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As of May 2024, ** Group was the largest business group in South Korea, generating approximately * trillion South Korean won in revenue. ** is the biggest family-owned conglomerate in the country, known as a chaebol. These chaebols are significant contributors to South Korea’s gross domestic product (GDP), with the revenue from the five largest chaebols accounting for nearly half of the nation's GDP.

Key industry of South Korea’s economy

The manufacturing sector is a vital pillar of South Korea's economy and the most valuable industry contributing to the nation's GDP. Over the past several decades, it has been the driving force behind the rapid economic development of South Korea. The contribution of mining and manufacturing, particularly manufacturing, has grown from about **** percent in 1953 to nearly ** percent in 2023. However, despite its importance, the growth of the manufacturing sector has been declining in recent years, contributing fewer percentage points to South Korea's overall economic development.

Rising start-up scene in South Korea

Historically, large chaebol groups have dominated the South Korean economy. However, in recent years, new players have begun to emerge, indicating a shift in the economic landscape. The South Korean start-up scene has experienced significant growth, fueled by substantial venture capital investments and government financing programs. Over the past decade, the volume of venture capital investments in South Korea has increased more than fourfold. Additionally, the number of start-ups valued at over one billion US dollars, known as unicorns, has also grown significantly. In 2023, South Korea had 23 unicorns, representing a more than sevenfold increase in just seven years.