South Korea’s richest individuals saw their collective net worth rise to $115 billion in 2024, driven by the rebound of the Kospi index and increased investment in AI technology. Jay Y. Lee, executive chairman of Samsung Electronics, claimed the top spot on the list for the first time with a net worth of $11.5 billion. Shares of Samsung Electronics surged as the company announced the development of high-bandwidth memory chips for AI computing.
Private equity mogul Michael Kim, last year’s richest individual, saw his net worth remain steady at $9.7 billion, causing him to slip to the second spot. Seo Jung-jin, cofounder of drugmaker Celltrion, maintained the third position with a net worth of $7.5 billion, up $1.8 billion from the previous year. Cho Jung-ho, chairman of Meritz Financial Group, experienced an 82% increase in his net worth to $6.2 billion, landing him at the fourth spot on the list after the company merged its insurance and securities units.
Four newcomers joined the ranks, with three of them deriving their wealth from companies involved in AI chips. The fourth new entrant, Park Soon-jae, cofounder of biotech firm Alteogen, struck a lucrative licensing deal with Merck that could potentially bring in milestone payments exceeding $400 million. Additionally, four previous members made a return to the list, including Chang Byung-gyu, founder of online gaming firm Krafton, whose shares rebounded by over 30% due to the popularity of the Indian version of its game PUBG: Battlegrounds.
Notably, the cutoff to make the list dropped to $775 million from $830 million the previous year, indicating a changing landscape for Korea’s wealthiest individuals. Despite the challenges faced by some, such as former billionaire Chung Yong-ji whose biotech company suffered setbacks, the overall trend for the country’s top earners has been positive. Investment in AI technology and the government’s push to establish Korea as a global chip production hub have contributed to the growth of wealth among the richest in the country.
The methodology behind the list involved compiling shareholding and financial information from various sources to determine the net worth of individuals and families included. Valuations were based on stock prices and exchange rates as of April 2, 2024, with private companies valued based on publicly traded counterparts. The list may include foreign citizens with ties to Korea or significant business connections to the country. The editors reserve the right to amend information or remove individuals from the list based on new developments or updated data.
