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In 2024, an estimated ** people in South Korea owned financial assets worth one billion South Korean won or more. This was a year-on-year increase of around one percent. The rise in stock prices was, among other things, the key reason for the jump in the wealth of these millionaires.

High-net-worth-individuals (HNWIs) in South Korea

High-net-worth individuals (HNWI) refer to persons with a net worth of over * U.S. dollars including their primary residence. The number of HNWIs in South Korea has risen steadily in recent years. While there were about *** thousand HNWIs in 2016, the number exceeded ** in 2021 and is expected to double the 2015 figure by 2026. South Korea was among the top 15 countries with the most ultra-high-net-worth individuals (UHNWIs), whose net assets, including their homes, exceed ** million U.S. dollars.

Who are the wealthiest people in South Korea?

In recent years, South Korea has also seen an increase in the number of billionaires, with the capital Seoul being one of the leading cities in the world with the most resident billionaires. With a net worth of around **** billion U.S dollars, Lee Jae-yong (Jay Y. Lee), executive chairman of Samsung Electronics and son of the late Samsung chairman Lee Kun-hee, was the wealthiest person in South Korea as of 2024. Seo Jung-jin, the founder of South Korea's biopharmaceutical company Celltrion, followed and led the wealth ranking along with Samsung boss Lee.