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Michael ByungJu Kim, co-founder of private equity firm MBK Partners Ltd. and a major player in South Korea’s investment industry, has topped Forbes’ list of the country’s 50 wealthiest individuals for the first time this year.

According to Forbes’ list of “Korea’s 50 Richest 2023” released Monday, local time, Kim’s net worth was $9.7 billion, ranking him first on the list.

Kim has been leading MBK Partners since its inception in 2005. It is the largest private equity fund (PEF) operator in Northeast Asia, with $26 billion in assets under management.

Following Kim on the list are Jay Y. Lee, executive chairman of Samsung Electronics Co., with $8 billion in assets, Seo Jung-jin, chairman of Celltrion Group, with $5.7 billion, Kwon Hyuk-bin, chief visionary officer (CVO) of Smilegate Holdings, with $5.1 billion, Kim Beom-soo, chairman of Kakao, with $5 billion, Hong Ra-hee, former director of the Leeum, Samsung Museum of Art, with $4.9 billion, and Mong-Koo Chung, honorary chairman of Hyundai Motor Group, with $4.1 billion.

Also following are Kim Jung-min and Kim Jung-yoon, children of Nexon founder Kim Jung-ju, with $3.6 billion in assets, Cho Jung-ho, chairman of Meritz Financial Group, with $3.4 billion, and Lee Boo-jin, CEO of Hotel Shilla, with $3.3 billion.

Michael Kim’s asset value increased by $1.2 billion in a year, and his ranking climbed two steps from third place in 2022. In contrast, the values of other major asset holders in Korea decreased due to the poor performance of the stock market and other economic factors.

Kim is considered a pioneer in the Asian PE market. He is credited with founding MBK Partners in 2005 with his co-founders after leaving global PE group Carlyle. The net asset value of MBK Partners exceeds 10 trillion won ($758 million). This is a ranking that puts it among the top five PEFs in the world.