Bang Si Hyuk’s Net Worth Plummets On South Korea’s 2023 Rich List
Bang Si Hyuk, the founder of Big Hit Entertainment (now BIGHIT MUSIC) and the mastermind behind HYBE Lables, has experienced a significant drop in his net worth on South Korea’s 2023 rich list. The list, put together by Forbes, sees Michael Lee (MBK Partners founder) and Jay Y. Lee (Samsung Electronics chairman) at the top, whereas the HYBE chairman is ranked at #16 this year.
In 2022, Bang was ranked #12 on the list with a net worth of $3.3 billion USD, but this year he has fallen down to #16 with a net worth of $1.9 billion USD.
However, Bang’s loss in net worth seems to be a trend among most South Korean billionaires. Forbes even opens their list with an explanation for this decline in net worth, claiming it is due to the falling stock market and weakening Korean won. According to the media giant, this trend has impacted the combined wealth of all tycoons on the 2023 Forbes list of Korea’s 50 richest. Their wealth fell by 18% to $106 billion USD from $130 billion USD the previous year.
While South Korea’s economy grew by 2.6% in 2022, the country’s stock market was one of the worst performers in Asia over the past 12 months. The benchmark Kospi index fell by 9% due to rising interest rates and a slump in demand for tech goods, which account for a third of the country’s total exports.
Despite this setback in net worth, Bang Si Hyuk’s legacy in the music industry remains unmatched. Under his guidance, BTS has become a global phenomenon, breaking records and winning numerous awards. In 2022, the boy group became the first Korean act to perform at the Grammy Awards, and their album “Butter” went on to top charts around the world.
Bang Si Hyuk’s success with BTS has also brought attention to other K-Pop artists and led to an increase in global interest in Korean music. The company’s success eventually led to a merger with and creation of HYBE Corporation, making it one of the largest entertainment companies in the world.
Bang recently sat with Billboard to hold an interview where he revealed his thoughts during the infamous SM Entertainment acquisition attempt, the future of K-Pop, as well as the recent trend of girl group success and the potential impact AI will have on the industry.