Bloomberg Billionaires Index

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#371 Kwon Hyuk-Bin $5.01B

Random fact: Smilegate runs three centers to nurture startups in South Korea.

Overview

Kwon is the founder and chairman of Smilegate Holdings, an online and mobile games developer with revenue of $590 million in 2017. The Seongnam-si, South Korea-based company is the publisher of tactical first-person shooter game Crossfire. The closely held developer has partnered with internet company Tencent since 2008.

As of May 26, 2018:
Last change +$918k (+0.0%)
YTD change +$982M (+24.4%)
Industry Media & Telecom
Biggest asset Smilegate Holdings
Citizenship Korea, Republic of
Age 43
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Kwon Hyuk-Bin's net worth of $5.01B can buy ...

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troy ounces of gold
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barrels of crude oil

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of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

Kwon's fortune is derived from Smilegate Holdings, a closely held video game company. A Smilegate spokesperson confirmed in November 2017 that Kwon owns all of the company, which partners with Chinese internet company Tencent to distribute its most popular game Crossfire in China. It distributes its games in more than 80 countries throughout Asia, Europe, and North and South America, according to the company website.

Smilegate had revenue of 629 billion won ($590 million) in 2017, according to the company's 2017 annual report. It's valued using the average price-to-earnings multiples of three publicly traded peer companies: Nexon, Bandai Namco Holdings and Square Enix Holdings. The valuation was updated on May 25, 2018 to reflect 2017 financial results and this led to a decrease in the calculation of about $1.7 billion.

Ho-chan Joo, a spokesperson for the company, declined to comment on his net worth.

Biography

Birthdate: 1974
Family: Unmarried, No children
Education: 1999, Bachelor's Degree, Sogang University

Kwon Hyuk-Bin was born in South Korea in 1974. He obtained a bachelor's degree in Electronic Engineering from Sogang University in 1999. Three years after graduation, he founded Smilegate.

The game startup wasn't able to penetrate the domestic market in its first four years so Kwon changed his marketing strategy and switched his focus to China by cooperating with the game distributors there. Smilegate partnered with Tencent and launched Crossfire in 2008.

Crossfire is Smilegate's most successful game. It has over 8 million concurrent users and more than 650 million worldwide subscribers, according to Smilegate's website in July 2017.

Milestones
  • 1974 Kwon is born in South Korea.
  • 1999 Earns a bachelor's degree in Electronic Engineering.
  • 2002 Establishes Smilegate.
  • 2008 Enters the Chinese market in deal with Tencent.
  • 2008 Revenue tops 1 billion won for the first time.
  • 2009 Reaches 1 million concurrent users in China.
  • 2012 Signs contract with Disney to develop a multiplayer online game.
  • 2014 Purchases a 20 percent stake in Korean mobile game Sundaytoz.