3 Trillion Won in Their 20s... Successive Super Rich

[Asia Economy Reporter Yoo Hyun-seok] Among people in their 20s in South Korea, the individual with the highest stock holdings is Kim Won-woo, Director of STB Network (27), who owns stocks valued at around 300 billion KRW. Director Kim, the heir to the Nice Group, is the son of the late Kim Kwang-soo, the founder of Nice Group.

On the 14th, Asia Economy analyzed the value of Director Kim’s shares in Nice Group affiliates, which amounted to 331.11 billion KRW based on the previous day’s closing price, marking a 40.48% increase from 235.686 billion KRW on May 13 last year. As of the end of last year, Director Kim holds 24.61% of NICE Holdings, 30.41% of Seoul Electronics & Telecommunications, 12.23% of Genitics, and 6.88% of ITM Semiconductor. STB Network functions as the de facto holding company of the Nice Group.

Until 2017, Director Kim did not hold many shares within the Nice Group, but after the death of Chairman Kim, the founder, in 2018, he inherited shares in the group’s affiliates. At that time, Director Kim inherited 24.61% of NICE Holdings shares out of the 29.88% held by Chairman Kim. Along with this, he also received shares in Seoul Electronics & Telecommunications, holding 30.41%. Based on the previous day’s closing price, the valuation of Director Kim’s shares in NICE Holdings and Seoul Electronics & Telecommunications are 205.547 billion KRW and 17.82 billion KRW respectively, totaling 223.367 billion KRW, which is a 5.22% decrease compared to 235.686 billion KRW on May 13 last year.

Although the value of shares in existing listed affiliates decreased, Director Kim’s total share valuation increased due to the listing of affiliates Genitics and ITM Semiconductor last year. Genitics entered the KOSDAQ market in July last year through a merger with Daishin Balance No.5 SPAC. Director Kim inherited 12.23% (4,323,945 shares) from Chairman Kim. Regarding ITM Semiconductor, which was listed in November last year, Director Kim originally held 5.78% (816,296 shares) and inherited shares from Chairman Kim, increasing to 8.92% (1,571,047 shares) in 2018. Due to listing and other factors, the shareholding ratio is now 6.88% (1,571,047 shares).

Based on the previous day’s closing price, the valuation of shares in the two affiliates is 94.891 billion KRW for ITM Semiconductor and 12.842 billion KRW for Genitics, totaling 107.733 billion KRW.

The second richest stockholder in their 20s is Min-jeong (29), the eldest daughter of Seo Kyung-bae, Chairman of Amorepacific Group. Min-jeong holds 2.93% (2,412,710 shares) of AmoreG and 1.04% (141,000 shares) of its Class 3 preferred shares, as well as 0.30% (13,791 shares) of Nongshim Holdings, part of her maternal family’s Nongshim Group. The total valuation of her shares is 139.124 billion KRW, a 21.17% decrease from 169.89 billion KRW on May 13 last year. This decline is due to a drop in stock prices amid poor performance caused by the COVID-19 pandemic. Additionally, she holds stakes in unlisted affiliates such as Etude (19.5%), Espoir (19.52%), and Innisfree (18.18%). She joined Amorepacific as an experienced employee in January 2017 but left in June the same year. Afterwards, she went to China and completed an MBA at China Europe International Business School (CEIBS) and recently returned to Amorepacific.

The third place is Koo Yeon-soo (24), daughter of the late Koo Bon-moo, Chairman of LG Group. Yeon-soo holds 0.70% (1,237,064 shares) of LG shares, with a stock valuation of 75.09 billion KRW. Following her, Lee Junho, Chairman of NHN Entertainment’s son, and his daughter Sumin (28) and Surin (22) share the fourth place. They each hold 2.56% (500,000 shares) of NHN, with a share valuation of 46.15 billion KRW. Sixth place is Seul-ji (26), daughter of Cheon Bo’s CEO Lee Sang-yul. Seul-ji holds 592,913 shares (5.93%) of Cheon Bo, valued at 41.445 billion KRW. Seventh place is Tae-young (27), son of Kim Chang-soo, CEO of F&F. His total share valuation is 41.277 billion KRW, holding 2.60% (407,300 shares) of F&F.