Materials shares surged on investor optimism for emission-free cars. 

This year’s notable

Among the nine drop-offs this year, the notable is the LG clan’s Koo Bon-joon. 

He made a sizeable donation of his LG shared to the three charitable foundations. 

Furthermore, he passed on a part of his stake in holding outfit LX Holdings to his children. 

However, the cutoff rose to $950 million in 2022 from $940 million in 2021. 

Lastly,

Various global factors led to Korea’s collective wealth dips to $130 billion. Nevertheless, a handful witnessed a rise in their fortunes. 

Also read – Hurun: List of top 10 self-made women billionaires in 2022

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