Billionaire entrepreneurs more than double among top 50 stockholders

Seo Jung-jin, chairman of the biopharmaceutical company Celltrion, and Kim Beom-su, founder of internet giant Kakao / Yonhap

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 wealth from entrepreneurship, with stocks valued at 5.69 trillion won.

He was followed by e-commerce giant Coupang founder Kim Bom-suk, who ranked ninth, with stock holdings valued at 5.46 trillion won; internet giant Kakao founder Kim Beom-su, coming in 10th with 5.02 trillion won; and biotechnology company Alteogen founder Park Soon-jae, ranked 11th, with 4.59 trillion won.

By industry, the biotech and cosmetics sector had the most entrepreneurial billionaires, with six individuals. The construction, IT, and gaming sectors each had five, while finance had three.

A total of 32 new individuals entered the top 50 over the past decade, 21 of whom were self-made entrepreneurs, while the other 11 inherited their wealth.

The average age of the top 50 rose from 59.2 to 62.5 years over the same period.