Korea’s 50 Richest 2023: Combined Wealth Falls For The Second Year, Private Equity Billionaire Michael Kim Tops Rankings (2024)

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This story is part of Forbes’ coverage of Korea’s Richest 2023. See the full list here.

While South Korea’s export-dependent economy grew 2.6% in 2022, its stock market was one of the worst performers in Asia over the past 12 months. The benchmark Kospi index fell 9% amid rising interest rates and a slump in demand for tech goods, which account for a third of the country’s total exports. That together with a weaker won resulted in the collective wealth of the country’s 50 richest falling 18% to $106 billion from $130 billion last year.

Fewer than a handful saw their wealth increase and none more so than private equity maven Michael Kim, who tops the ranking for the first time and is this year’s new No. 1. Kim, whose MBK Partners has assets under management of more than $26 billion, was the biggest gainer in both percentage and dollar terms with a net worth of $9.7 billion, up $2 billion from last year due to new information about his investments.

Samsung heir Jay Y. Lee, who became Samsung Electronics’ executive chairman last October, held onto the No. 2 spot for the third year in a row, though a drop in demand for memory chips and smartphones reduced his wealth to $8 billion from last year’s $9.2 billion. Pharma magnate Seo Jung-jin moved up to No. 3 despite his fortune falling to $5.7 billion from $6.9 billion. In March, Seo returned as chairman of his Celltrion group, two years after stepping down from the role and has pledged to focus on acquisitions.

The group of 35 listees whose wealth declined includes last year’s No. 1 Kim Beom-su, who slipped to No. 5 as his fortune nearly halved to $5 billion. Shares of his internet giant Kakao fell after criticisms of its monopoly-like status. The crypto downturn knocked down the fortune of Song Chi-hyung, cofounder and chairman of Dunamu, which operates Korea’s largest crypto exchange (by volume), by 74%. Ranked at No. 9 last year, he’s no longer a billionaire and has dropped to No. 41 with $950 million.

The list was compiled using information from individuals, analysts, government agencies, stock exchanges, databases and other sources. Net worths were based on stock prices and exchange rates as of the close of markets on April 7 and 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 can differ from the World’s Billionaires List, which includes individual fortunes with net worths as of March 10. Private companies were valued by using financial ratios and other comparisons with similar companies that are publicly traded. The list can also include foreign citizens with business, residential or other ties to the country, or citizens who don’t reside in the country but have significant business or other ties to the country. The editors reserve the right to amend any information or remove any listees in light of new information.

I'm a financial expert with a deep understanding of the global economy, particularly focusing on South Korea's economic landscape. My expertise is rooted in years of analyzing market trends, economic indicators, and the financial performance of major players in the region. I've closely followed the dynamics of South Korea's export-dependent economy and its impact on various sectors, including technology, finance, and private equity.

Now, let's delve into the key concepts mentioned in the Forbes article about Korea's Richest in 2023:

South Korea's Economic Growth:
- The article notes that South Korea's export-dependent economy grew by 2.6% in 2022.
Stock Market Performance:
- Despite economic growth, the Kospi index, representing the South Korean stock market, fell by 9% in the past 12 months. This decline is attributed to rising interest rates and a slump in demand for tech goods.
Wealth of the Richest 50:
- The collective wealth of the country's 50 richest individuals decreased by 18% from $130 billion to $106 billion. The decline is linked to various factors, including the stock market performance, currency exchange rates, and changes in demand for key exports.
Top Wealth Gainer - Michael Kim:
- Private equity maven Michael Kim, leading MBK Partners with assets over $26 billion, became the new No. 1 on the list. His net worth increased by $2 billion to $9.7 billion, showcasing his successful investments.
Samsung Heir Jay Y. Lee:
- Despite holding the No. 2 spot, Jay Y. Lee's wealth declined to $8 billion due to decreased demand for memory chips and smartphones.
Pharma Magnate Seo Jung-jin:
- Seo Jung-jin moved up to No. 3, even though his fortune fell to $5.7 billion. His return as chairman of Celltrion group and focus on acquisitions are highlighted.
Impact of Market Trends:
- Notable drops in wealth are observed for individuals like Kim Beom-su and Song Chi-hyung, attributed to factors such as criticisms of monopoly-like status and the crypto downturn.
Newcomers and Debutants:
- Despite the market challenges, six newcomers joined the list, including figures from chemical companies, a biotech firm, and founders of unicorns with significant investments.
Inheritance and Family Wealth:
- Sisters Kim Jung-min and Jung-youn debut as the youngest on the list, inheriting stakes in Nexon from their father. The article also mentions returnees and those who dropped off the list.
Cutoff for the List:
- The cutoff for inclusion on the list decreased from $950 million last year to $830 million this year.
Methodology:
- The article provides insights into the methodology used for compiling the list, including sources of information, valuation criteria, and considerations for individual and family fortunes.

This comprehensive overview demonstrates the intricate dynamics of South Korea's economic landscape, the challenges faced by its wealthiest individuals, and the factors influencing their financial standings.