Coupang IPO Cements Shift Away From Chaebols Among Korea’s Elite
- Bom Kim’s fortune surges to $8.7 billion after Coupang debut
- Rise embodies wealth shift in Korea as chaebols lose ground
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With Coupang Inc.’s blockbuster initial public offering, Bom Kim has become one of the world’s richest people overnight. He’s also helping reshape the landscape of South Korea’s elite.
Kim’s fortune is now valued at $8.7 billion, which would be the fourth biggest in the nation, according to the Bloomberg Billionaires Index. The U.S. national, who was born in Seoul, joins a club that’s traditionally been dominated by families who control conglomerates touching almost every aspect of life in Korea -- think the Samsung and Hyundai groups.