Top 10 Richest People In South Korea 2024 (2024)

byRachel RockAugust 5, 2024, 4:13 pm 1 Comment

A rising class of ultra-high-net-worth individuals call South Korea, a technological and economic powerhouse in Asia, home. The fast industrialization of the country and global leadership in fields including technology, electronics, and automotive have driven a small number to incredible riches.

One of the best illustrations of the dynamic energy and entrepreneurial drive of Korean modern economy is the climb of billionaires of the country to the top of the financial ladder. Apart from making a lot of money, the activities of these billionaires have advanced technology, created a lot of jobs, and fostered worldwide cooperation.

Examining the lives and achievements of Korea’s richest person reveals the beliefs and ideas that have supported their success, therefore providing a gripping story of ambition, tenacity, and transforming influence.

1. Jay Y. Lee -$10.9 Billion

The highest among the richest Koreans worldwide is Samsung Electronics’ chairman. Renowned for a high-profile instance of bribing a confidante of the then South Korean president Park Geun-hye, his family continues to be at the top of the billionaire food chain.The family also made news for having to pay an outrageous US $10.9 billion in inheritance taxes after Lee senior passed away.

2. Michael Kim -$9.7 Billion

Michael Kim, the Co-founder of MBK Partners, a Seoul-based private equity business and ING Insurance Korea, is second richest on the list. Listing on the Korean exchange, ING Korea became the first company controlled by a private equity firm. Homeplus, Tesco’s Korean business, ranked highest among the nation’s largest private equity deals ever. He also sits on the Metropolitan Museum of Art’s board.

3. Jung Jin Seo -$7.6 Billion

Starting Celltrion Inc. in 2002, Seo Jung-In brought it public in 2008. Among other conditions, the business develops medications to treat rheumatoid arthritis, fever, and cancer. After briefly withdrawing, Seo took over the Chairman post in March 2023. Also co-chairs Celltrion Inc. is his eldest son.

4. Cho Jung-ho -$5.6 Billion

Renowned in South Korea’s financial scene, Cho Jung-ho is mostly responsible for the country’s economic expansion. As Meritz Financial Group’s chairman, he supervises a conglomerade with securities and insurance holdings. Jung-ho, a member of the powerful Cho family, is the younger son of the late Choong-hoon, the parent business of Hanjin Group. His business drive drove him into the banking industry even as he started his career with Korean Airlines.

Meritz Financial Group has had significant expansion under Cho Jung-ho’s direction. His strategic vision and commercial sense have confirmed the company’s importance in South Korea’s banking sector.

5. Mong-Koo Chung -$4.4 Billion

Mong-Koo Chung spent more than 20 years chairman of Hyundai Motor, the largest carmaker in South Korea, until retiring in March 2020. His sole son and fellow billionaire, Euisun succeeded him. Later on he founded the Hyundai Group, once the biggest company in Korea. His second biggest holding is Hyundai Mobis, a publicly traded automobile component company.

6. Hong Ra-Hee -$4.3 Billion

Married to late Samsung Group chairman Lee Kun-hee is Hong Ra-Hee. She directed the Ho-Am Art Museum and the Samsung Museum of Art, sometimes known as “Leeum,” before her 2017 retirement. Her father-in-law left collections for both institutions. Currently chairing JoongAng Ilbo, one of the largest daily newspapers in Korea, which her father started, is her nephew. A billionaire, her brother Hong Seok-joh oversees the biggest chain of convenience stores in Korea.

7. Kim Beom-Su -$3.8 Billion

The creator of Kakao, the most popular messaging software in South Korea, Kim Beom-Su is Later on he withdrew and quit the board in March 2022. The first tech firm to be named a major company by the South Korean government in 2014 was Kakao.

8. Kwak Dong Shin -$3.7 Billion

Apart from being the largest stakeholder of Hanmi Semiconductor, a South Korean corporation producing semiconductor equipment, Kwak Dong Shin is the CEO and vice chairman of this entity. Kwak started working for Hanmi Semiconductor in 1998, then was named CEO in 2007. Kwak also holds a small but noteworthy portion in HPSP, a 2022 listing business creating very precise semiconductor tools.

9. Kwon Hyuk-bin -$3.7 Billion

Billionaire Kyok Hu-bin owns one of the well-known gaming firms in South Korea, “Smilegate”. Founded in 2002, the company started a 2008 alliance with Chinese internet behemoth Tencent. He also started The Smilegate charity, a charity within the business that offers IT education among other disciplines.

10. Euisun Chung -$3.7 Billion

The chairman of Hyundai Motor Euisun Chung comes last on the top ten list. Following his father, he took up the post in 2020. Hyundai Glovis, an auto part manufacturer, is a source of some of his riches. From 2005 until 2009, Chung oversaw Kia, a subsidiary auto brand, growing faster than Hyundai Motor.