Two South Korean billionaires who grew up poor pledge to give away half their wealth
- The promise by KakaoTalk’s Kim Beom-su and Kim Bong-jin of Woowa Brothers is a rarity in a country where charity often begins and ends at home
- Unlike the heirs of family-run conglomerates who inherited their wealth and connections, the two Kims were born to working-class families
Two self-made South Korean billionaires have pledged in as many weeks to give away half their fortunes – a rarity in a country where business is dominated by family-controlled conglomerates and charity often begins and ends at home.
Soon afterwards, Kim Bong-jin of food delivery app Woowa Brothers and his wife, Bomi Sul, became the first South Koreans to sign the Giving Pledge. The philanthropic initiative was set up by Bill and Melinda Gates, alongside Warren Buffett, for billionaires to give away at least half their wealth.
Both Kims contrast with most of South Korea’s ultra-wealthy, who are largely descendants of the founders of the chaebol, the sprawling, usually family-run conglomerates that powered the country’s post-war boom and still dominate the economy.
Unlike the chaebol heirs who inherited their wealth, power and connections, the two Kims were born to working-class families.
In his Giving Pledge statement, Kim of Woowa Brothers described his “humble beginning” on a small island.