Collective Net Worth of South Korea’s 50 Richest People Reaches $115 Billion

Despite a lackluster performance in 2023, South Korea’s Kospi index witnessed a remarkable rebound in 2024, fueled by a fervent investor interest in artificial intelligence (AI) and a groundbreaking government-private sector initiative aimed at establishing the country as a global hub for chip production. The Kospi’s impressive 11% surge over the past year has propelled the collective net worth of the nation’s 50 wealthiest individuals to $115 billion, marking a substantial increase from $106 billion previously.

The notable uptick in wealth is epitomized by Jay Y. Lee, the Executive Chairman of Samsung Electronics, who ascended to the top of the wealth rankings for the first time. Lee’s fortune soared by $3.5 billion to reach $11.5 billion, driven by the surge in Samsung Electronics’ stock following news of its pioneering efforts in developing high-bandwidth memory chips crucial for AI computing in collaboration with U.S. tech titan Nvidia.

While last year’s wealthiest individual, Michael Kim of MBK Partners, saw his wealth remain stable at $9.7 billion, he relinquished the top spot to Jay Y. Lee. Seo Jung-jin, the cofounder of Celltrion, retained the third position with a net worth of $7.5 billion, witnessing a substantial increase of $1.8 billion, attributed to his return from retirement and the initiation of a long-awaited restructuring.

Notable among the newcomers to the wealth rankings are individuals entrenched in the AI chip sector, including Kwak Dong Shin of Hanmi Semiconductor, Lee Chae-yoon of Leeno Industrial, and Chung Ji-wan of Soulbrain Holdings, reflecting the burgeoning importance of AI technology in South Korea’s economic landscape.

Another notable addition is Park Soon-Jae, the U.S.-trained biochemist and CEO of Alteogen, whose company struck a lucrative licensing deal with Merck. This deal, facilitating the subcutaneous administration of Merck’s cancer drug Keytruda through Alteogen’s technology, holds the potential for milestone payments exceeding $400 million. Moreover, the return of key figures like Chang Byung-gyu, the founder of Krafton, and the entry of innovative minds into the wealth rankings underscore South Korea’s resilience and adaptability in the face of challenges.

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