Kakao Corp founder’s $6 bn surge unseats Samsung heir as richest Korean

Brian Kim, the founder of South Korean messaging giant Kakao Corp., has seen his fortune jump by more than $6 billion this year, propelling him to the top of the country’s wealth ranking.

Kim is now worth $13.5 billion, according to the Bloomberg Billionaires Index, after Kakao shares rose 90% in 2021 alone. South Korea’s second-richest person, Samsung heir Jay Y. Lee, has a net worth of $12.3 billion.

It’s an example of how self-made technology entrepreneurs are climbing the rich list in South Korea, passing members of families that control the country’s decades-old conglomerates. It also shows the power of initial public offerings: Kakao’s stock has been rising as its subsidiaries sell — or plan to sell — shares.