South Korea’s 5 richest billionaires in 2024 – net worths, ranked: BTS boss Bang Si-hyuk doesn’t make the list, which is dominated by the likes of Samsung’s Lee Jae-yong and Hyundai’s Chung Mong-koo

May 24 , 2024

Samsung’s Lee Jae-yong and Hyundai’s Chung Mong-koo are two of the richest men in South Korea. Photos: AFP, EPA

South Korea’s diverse economy has given rise to billionaires active in a variety of sectors. Active in electronics and tech, as well as healthcare and property, the country’s richest managed to get even richer over the past year despite the overall dwindling global economy.

South Korea has a robust entertainment sector, but none of its players crack the top five list of the country’s wealthiest. Photo: Getty Images

One of the most visible industries to come out of the country in recent years is its robust entertainment sector, which has produced hit music groups such as BTS and Blackpink, and top-quality television and films that have taken the world by storm. Despite the success and incredible revenue that industry has generated though, those players at the top of the game still didn’t quite make it to the top 10 of the richest in the country. Bang Si-hyuk, for instance – the founder and chairman of Hybe, which manages BTS – comes in at 17 on Forbes’ rich list for South Korea, with a net worth estimated to be over US$2 billion.

Here, we look at the five wealthiest individuals in South Korea and their net worths, according to Forbes at the time of writing.

5. Chung Mong-koo

Estimated net worth: US$4.6 billion

Hyundai Motor Co. chairman Chung Mong-koo, centre, breaks free from reporters in Seoul, in 2007. Photo: AP Photo

If you’ve ever called for an Uber, chances are you’ve ridden in a Hyundai at some point. The largest carmaker in South Korea, Hyundai was under the leadership of Chung for well over 20 years before his son Euisun Chung took over in 2020. Chung inherited the Hyundai empire from his father, who founded the group in 1967. Besides its automotive operations, the Hyundai Group also owns auto brand Kia.

4. Cho Jung-ho

Estimated net worth: US$5.8 billion

Cho’s net worth is down about US$100 million since 2023, in no small part due to the hit the global economy has taken. His father was the founder of Korean Air, and after his death, the youngest of the four sons inherited the financial arm of the family’s group Hanjin, which was later renamed Meritz Financial Group. Cho is its chairman.

3. Seo Jung-jin

Estimated net worth: US$7.5 billion

Like many pharmaceutical operations worldwide, Celltrion has experienced a big boost in its performance over the past few years. The firm, which specialises in cancer, flu and arthritis medication, was founded by Seo Jung-jin.

This marks the second stint in which the founder heads up the firm; he returned to the company in 2023 after stepping down. He and his family’s wealth ballooned when Celltrion Inc. went public in 2008, effectively making him a billionaire.

2. Michael Kim

Estimated net worth: US$9.7 billion

Born in South Korea and educated in the US, Kim co-founded South Korea’s largest equity firm. After getting educated in the US, he gained citizenship there and continues to spend time between the two countries. His firm has stakes in a variety of industries and operations, including insurance and retail.

Kim closed the biggest private equity deal in the country in 2015 when he took over Tesco Korea’s Home Plus operations. In 2017, he took ING Insurance Korea public and was the first person ever to list a private equity firm in the country. An avid art collector, he sits on the New York’s Metropolitan Museum of Art board.

1. Lee Jae-yong, aka Jay Y. Lee

Estimated net worth: US$11.5 billion

Samsung Electronics chairman Lee Jae-yong tops the list of South Korea’s richest. Photo: EPA

At the top of the list is none other than the chairman of Samsung Electronics. Lee finally assumed the role in 2020 after leaving it vacant for several years following his father’s passing. Despite his tainted record – Lee was jailed in the high-profile case of bribing then-South Korean President Park Geun-hye, although other reports state he bribed a confidante to the president, and a charge relating to financial fraud – Lee and his family remain at the top of the billionaire food chain.

Owning the country’s largest conglomerate means paying a lot of taxes. The family made headlines again when it was ordered to pay a whopping US$8.5 billion in inheritance taxes following Lee senior’s death. Four years on, it’s been reported that payments are still under way.

Millionaires and billionaires

Although the K-pop and K-drama sectors have produced big moneymakers like BTS and Blackpink, and massive TV and film hits, no entertainment execs are among the top 10 richest in the country
Despite being jailed in a high-profile bribery case involving the former South Korean president and his family still paying off billions in inheritance tax, Samsung’s Lee Jae-yong is still sitting pretty