Korean heiresses rank higher than Taylor Swift on Forbes rich list




 

Daughters of the late Korean gaming mogul Kim Jung-ju, founder of Nexon, were named among the world’s youngest billionaires by Forbes, with each estimated to have a net worth higher than pop star Taylor Swift.

 
According to Forbes’ World Billionaires list published on April 2, older sister Kim Jung-youn, born in 2002, was the fifth-youngest billionaire in the world, while the younger Jung-min, born in 2004, ranked third.

Both the sisters are estimated to each have a net worth of $1.4 billion as of March 8.

 
Their father, a former Korean gaming pioneer and founder of game publisher Nexon, died at the age of 54 in February 2022.

 
Upon his death, his two daughters and widow inherited assets worth 10 trillion won ($7.4 billion) in total. They later sold a 29.3 percent stake in NXC Corporation, the largest shareholder of Nexon, to Korea’s Finance Ministry, as a form of inheritance tax.

 
Each of the sisters held a 16.82 percent stake in NXC, according to its regulatory filing published in October last year. Their mother, Yoo Jeong-hyeon, held a 34 percent stake in the company.

Meanwhile, Taylor Swift was estimated to have a net worth of $1.1 billion.

 
The 25 youngest billionaires listed by Forbes, all of them aged 33 or younger, are worth $110 billion in total.

 
Kim founded the game giant Nexon in 1994, which went public on the Tokyo Stock Exchange in 2011.  

 
source: https://koreajoongangdaily.joins.com/news/2024-04-08/business/industry/Daughters-of-former-Nexon-founder-named-in-Forbes-young-billionaires-list/2020818

Comprehension

Who are the daughters of the late Korean gaming mogul Kim Jung-ju?
How old are the daughters of Kim Jung-ju?
What is the estimated net worth of each daughter as of March 8?
When did Kim Jung-ju pass away?
What did the daughters and widow inherit from Kim Jung-ju?
What percentage of NXC Corporation did each daughter own?
How much was the stake sold to Korea’s Finance Ministry?
Who is Taylor Swift and what is her estimated net worth?

Discussion

How do you feel about the young age of the Kim sisters when they became billionaires?
Do you think it is fair for the daughters to inherit such a large amount of wealth from their father?
What do you think about the amount of inheritance tax the daughters had to pay by selling a stake in NXC Corporation?
Do you think the daughters will continue their father’s legacy in the gaming industry?
What do you think about the comparison of the Kim sisters’ net worth to Taylor Swift’s net worth?
Do you think being a billionaire at a young age can be a blessing or a curse?
How do you think the Kim sisters can use their wealth to make a positive impact in the world?
What do you think about the growing number of young billionaires in the world?
Do you think the gaming industry is a good investment for wealth creation?
How do you think the daughters’ lives will change now that they are billionaires?

Vocabulary

mogul - a powerful and influential person in a particular business or industry.
inherit - to receive property, titles, debts, rights, and obligations after someone's death.
stake - a share or interest in a business or property.
regulatory filing - a document that a company must file with a government agency to disclose certain information.
pioneer - a person who is one of the first to do or develop something new or to explore a new area.
public - open to or involving the people as a whole.
net worth- the total value of all the assets a person or company owns, minus all their liabilities or debts.
billionaire - a person who has a net worth of at least one billion dollars or euros.