Page 72 - Forbes - Asia (June 2018)

South Korea’s 50 Richest

BY GRACE CHUNG AND FORBES KOREA

Peace Dividend?

North and South are still just talking, but
tycoons already see their fortunes soaring.

outh Korea’s new
president, Moon Jae-In,
championed diplomacy
with the North and in
SApril met with North
Korean leader Kim Jong-Un at
the border in a historic summit.
Kim will take part in an even more
historic summit this month, if his
meeting with U.S. President Don-
ald Trump on June 12 in Singapore
takes place as planned. Yes, it’s
been a big year for the two Koreas.
he upbeat diplomatic news
and the easing of tensions be-
tween North and South certainly
helped South Korea’s businesses Kim Jong-Un and his top lieutenant, left, after meeting with Moon Jae-In at the border in late May.
and markets. he benchmark
Kospi rose 15% in the 13 months since our last ranking of the donate $93 million of his wealth to fund startups and children’s
country’s richest. he technology-heavy Kosdaq climbed 40%. hospitals. He also vowed that his children will not inherit his
hat helped produce a record crop of billionaires—there are stake in the company. No. 9 Bang Jun-Hyuk of mobile-gaming
now 45 in the country, up from 38 on our previous list. Only 12 outit Netmarble climbed 103%. It went public in May 2017
fortunes fell. Four tycoons made the list for the irst time, and 2 and raised $2.3 billion.
returned to the top 50 ater falling of. he four newcomers to the list are No. 11 Park Yeon-Cha
Biopharmaceutical entrepreneur Seo Jung-Jin is this year’s of Taekwang Industrial, a major supplier to Nike (see p. 76); No.
biggest gainer; he added a staggering $9.1 billion to his fortune, 36 Kenny Park of handbag maker Simone (see p. 66); gaming
or 478%, and catapulted to the No. 2 spot. Celltrion Healthcare, tycoon Kim Dae-Il at No. 42 (see p. 75) and No. 49 Lee Sang-
a marketing subsidiary of Seo’s Celltrion, launched an initial Rok. Lee makes his debut ater selling his shares in cosmetics
public ofering last July and now boasts a market capitaliza- company Carver Korea, best known for its AHC skincare line. In
tion of $13 billion. Meanwhile, Celltrion switched the trading a deal worth $2.7 billion, Unilever now owns 95.4%.
in its shares from the Kosdaq to the main board of the Korea he biggest loser was gaming magnate Kwon Hyuk-Bin
Exchange, putting it in the Kospi, and three of its biosimilar (No. 8) of Smilegate, who shed 29.5% of his fortune as sales of
drugs, Truxima, Herzuma and Remsima, expanded their mar- the privately held company’s biggest game, Crossire, fell (see p.
ket share; the drugs treat lymphoma, breast cancer, arthritis 72). Notable dropofs include Koo Bon-Moo of LG, who died THE PRESIDENTIAL BLUE HOUSE /HANDOUT VIA REUTERS
and Crohn’s disease. he stock has tripled in 13 months. last month, and his son, Koo Kwang-Mo (see p. 77); and Cho
Two gaming entrepreneurs also enjoyed a robust year (see Chang-Gul of furniture maker Hanssem, whose shares plunged
pp. 72 and 75). No. 5 Kim Jung-Ju of Nexon was up 137%. 53% as a drop in home sales hurt revenue.
Ater being cleared of charges of bribing a prosecutor who Net worths are based on stock prices and exchange rates as
was a close friend from college, Kim last month pledged to of the close of markets on May 25.

70 | FORBES ASIA JUNE 2018