Despite South Korea's export-oriented economy recording a growth of 2.6% in 2022, the nation encountered challenges reflected in its stock market performance, which ranked among the poorest in Asia during the past year. The Kospi index experienced a significant 9% decline, attributed to escalating interest rates and decreased demand for tech goods—constituting a substantial one-third of the country's total exports. Coupled with a devaluation of the won, these factors led to a substantial reduction in the collective wealth of South Korea's 50 richest individuals, plummeting by 18% from $130 billion to $106 billion compared to the previous year.
This list will explore the details of the top 10 richest individuals in South Korea for the current year. This analysis will delve into their net worth, and the industries they are associated with, and provide insights into the economic dynamics shaping their financial standing within the country. Stay tuned for a comprehensive overview of the wealthiest figures in South Korea for 2023.
Michael Kim is the richest person in South Korea with a net worth of $9.7 Billion.
ALSO READ| Top 10 Richest People In Singapore
List Of 10 Richest People In South Korea 2023
In a landscape where fewer than a handful witnessed an increase in their wealth, private equity expert Michael Kim emerges as the standout figure, claiming the top spot for the first time and securing the position of this year's new No. 1. Kim, the driving force behind MBK Partners, which boasts assets under management exceeding $26 billion, stands out as the most substantial gainer in both percentage and dollar terms. His net worth soared to $9.7 billion, marking an impressive increase of $2 billion from the previous year, driven by new information about his strategic investments.
| RANK | NAME | NET WORTH | INDUSTRY |
| 1 | Michael Kim | $9.7 B | Finance & Investments |
| 2 | Jay Y. Lee | $8 B | Technology |
| 3 | Seo Jung-jin | $5.7 B | Healthcare |
| 4 | Kwon Hyuk-bin | $5.1 B | Media & Entertainment |
| 5 | Kim Beom-su | $5 B | Technology |
| 6 | Hong Ra-hee | $4.9 B | Technology |
| 7 | Mong-Koo Chung | $4.1 B | Automotive |
| 8 | Kim Jung-min & Jung-youn | $3.6 B | Media & Entertainment |
| 9 | Cho Jung-ho | $3.4 B | Finance & Investments |
| 10 | Lee Boo-jin | $3.3 B | Technology |
Samsung's heir, Jay Y. Lee, maintaining the No. 2 spot for the third consecutive year, experienced a decline in wealth due to reduced demand for memory chips and smartphones. His fortune dipped to $8 billion from last year's $9.2 billion after assuming the role of Samsung Electronics' executive chairman in October.
Jay Y. Lee
Pharmaceutical mogul Seo Jung-jin climbed to No. 3 despite a decrease in wealth to $5.7 billion from $6.9 billion. Seo resumed his position as chairman of the Celltrion group in March, aiming to focus on strategic acquisitions after a two-year hiatus from the role.
Seo Jung-jin
Kim Beom-su, last year's top-ranked individual, slipped to No. 5 as his fortune nearly halved to $5 billion. Criticisms of his internet powerhouse Kakao's monopolistic status resulted in a decline in the company's shares. The downturn in the cryptocurrency market significantly impacted Song Chi-hyung, co-founder and chairman of Dunamu, Korea's largest crypto exchange by volume. His fortune plummeted by 74%, causing him to drop from No. 9 to No. 41, with assets totalling $950 million, no longer maintaining billionaire status.
ALSO READ| List Of Philippines’ 10 Richest People 2023
The list is based on Forbes’ “South Korea’s 50 Richest” and the compilation of this list was conducted, drawing information from a diverse array of sources. Data sources include inputs from individuals, analysts, government agencies, stock exchanges, databases, and various other reputable sources. Net worths presented in this list are grounded in stock prices and exchange rates as of the market close on April 7. It's important to note that real-time net worths available on Forbes.com may reflect different valuations.
This ranking provides a comprehensive view, encompassing both individual and family fortunes, including shared wealth among relatives. It is distinct from the World’s Billionaires List, which considers individual fortunes with net worths as of March 10, 2023. The meticulous approach to data collection ensures a nuanced understanding of the economic landscape and the financial standing of individuals and families in South Korea.
Comments
All Comments (0)
Join the conversation