South Korean teen becomes world’s youngest billionaire

Kim Jung-youn, the daughter of the founder of South Korean gaming company Nexon, has become the world’s youngest billionaire at 18 after her father’s death.

Kim Jung-youn and her older sister Kim Jung-min inherited stakes in their father’s personal holding company NXC, which has a 48 percent stake in Nexon, according to Forbes. Even after an inheritance tax bill of $1.5 billion, the sisters are still worth $1 billion each.

While they each hold stakes in Nexon, the eldest Kim previously stated that his children would not be handed control of the company after his death, according to The Investor. Instead, management control will purportedly be handed to seasoned employees to maintain the company’s culture of fairness and transparency.

While not much is known about Kim Jung-youn, she is reported to have been born in 2004, making her the youngest person current billionaire. Previously, the title was held by Kevin David Lehman, who was born in 2002. His $1.8 billion fortune stems from a stake in his father Guenther Lehman’s drugstore chain, Drogerie Markt.

Their father, Kim Jung-ju, amassed his fortune through Nexon, which he founded in 1994. Nexon has since grown to become the largest gaming company in Korea and is behind hits such as the popular side-scrolling MMORPG “Maplestory.”

Outside of his businesses, Kim Jung-ju’s philanthropic endeavors focused on supporting Korea’s youth through the establishment of Korea’s first pediatric rehabilitation hospital and Asia’s first museum dedicated to computers.

Through the Nexon foundation, Kim Jung-ju also spearheaded initiatives like an annual hackathon and a network of libraries serving underprivileged children.

At the time of his death, Kim was the third richest man in Korea, after pharmaceutical magnate Seo Jun-jin and Samsung’s Lee Jae-young.

Feature image via zounghyauk

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