South Korean Business Magnate US$6 billion Surge Unseats Samsung Heir as Richest Korean

According to Bloomberg, Kakao Chairman Kim Beom-su, 55, has become Korea’s richest man (local time).

Chairman Kim has a net worth of $13.5 billion dollars, according to the Bloomberg Billionaires Index (BBI), surpassing Samsung Electronics Vice Chairman Lee Jae-yong, who has a net worth of $12 billion dollars.

Chairman Kim is Kakao’s top stakeholder, according to South Korea’s Financial Supervisory Service, with a 14.12 percent stake (about 9.225.4 trillion won). Chairman Kim owns 100 percent of KCube Holdings, Kakao’s second-largest stakeholder (11.22 percent). Meanwhile, Vice Chairman Lee owns stock in Samsung Electronics (0.7%), Samsung C&T (17.33%), and Samsung Life Insurance (0.33%). (0.06 percent).

Due to a jump in Kakao shares, Chairman Kim’s ownership value has increased dramatically. Kakao’s stock has increased by 91 percent this year, bringing its total assets to more than $6 billion. Kakao’s stock surged as the company aggressively expanded its business sectors, such as mobility, games, and retail, and the value of its affiliates increased as a result of the IPO of Kakao Games.

Bloomberg highlighted the fact that Chairman Kim’s family of eight lived in a single room when he was a child. He announced earlier this year that he would donate more than half of his fortune to help solve societal problems, and last month he formed the “Brian Impact” non-profit foundation.

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