SeaPRwire

In South Korea, self-made billionaires are overtaking old-money tycoons

elean
4 minutes

SEOUL (BLOOMBERG) - A new elite of uber-rich entrepreneurs is shooting up the wealth rankings in South Korea, overtaking the families behind the country's decades-old sprawling conglomerates known as chaebol. Mr Brian Kim, the founder of mobile messaging app company Kakao, is the most prominent example, with a fortune of US$12.9 billion (S$17.5 billion). He recently replaced Samsung group heir Jay Y. Lee as the nation's richest person. But other self-made billionaires abound. There's Chang Byung-gyu who completed a listing of game developer Krafton just this week, and Bom Kim, a South Korea-born US national who took e-commerce giant Coupang public in the United States earlier this year. Seo Jung-jin, the founder of biotech firm Celltrion, is worth about US$10 billion. The changing of the guard is a sign that South Korea's US$1.6 trillion economy is entering a new era of growth, becoming less reliant on the family-controlled corporations that wield immense power in all aspects of life. Some experts say the new wealthy are more aware of rising inequality and are more willing to give back to society. Others question whether they'll be any different from those who built their old empir...

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Move over Mukesh Ambani, Asia has a new richest person – China’s ‘Lone Wolf’

elean
2 minutes

BEIJING (THE BUSINESS TIMES) - Zhong Shanshan is a private billionaire who's rarely quoted in the press. Now, after an improbable career spanning journalism, mushroom farming and healthcare, he's become Asia's richest person, eclipsing India's Mukesh Ambani and a group of Chinese tech titans including Jack Ma. Mr Zhong's net worth has surged US$70.9 billion (S$93.8 billion) this year to US$77.8 billion, making him the 11th-richest person on the planet, according to the Bloomberg Billionaires Index. It's one of the fastest accumulations of wealth in history, and all the more remarkable considering that until this year he was little known outside of China. Mr Zhong, 66, isn't involved in politics and his business interests aren't entwined with other rich families such as the property tycoons, which is why he's known locally as the "Lone Wolf." He owes his success to two unrelated fields. He took Covid-19 vaccine maker Beijing Wantai Biological Pharmacy Enterprise Co public in April, then months later Nongfu Spring Co, a maker of bottled water, became one of Hong Kong's hottest listings. Nongfu shares have jumped 155% since their debut, and Wantai's are up more than 2,000 per cent. Mr...