The combined wealth of the tycoons on the 2022 Forbes list of Korea’s 50 richest declined by 17% to US$130 billion, from $156 billion in 2021.
Last year’s list topper Seo Jung-jin slipped to No. 4 with $6.9 billion, down $5.6 billion, or 45%. Shares of his drug-maker Celltrion fell amid disappointment that its Covid-19 antibody treatment has yet to secure U.S. regulatory approval. Rounding out the top 5 on the list is Kwon Hyuk-bin of video games developer Smilegate, who also saw his fortune fall to $6.85 billion from $9.5 billion in 2021.
Three out of the seven new faces this year are startup founders. Making his debut is fintech unicorn Viva Republica’s Lee Seung-gun , who is also featured on the cover of the April/May issue of. With a blockbuster funding round in the works, Lee is taking his finance superapp Toss to its next stage with a big push in Southeast Asia.
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