Meet the world’s new youngest billionaire: South Korea’s Kim Jung-youn, 18, overtook Kevin David Lehmann in net worth after the death of her dad Kim Jung-ju, founder of online gaming company Nexon
Jung-youn takes the crown from Kevin David Lehmann, 20. Lehmann, who is from Germany, inherited a stake in the German drugstore chain Drogerie Markt from his father, Guenther Lehmann. The transfer was done when he was 14 years old, but remained under a trusteeship until his 18th birthday in 2020.
Here’s what you need to know about the new teen billionaire and her late father …
How did Kim Jung-youn get the money?
Jung-youn has taken the crown as youngest teen billionaire in the world. She and her sister Kim Jung-min inherited equal shares of a 30.78 per cent stake in NXC, the holding company for Nexon, reported Economic Times India.
Both siblings inherited the money after their father, Jung-ju, 54, died in February, leaving a vast amount of his wealth to his children. According to The Economic Times, their company stakes are worth US$2.5 billion each. But South Korea has a high inheritance tax, which resulted in the sisters having an estimated net worth of around US$1 billion instead, reported Forbes.
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But Kim Jung-ju’s kids won’t lead Nexon
Even though the teenage billionaire has a large stake in the business, according to Forbes, her father pledged that his children would not be handed control of the company when he died.
In a statement in 2018, the gaming founder confirmed that management of the company would be handled by seasoned leaders to keep business transparent and create a fair corporate culture, reported The Investor.
The businessman suffered a number of court trials and said the process made him “look back at my life and the small company I founded with friends in 1994”, per the same source. The decision to ensure the company was managed by appropriate leadership came hand in hand with Jung-ju focusing on philanthropic work.
Who was Kim Jung-ju?
Kim had a PhD in electronic engineering and computer science. He was known as a big picture investor and reportedly spent US$1.8 billion in acquisitions and investments, leading to major growth around the world, but with a particular focus on China.
According to Economic Times India, he was a very private person and not much is known about his personal life. According to Ked Global, the businessman had been treated for depression.
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What about his wife, Yoo Jung-hyun?
Kim’s wife, Yoo Jung-hyun, 53, was already a billionaire before her husband’s death. According to Economic Times India, she got a 4.57 per cent stake in Nexon after he passed away. The publication added that she helped Kim found the gaming company in 1994 and, together with the inheritance, she is now the largest stakeholder in NXC with a 34 per cent stake. Her net worth now stands at around US$3 billion. Ked Global reported that she serves as the company’s auditor.
What else did Jing-ju do?
Nexon’s headquarters are based in Tokyo but the company was founded in Jeju, a South Korean resort island.
In 2006, Kim withdrew from the daily management of his company and focused on philanthropic activities. According to Forbes, in 2018 he pledged US$93 million to start-ups and children’s hospitals.
- Kim Jung-youn inherited a 30.78 per cent stake in NXC worth US$2.5 billion with her sister Kim Jung-min, after her father Kim Jung-ju died in February
- Jung-ju founded Nexon in 1994 with major hits like MapleStory and The Kingdom of the Winds, spent billions on investments in China and beyond, and most recently focused on philanthropy