Wealth Of Korea's 50 Richest On Forbes List Falls 14% To US$99 Billion
Michael Kim reclaims top spot with $9.5 billion
SINGAPORE (April 15, 2025) – Impacted by both South Korea's biggest political crisis in decades and the recent U.S. tariff shock, the country's benchmark Kospi index declined 15% since fortunes were last measured 12 months ago. As a result, the collective net worth of Korea's 50 Richest on the 2025 Forbes list fell to US$99 billion from $115 billion last year. The complete list can be found here, as well as in the April/May issue of Forbes Asia and the May issue of Forbes Korea.
The wealth of 32 listees declined, including that of private equity maven Michael Kim, who reclaimed the No. 1 position after a year's gap, despite a slight drop in his net worth to $9.5 billion. Kim's MBK Partners was in the spotlight after its debt-laden Homeplus hypermarket chain ran into financial trouble.
Jay Y. Lee, executive chairman of Samsung Electronics, saw his wealth decline by $3.7 billion to $7.8 billion. He slipped to second place from being the richest last year. The company was slow to ride the AI boom, making it one of the laggards among tech stocks.
The biggest gainer in dollar terms this year was Meritz Financial Group chairman Cho Jung-ho, whose fortune shot up by $1.5 billion to $7.7 billion, climbing one spot to become the country's third-richest person. The financial heavyweight reported record net profit of 2.3 trillion won in 2024, following the merger of its insurance and securities units.
Seo Jung-jin of Celltrion takes the fourth spot on the list with $6.3 billion, as his net worth fell $1.2 billion from $7.5 billion last year. Rounding out the top five is Mong-Koo Chung of Hyundai Motor, who also saw his wealth fall $$700 million to $3.9 billion this year.
Another fortune to take a hit was that of Kwak Dong Shin (No. 22), Hanmi Semiconductor's chairman and CEO, whose wealth plunged by more than two-thirds to $1.25 billion. Shares of the semiconductor packaging equipment maker more than halved from a year ago as revenue growth lost steam.
The biggest gainer in percentage terms was Park Soon-jae (No. 14), cofounder and CEO of biotech firm Alteogen, whose wealth got a 68% boost to $2.4 billion after it signed a clutch of lucrative licensing deals. In March, it inked two deals worth $1.4 billion with pharma giant AstraZeneca to use its enzyme technology to develop subcutaneous cancer drugs.
There are three newcomers on this year's list: Kim Jung-soo & Chun In-jang (No. 21, $1.3 billion), the couple behind Samyang Foods, who got a lift from buoyant overseas sales of its spicy Buldak noodles; Jung Sung-jae (No. 43, $760 million), founder of medical aesthetic device firm Classys, which saw its shares surge 50% thanks to the growing K-beauty craze; and Kim Hyung-tae (No. 46, $725 million), founder of online games developer Shift Up, who joins the ranks after raising $320 million in what was South Korea's second-largest listing last year.
Four listees returned to the ranks after previously dropping off, including Lee Hwa-kyung (No. 44, $745 million), who owns a stake in Orion Holdings, the parent outfit of the confectionery and foods group founded by her late father, Lee Yang-gu.
Seven from last year did not make the cut, including former billionaire Ryu Kwang-ji, whose chemicals and EV battery maker Kumyang was roiled by slowing EV sales. The minimum net worth to make the list fell to $665 million from $775 million last year.
The top 10 richest in Korea are:
This list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, annual reports, analysts, government agencies and other sources. Net worths were based on stock prices and exchange rates as of the close of markets on April 7, 2025 and private companies were valued based on similar companies that are publicly traded. Real-time net worths on Forbes.com may reflect different valuations. The ranking lists both individual and family fortunes, including those shared among relatives and may differ from the World's Billionaires List, which includes individual fortunes with net worths as of March 7. The list can also include foreign citizens with business, residential or other ties to the country, or citizens who do not reside in the country but have significant business or other ties to the country.
For more information, visit www.forbes.com/korea
About Forbes
Forbes champions success by celebrating those who have made it, and those who aspire to make it. Forbes convenes and curates the most influential leaders and entrepreneurs who are driving change, transforming business and making a significant impact on the world. The Forbes brand today reaches more than 140 million people worldwide through its trusted journalism, signature LIVE and Forbes Virtual events, custom marketing programs and 42 licensed local editions in 68 countries. Forbes Media's brand extensions include real estate, education and financial services license agreements.
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