Fortunes of Korea's Richest People Drop Amid Economic Woes

  • Arirang News

    July 12, 2019 08:19

    Most of Korea's richest people have seen their wealth decline over the past year due to economic woes.

    According to Forbes' list of Korea's 50 Richest People released on Tuesday, 37 of them saw their net worth take a hit compared to last year. This dragged down their combined net worth by 17 percent to US$110 billion.

    "After a robust 2018..., this year provided a sharp contrast for [Korea's] wealthiest. Caught in the crossfire of the China-U.S. trade war, export-reliant Korea saw a steep decline in overseas shipments," the magazine wrote.

    Samsung Chairman Lee Kun-hee remains the wealthiest man in the country with a net worth of $16.8 billion, down $3.8 billion compared to last year. He is followed by Celltrion chairman Seo Jung-jin with $7.4 billion and Nexon founder Kim Jung-ju with $6.3 billion.

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