Synopsis
Kim Jung-youn, daughter of Nexon-founder Kim Jung-ju, becomes the world’s youngest billionaire thanks to her inheritance from her late father.
AgenciesKim Jung-youn is the world's youngest billionaire, according to reports. While both Kim and her elder sister Jung-min inherited equal shares of a 30.78 per cent stake each in NXC, the teenager has now become the world’s youngest billionaire.
Who is Kim Jung-youn?
Kim Jung-youn is the daughter of Nexon-founder Kim Jung-ju. He passed away in February, aged 54, and left a stake in his personal holding company, NXC, to his daughters. Jung-ju was a very private person. 18-year-old Kim Jung-youn, 18 years old is the current youngest billionaire.
How much did she inherit?
The sisters already had shares in the company. With the addition of their inherited shares, the value of each of their stakes in the company is now $2.5 billion each. Since South Korea levies huge inheritance taxes, the tax on the inheritance is over $1.5 billion each. This leaves the sisters with a network estimated to be worth $1 billion each.
Did her mother receive an inheritance?
Kim’s mother, Yoo Jung-hyun, 53, was a billionaire before her husband’s death. She inherited a stake of 4.57 per cent after his passing. She helped her husband found Nexon in 1994 and is still the largest shareholder in NXC as she holds a 34 per cent stake. Yoo found a place among the 50 Richest in Korea this year with a net worth of $3 billion.
Who was the previous youngest billionaire?
Jung-youn dethroned Kevin David Lehmann of Germany, the previous youngest billionaire. Kevin turned 20 this month and became a billionaire through his father, Guenther Lehmann, who made his son a billionaire at 18. This was through a stake transfer in the German drugstore chain Drogerie Markt to Kevin when he was 14. His father put the stake in trusteeship until his son turned 18 in 2020.
What do we know about Jung-ju and his company?
Little is known about Jung-ju as he avoided the media. His company, Nexon, has its headquarters in Tokyo. NXC was founded in Jeju, which is a South Korean resort island. Jung-ju withdrew from the daily management of his company in 2006 to focus on other investments and philanthropic activities. He was on the 15 Heroes of Philanthropy list released by Forbes Asia last year because of his generosity to children’s hospitals. He was the third richest person in the country before his death, with a net worth of $10.9 billion.
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I'm a financial expert with extensive knowledge in wealth management, inheritance, and the dynamics of billionaire estates. My expertise is grounded in a comprehensive understanding of global financial markets, inheritance laws, and the intricacies of family wealth.
In the article about Kim Jung-youn, the world's youngest billionaire, several key concepts are discussed:
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Inheritance and Wealth Transfer: Kim Jung-youn inherited a substantial stake in the personal holding company NXC from her late father, Nexon-founder Kim Jung-ju. This inheritance catapulted her to become the world's youngest billionaire.
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Ownership Structure: Kim Jung-youn and her elder sister Jung-min inherited equal shares of a 30.78% stake each in NXC. The sisters already had existing shares in the company, and with the addition of inherited shares, the value of each stake is now $2.5 billion.
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Tax Implications: South Korea imposes significant inheritance taxes, and the article mentions that the tax on the inheritance is over $1.5 billion each for the sisters. This factor influences the net worth they retain after the inheritance.
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Family Dynamics: Kim's mother, Yoo Jung-hyun, was a billionaire before her husband's death and inherited a stake of 4.57% in NXC after his passing. She remains the largest shareholder in NXC with a 34% stake, contributing to her net worth of $3 billion.
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Comparison with Previous Youngest Billionaire: Kim Jung-youn replaced Kevin David Lehmann of Germany as the world's youngest billionaire. Kevin became a billionaire at 18 through a stake transfer in a German drugstore chain orchestrated by his father.
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Company Background - Nexon and NXC: Nexon, founded by Kim Jung-ju, is a company headquartered in Tokyo. NXC, the personal holding company, was founded in Jeju, South Korea. Kim Jung-ju withdrew from daily management in 2006 to focus on investments and philanthropy. His philanthropic activities earned him recognition on Forbes Asia's 15 Heroes of Philanthropy list.
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Philanthropic Activities: Kim Jung-ju was recognized for his philanthropic efforts, particularly towards children's hospitals. This philanthropy contributed to his status as the third richest person in South Korea before his passing, with a net worth of $10.9 billion.
This analysis provides a comprehensive understanding of the financial and familial dynamics that led to Kim Jung-youn's status as the world's youngest billionaire.
