For the primary time ever, Korea’s richest person is a self-made billionaire. Seo Jung-jin, the cofounder of drugmaker Celltrion, tops this 12 months’ rating with a net well worth of $12.5 billion.
For a reason that inaugural list in 2005, the no. 1 perch has usually been occupied by one of the head honchos of both the Samsung or Hyundai chaebols, second-technology heirs who inherited their fortune. Search engine optimization began the company in 2002 after his former organization, Daewoo motor, declared financial ruin.
Debuting on the listing in 2012, SEO noticed his wealth swell via 10% this 12 months way to growing sales of his organization’s biosimilars—generics off-patent drugs. The remaining year Celltrion developed a covid-19 antibody remedy.
Which become conditionally approved in South Korea in February, pending segment-three medical trial effects. Revenue for his flagship Celltrion inc. Rose 64% to $1.6 billion, even as internet income jumped seventy-four% to $440 million in 2020.
Search engine optimization marked another milestone this yr, retiring from the Celltrion organization in march. His eldest son jin-Seok, 36, now chairs Celltrion inc. And Celltrion pharm, at the same time as 2d son Joon-seek, 34, chairs advertising unit Celltrion healthcare.
Should guild head closer to an IPO or sale anytime quickly, its personnel are set to advantage as well. Each unmarried employee, along with those staffing its new nursery, is given equity inside the company. However, Carlson is closing tight-lipped on whether or not or not an IPO is on the horizon each time soon.
“We want to be independently doing what we’re doing for so long as we can,” says Carlson. “For now, we love having a various organization of impact traders who care about the effect of what we are doing as a lot as they care about the returns.”