The Korea Times

Billionaire entrepreneurs more than double among top 50 stockholders

Billionaires who founded their own companies are increasingly shaping the list of Korea’s top 50 stockholders, with their number more than doubling over the past decade, data showed Tuesday. Released by corporate tracker Leaders Index, the data challenges the long-standing belief that inheritance is the main driver of wealth accumulation in the country. A total of 24 individuals out of the 50 richest stockholders were entrepreneurs as of Dec. 30, up from 11 in 2015, representing a 2.2-fold increase over the time period. The value of the top 50’s stock holdings also more than doubled over the decade, rising from 85.88 trillion won ($59.41 billion) to 178.59 trillion won. The industry distribution of billionaires has also expanded. Their wealth was previously concentrated in information technology, gaming, and pharmaceuticals, but it has since spread to entertainment, secondary batteries, construction, finance and other sectors. Seo Jung-jin, chairman of the biopharmaceutical company Celltrion, came in eighth, making him the highest-ranked among the 24 billionaires who gained their wealt

Jan 6, 2026By Yi Whan-woo

Billionaire entrepreneurs more than double among top 50 stockholders

Economy

Retail investors scale back US stock purchases, signaling return to domestic market

A retail investor holding U.S. stocks said in a recent online community post that he decided to sell his Microsoft shares, which fell 5 percent over the past six months — from $497.72 on July 7, 2025, to $472.85 as of Monday. He said he is instead considering returning to the domestic stock market where he had invested for years, even before the U.S. stock boom driven by artificial intelligence (AI). “I judged that not all U.S. stocks, including the ‘Magnificent 7,’ guarantee the high returns many newcomers to the U.S. stock market expect,” the user, going by the moniker “I’m heading out of the office now” wrote, referring to the seven dominant mega-cap tech companies — Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla. “In particular, the tax relief and other recent benefits offered by the government convinced me to shift from New York to Seoul,” the investor added. The case signals a potential comeback of Korean individual investors, although this remains debated, in response to the government’s aggressive efforts to stabilize the volatile currency mark

Jan 6, 2026By Yi Whan-woo

Retail investors scale back US stock purchases, signaling return to domestic market

Economy

Korea’s beloved mackerel becomes unaffordable amid dwindling supply, weak won

Choi, a housewife in her 70s, says she can no longer afford mackerel, one of Korea’s most popular staples. “I’m always surprised when I see the price tag on a catch, as it seems to go up faster every year,” she said. Her observation is supported by data showing sharp price increases, driven by a declining supply of Norwegian mackerel — which accounts for 80 to 90 percent of imports — and a weakening won, amid scarce domestic stock. According to Korea Agro-Fisheries & Food Trade Corp., the average retail price of imported mackerel reached 10,363 won ($7.16) for two fish in December 2025. The mackerel were salted and classified as large, the size most preferred by consumers. Their price reflected a sharp rise — more than 1.5 times the 6,803 won in 2023 and 28.8 percent higher than 8,048 won in 2024. The increase comes as supply has declined both domestically and abroad. Data from the Korea Maritime Institute showed that monthly mackerel production in Korea recently fell 61.5 percent from a year earlier to 6,993 tons. At the same time, the Ministry of Oceans and Fisheries reporte

Jan 6, 2026By Yi Whan-woo

Korea’s beloved mackerel becomes unaffordable amid dwindling supply, weak won

Economy

KOSPI soars past 4,400 for 1st time, shrugging off US attack on Venezuela

Seoul stocks brushed aside the fallout from Saturday's U.S. attack on Venezuela, with the benchmark KOSPI topping 4,400 points for first time on Monday. The won held at the 1,440 level per dollar as foreign investors net-purchased local stocks. The U.S. attack centered on the capture of Venezuelan President Nicolas Maduro, prompting concerns over geopolitical tensions, investor preference for safe-haven assets and potential capital outflows from Seoul’s markets. But the KOSPI shrugged off such worries, closing at 4,457.52 points, up 3.43 percent from Friday’s close and securing back-to-back gains. Monday’s index was also notable for breaking the unprecedented 4,400-point mark, boosting prospects of reaching 5,000 points this year, following a 75.62 percent gain in 2025. This pace of growth ranks as the third highest in KOSPI’s history. The won closed at 1443.8 per dollar in the daytime session, weakening from Friday’s 1,441.8 but remaining in the 1,440 range for a second consecutive session. Both the government and economists expect the economic impact of the U.S. strike on Vene

Jan 5, 2026By Yi Whan-woo

KOSPI soars past 4,400 for 1st time, shrugging off US attack on Venezuela

Banking & Finance

Finance ministry faces uphill battle as economic control tower without budget authority

The Ministry of Economy and Finance faces a daunting challenge in serving as the control tower for Korea’s economic rebound this year after losing authority over the national budget, a key tool for implementing recovery plans. Budget control was transferred Friday to the newly established Ministry of Planning and Budget, which operates under the Prime Minister’s Office. The separation is part of President Lee Jae Myung’s administrative reform agenda. While the Ministry of Economy and Finance retains responsibility for macroeconomic policy and taxation, political and economic experts say its influence has been significantly weakened, as budget authority is central to coordinating and enforcing economic policy across government. “A leader can be far less influential if they are tasked with a project that requires massive funding but lack control over the money,” said Shin Il-soon, a professor of economics at Inha University. The concern comes as the government rolls out a 727.9 trillion won ($503.38 billion) budget for 2026, up 8.1 percent from the previous year, with a strong fo

Jan 5, 2026By Yi Whan-woo

Finance ministry faces uphill battle as economic control tower without budget authority

Policy

Korean stock market finishes 2025 on high note

The benchmark KOSPI made a stunning turnaround to close 2025 as the highest-gaining index among major economies, surpassing the 3,000- and 4,000-point milestones after posting its largest increase in 26 years. The index ended the year at 4,214.17 points on Tuesday, down 0.15 percent from the previous session, securing a 75.62 percent gain from the end of 2024. In 2024, it fell 9.63 percent to close at 2,399.49 points. The 75.62 percent gain was the highest among leading global markets, with little chance of being outpaced. As of Monday, Israel’s TA-125 had gained 52.49 percent, while Hong Kong’s Hang Seng Index had risen by 27.79 percent. Japan’s Nikkei 225 had grown by 26.65 percent, and the Nasdaq and S&P 500 from the United States had climbed 22.18 percent and 14.49 percent, respectively. In its own history, KOSPI’s 2025 increase ranks as the third-largest, following the 93 percent surge in 1987 — driven by the so-called “three lows” in oil prices, interest rates and the currency exchange rate — and the 83 percent rise in 1999 during the dot-com bubble. Secondary bourse

Dec 30, 2025By Yi Whan-woo

Korean stock market finishes 2025 on high note

Economy

Gov’t to increase fines for price fixing to $7 mil.

Businesses caught colluding to fix prices and charges will face fines of up to 10 billion won ($6.97 million), more than double the current 4 billion won, under the government’s tightened rules against unfair business practices announced Tuesday. Under the new rules, fines of up to 5 billion won, 10 times the current level, will also be imposed on contractors that abuse their superior bargaining position to interfere in subcontractor operations. The rules were set during a policy meeting between the government and the ruling Democratic Party of Korea, Tuesday, in the second round of plans to reform economic criminal penalties and make them fairer and more effective. The new measures follow a first round held in September, and were designed to address President Lee Jae Myung’s concerns that wealthy and powerful businesses face little pressure from current fines for breaching fair trade practices. During briefings from ministries and other government organizations earlier this month, Lee said these companies should face penalties so severe as to make it feel as if they could go bankrup

Dec 30, 2025By Yi Whan-woo

Gov’t to increase fines for price fixing to $7 mil.

Economy

Soaring prices boost gold as investment, while traditional gift role fades

Min Da-young, the mother of a preschooler, is debating whether to sell the rings and other gold jewelry gifted for her son’s dol, a traditional 100-day celebration, as soaring gold prices offer a tempting opportunity for financial gain. “I know dol gifts are meaningful, but with gold prices so high, I don’t want to miss the chance to profit,” she said. Pure gold is currently priced at 908,000 won ($630) per 3.75 grams — the standard unit for retail gold purchases in Korea — up 70.3 percent from 533,000 won at the start of the year. At the same time, she is wrestling with whether to give gold jewelry to her younger sister’s son for his upcoming dol, noting, “Rising gold prices have made these traditional gifts increasingly burdensome.” Min’s dilemma illustrates a trend sparked by soaring gold prices, as the precious metal is increasingly seen as an investment while losing its appeal as a gift item, despite long-held traditions. The Korea Gold Exchange forecasts that the price of pure gold could surpass the milestone of 1 million won per 3.75 grams as demand for the meta

Dec 30, 2025By Yi Whan-woo

Soaring prices boost gold as investment, while traditional gift role fades

Banking & Finance

Woori Financial Chairman Yim Jong-yong to serve 2nd term

Woori Financial Group Chairman and CEO Yim Jong-yong has been nominated as the sole final candidate for the group’s top post as his first three-year term nears its end, the group said Monday. While Yim’s appointment will be confirmed at the shareholder meeting scheduled for March 2026, industry officials said he has virtually secured a second term, given the favor typically shown to the final candidate. The second tenure would last another three years, running through March 2029, and commence immediately at the end of his first term in March 2026. “The chairman was chosen as the only candidate following interviews with four contenders conducted by the executive candidate recommendation committee,” the group said. The four shortlisted candidates in early December were Yim, Woori Bank CEO Jung Jin-wan and two external candidates whose names were withheld for privacy reasons. The committee praised Yim’s success in expanding nonbanking portfolios, noting, “He successfully expanded into the securities business and acquired insurance companies.” It added, “Yim completed a compreh

Dec 29, 2025By Yi Whan-woo

Woori Financial Chairman Yim Jong-yong to serve 2nd term

Banking & Finance

Mirae Asset eyes crypto asset exchange Korbit for acquisition

Mirae Asset Financial Group is considering an acquisition of Korbit, the fourth-ranked among Korea’s five digital asset exchanges, sparking speculation that the deal could shake up a market long dominated by Upbit and Bithumb, according to industry officials Monday. The Seoul-based financial group has been centering on traditional finance since its founding in the late 1990s and has no prior involvement in crypto-related businesses. The officials said Mirae Asset is in talks to acquire a 60.5 percent stake from NXC, Korbit’s largest shareholder, and a 31.5 percent stake from SK Planet, its second-largest shareholder. The combined 92 percent stake is estimated to cost between 100 billion won ($69.68 million) and 140 billion won. The potential purchase would be led by Mirae Asset Consulting, the group’s real estate and consulting affiliate, about 60 percent of which is controlled by founder Park Hyeon-joo and his wife. The consulting firm sits at the top of the group’s corporate structure, which spans securities, asset management, venture capital, life insurance and pension operatio

Dec 29, 2025By Yi Whan-woo

Yi Whan-woo

Read more

Billionaire entrepreneurs more than double among top 50 stockholders

Retail investors scale back US stock purchases, signaling return to domestic market

Korea’s beloved mackerel becomes unaffordable amid dwindling supply, weak won

KOSPI soars past 4,400 for 1st time, shrugging off US attack on Venezuela

Finance ministry faces uphill battle as economic control tower without budget authority

Korean stock market finishes 2025 on high note

Gov’t to increase fines for price fixing to $7 mil.

Soaring prices boost gold as investment, while traditional gift role fades

Woori Financial Chairman Yim Jong-yong to serve 2nd term

Mirae Asset eyes crypto asset exchange Korbit for acquisition

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