Samsung scion Lee Jae-yong tops Forbes' list of richest Koreans for 2024

Samsung Electronics Executive Chairman Lee Jae-yong leaves for the UAE at the Gimpo International Airport in February. [NEWS1]

Samsung Electronics Executive Chairman Lee Jae-yong snatched the top spot on Forbes' Korea's 50 Richest 2024 list, for the first time.

Lee's net worth came to $11.5 billion, adding $3.5 billion to his wealth this year. Last year, he ranked second with $8 billion.

"Shares of Samsung Electronics climbed on news that it is developing high-bandwidth memory chips used in AI computing for U.S. tech giant Nvidia," Forbes explained.

Michael Kim, founder of Korean private equity firm MBK Partners, slipped to the second spot after coming in first last year, with a net worth gauged at $9.7 billion.

Seo Jung-jin, co-founder of Korean drugmaker Celltrion, retained the third spot with a net worth of $7.5 billion.

Meritz Financial Group Chairman Cho Jung-ho showed the biggest gain by percentage, with a net worth assessed at $6.2 billion, an 82 percent jump, moving up by five spots to No. 4 this year.

Forbes said the net worth of the 50 richest figures climbed from $106 billion last year to $115 billion this year. It said the country's benchmark Kospi index "rebounded in 2024 fueled by investor frenzy over AI and the government's $470 billion plan with the private sector to make the country a global chip production hub."

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]