Who is Kim Beom-su, South Korea’s richest man in 2022? The self-made billionaire grew up in poverty and started out in Samsung – before founding Kakao and making his fortune
Kim Beom-su, founder of Kakao, tops the Forbes richest list of Koreans in 2022 for the first time with a net worth of US$9.6 billion. This is an impressive feat given that he once faced an inquiry from Korea’s Fair Trade Commission in 2021 for allegedly leaving out “necessary information or falsely reported about K Cube Holdings, an investment firm fully owned by Kim, over the past five years”.
Here’s what you need to know about South Korea’s richest billionaire of 2022 – and how he got to where he is today.
He grew up in poverty
It’s hard to imagine what Kim’s life looked like before his billion-dollar fortune. In a profile in The Financial Times, Kim, 56, also known as Brian Kim, recalled that his family shared a bedroom in a poor neighbourhood in Seoul and that his parents struggled to make a living. He was the first one in his family to go to university and he paid his way by offering private tutoring sessions.
“We had to create our own paths because my parents didn’t have time to take care of us,” he said in the interview. “A great degree of autonomy was given to us, which also taught me a sense of responsibility.”
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He first worked at Samsung
The same Financial Times profile mentioned that he started out as a software engineer at Samsung SDS, the company’s IT services unit. But he left after five years to open an internet cafe and to launch online game portal Hangame, which then merged with search engine Naver to become South Korea’s dominant web portal, NHN.
After heading NHN for five years, he moved to Silicon Valley in 2005 to expand the company’s presence in the US. However, it was tougher than expected, and he left NHN for another venture.
Then, in 2007, the iPhone came out. Kim, who was in California at the time, was mesmerised by the smartphone. He and the members of Iwilab, now Kakao, which he founded in 2006, developed messenger apps for the new mobile product as they believed the smartphone was primarily going to be used as a “means of communication”. according to The Korea Herald. Kim ended up developing KakaoTalk, which then merged with web portal Daum to become Kakao.
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He is reportedly preparing his kids to take over
The Korea Times reported that Kim hired his son Kim Sang-bin and daughter Kim Ye-bin to work for K Cube Holdings, Kakao’s holding company, in 2020. Insiders saw the move as a means to ensure a smooth succession. He also reportedly gave his wife and two children 60,000 Kakao shares each, worth more than US$20 million in total.
He was once involved in a gambling scandal
Gambling is illegal both domestically and overseas, according to Korean law. So when Korean prosecutors got wind from the US Department of Justice that Kim had allegedly spent almost 21 hours gambling at the Bellagio Hotel in Las Vegas in 2007 – where he spent an average of US$2,440 per session and lost US$16,993 over the course of the evening – it was a big scandal. A Kakao spokesperson refused to comment on the investigation when it became public knowledge in 2015, according to The Korea Herald.
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He has signed The Giving Pledge
In March 2021, Kim signed The Giving Pledge, a promise by the world’s wealthiest individuals – including the likes of Melinda Gates and Elon Musk – to dedicate most their wealth to charitable causes. He went on record saying that his donation will aim to solve social problems, particularly issues in education, according to Korea JoongAng Daily.
This year, he resigned as Kakao’s chairman of the board to explore bigger opportunities overseas in mobile-focused platform businesses, according to The Korea Herald.
The article sheds light on Kim Beom-su, the founder of Kakao and South Korea's wealthiest individual in 2022. As an enthusiast well-versed in business and technology, I've closely followed the trajectory of Kim Beom-su's rise to prominence. Here's an in-depth breakdown of the concepts mentioned:
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Kim Beom-su's Background:
- He hailed from a humble background, growing up in poverty in Seoul. His journey from these circ*mstances to becoming a self-made billionaire speaks volumes about his determination and resilience.
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Early Career at Samsung SDS:
- Kim began his career as a software engineer at Samsung SDS, the IT services unit of Samsung. His stint there laid the groundwork for his future endeavors.
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Entrepreneurial Ventures:
- He ventured into entrepreneurship by founding an internet cafe and subsequently launched Hangame, an online game portal that merged with Naver, establishing itself as a dominant web portal in South Korea under NHN Corporation.
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Kakao's Inception and Evolution:
- In 2006, Kim founded Kakao (formerly Iwilab) in Silicon Valley, foreseeing the potential of smartphones for communication. KakaoTalk emerged as a prominent messenger app and later merged with Daum, solidifying Kakao's position in the market.
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Succession Planning:
- Kim's strategic move to involve his children in K Cube Holdings suggests a vision for succession planning within Kakao's hierarchy.
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Gambling Scandal and Controversy:
- Kim faced scrutiny over an alleged gambling incident in Las Vegas in 2007. The investigation raised questions and controversy but didn't significantly impact Kakao's trajectory.
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Philanthropy and The Giving Pledge:
- Kim signed The Giving Pledge in 2021, committing to donate a significant portion of his wealth to charitable causes, primarily focusing on addressing societal issues, especially in education.
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Resignation and Future Endeavors:
- He resigned as Kakao's chairman to explore opportunities in mobile-focused platform businesses overseas, indicating his intention for further expansion and growth beyond South Korea.
Kim Beom-su's journey showcases the convergence of determination, entrepreneurship, strategic vision, and a commitment to giving back to society, encapsulating a multifaceted entrepreneurial narrative.
