CEO and producer Bang Si Hyuk makes his debut on Forbes' "Korea's 50 Richest People"!
Keep on reading to know more.
Bang Si Hyuk is One of "Korea's 50 Richest People"
On June 1, 2021, local time, Forbes Asia released their new list of "Korea's 50 Richest People," which features 46 billionaires from different economic sectors who have made a name in their certain field.
According to Forbes' methodology on how the 50 richest people were named, the list was compiled using information from individuals, government agencies, analysts, stock exchanges, private databases, among other sources. In addition, their net worths are based on stock prices and exchange rates as of May 14.
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This year, Bang Si Hyuk, who is known to be the founder and chairman of HYBE Corporation, formerly Big Hit Entertainment, and producer and maker of K-Pop superstar group BTS, TXT, and ENHYPEN, made it on the list for the first time, debuting at no.16 with his wealth of $2.7 billion USD (approximately 3 trillion won).
His wealth grew even more after HYBE Corporation went public in the market back in October 2020 and in what was South Korea's largest initial public offering (IPO) in the past three years, which eventually made Bang Si Hyuk a billionaire.
See the full list here.
Bang Si Hyuk and HYBE Corporation
In October 2020, following HYBE Corporation going public and its initial public offering, the entertainment company's stock prices sky-rocketed to 351,000 won (approximately $307 USD) on its first day on the listing, making the company's market capitalization see a surge to 11.88 trillion won (approximately $10.7 billion USD), and simultaneously making Bang Si Hyuk become one of the richest entrepreneurs in terms of possession of stocks.
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It is known that Bang Si Hyuk is the largest shareholder of HYBE Corporation, having a 43 percent stake in the company, which increased his wealth overnight after the listing. In addition, HYBE Corporation became one of the largest entertainment companies in South Korea, surpassing SM Entertainment, JYP Entertainment, and YG Entertainment - collectively known as the "Big 3" - in terms of market capitalization combined.
Bang Si Hyuk first became a composer after he graduated from Seoul National University, and subsequently joined JYP Entertainment, where he served as a producer and senior composer, and have produced numerous hit songs for artists such as Rain and first-generation idol group, G.O.D.
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He eventually left JYP Entertainment to pursue his own company, Big Hit Entertainment, in 2005. Although Big Hit Entertainment debuted other artists, Bang Si Hyuk and the company attained immense success after debuting BTS in 2013. Since then, the company has shown outstanding growth and popularity.
Congratulations, Bang Si Hyuk!
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Written by Robyn Joan
