Korean gaming pioneer Kim Jung-ju’s teenage daughter Kim Jung-youn is world’s youngest billionaire
Who is Kim Jung-youn?
Kim Jung-youn is the daughter of Nexon-founder Kim Jung-ju. He passed away in February, aged 54, and left a stake in his personal holding company, NXC, to his daughters. Jung-ju was a very private person. 18-year-old Kim Jung-youn, 18 years old is the current youngest billionaire.
How much did she inherit?
The sisters already had shares in the company. With the addition of their inherited shares, the value of each of their stakes in the company is now $2.5 billion each. Since South Korea levies huge inheritance taxes, the tax on the inheritance is over $1.5 billion each. This leaves the sisters with a network estimated to be worth $1 billion each.
Did her mother receive an inheritance?
Kim’s mother, Yoo Jung-hyun, 53, was a billionaire before her husband’s death. She inherited a stake of 4.57 per cent after his passing. She helped her husband found Nexon in 1994 and is still the largest shareholder in NXC as she holds a 34 per cent stake. Yoo found a place among the 50 Richest in Korea this year with a net worth of $3 billion.
Who was the previous youngest billionaire?
Jung-youn dethroned Kevin David Lehmann of Germany, the previous youngest billionaire. Kevin turned 20 this month and became a billionaire through his father, Guenther Lehmann, who made his son a billionaire at 18. This was through a stake transfer in the German drugstore chain Drogerie Markt to Kevin when he was 14. His father put the stake in trusteeship until his son turned 18 in 2020.
What do we know about Jung-ju and his company?
Little is known about Jung-ju as he avoided the media. His company, Nexon, has its headquarters in Tokyo. NXC was founded in Jeju, which is a South Korean resort island. Jung-ju withdrew from the daily management of his company in 2006 to focus on other investments and philanthropic activities. He was on the 15 Heroes of Philanthropy list released by Forbes Asia last year because of his generosity to children’s hospitals. He was the third richest person in the country before his death, with a net worth of $10.9 billion.
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