Collective Wealth Falls Despite Economic Uptick, Only Eight See Fortunes Rise

This story is part of Forbes’ coverage of Korea’s Richest 2022. See the full list here.

Despite South Korea’s export-led economy growing 4% in 2021, its stock market was Asia’s second-worst performer over the past 12 months after Hong Kong. The benchmark Kospi index fell 13% since fortunes were last measured in May 2021 as interest rates rose and investors retreated. As a result, the combined wealth of the country’s 50 richest fell to $130 billion, down from $156 billion last year. And for the first time in a decade, none of the billionaires among the 50 richest has a double-digit fortune.

Kakao founder and self-made billionaire Kim Beom-su tops the list for the first time with $9.6 billion, even after a string of controversies weighed down the internet giant’s stock. Samsung’s Jay Y. Lee retained the second spot with $9.2 billion, though his fortune, too, fell. At No. 3, for the first time, is private equity billionaire Michael Kim, this year’s biggest gainer in both percentage and dollar terms. Kim more than doubled his net worth to $7.7 billion after New York-based Dyal Capital Partners acquired a minority stake in his privately held MBK Partners at a valuation of nearly $9 billion.

Last year’s No. 1 Seo Jung-jin slipped to No. 4 with $6.9 billion, down $5.6 billion—or 45%. Shares of his drugmaker Celltrion fell amid disappointment that its Covid-19 antibody treatment has yet to secure U.S. regulatory approval. Coupang founder Bom Kim, who was last year’s biggest gainer following his company’s blockbuster IPO in March 2021, saw his net worth decline the most in percentage terms. As losses mounted at the New York Stock Exchange-listed e-commerce company, his wealth halved to $3.2 billion. The Harvard Business School dropout comes in at No. 14, down seven spots from last year.

The seven new faces this year include three startup founders: fintech unicorn Viva Republica’s Lee Seung-gun (No. 36), and Dunamu cofounders Song Chi-hyung (No. 9) and Kim Hyoung-nyon (No. 22) who run South Korea’s largest cryptocurrency exchange Upbit. Yoo Jung-hyun makes her debut following the sudden death of her husband, Kim Jung-ju, in February at age 54. Yoo’s 14% stake in online gaming giant Nexon, which she helped Kim start in 1994, was earlier combined with that of her late husband, whose estate is yet to be settled.

Brothers Cho Hyun-sang (No. 44) and Cho Hyun-joon (No. 47) of industrial conglomerate Hyosung Group are the sole returnees this year. Shares of Hyosung Advanced Materials, a subsidiary that makes carbon fiber used in hydrogen fuel-cell vehicles, soared on investor optimism for emission-free cars.

Notable among the nine drop-offs this year is the LG clan’s Koo Bon-joon, who donated a chunk of his LG shares to three charitable foundations and passed on a part of his stake in holding outfit LX Holdings to his children. The cutoff for the list this year is $950 million, up slightly from $940 million in 2021.

Full Coverage of Korea’s Richest 2022:

Additional research by Eunice Lam, Simran Vaswani and Catherine Wang.

Methodology:

The list was compiled using information from the individuals, analysts, government agencies, private databases, stock exchanges and other sources. Net worth numbers are based on stock prices and exchange rates as of the close of markets on April 1. Private companies were valued by using financial ratios and other comparisons with similar, publicly traded companies. The estimates can include a spouse’s wealth and, if the person is the company founder, the wealth of sons and daughters that is derived from that company. The list can also have those who are included due primarily to extensive business and residential ties to South Korea, 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.