Chung Yong-jin

The JV will work with Alibaba to expand Gmarket, an online shopping platform of billionaire Chung Yong-jin’s Shinsegae.

The promotion comes amid intensifying competition for Koreans’ shopping dollar.

Shinesgae and other departmental stores in South Korea are facing stiff competition from online e-commerce retailers. As a result, Shinsegae's share price has dropped by 38% since we last measured fortunes.

Licensee covers.

Meet Coupang, South Korea's largest startup of all time.

Asia-Pacific is home to 386 billionaires, 71 more than a year ago and an increase of 22%.

In the past year several of South Korea's dominant chaebol families transferred power to third-generation members in a move that surely helps tighten their grip on South Korea's economy.

It was a great year for the richest Koreans, as the top 40 set a new record for collective wealth.

They're worth a collective $27 billion, down from $41 billion last year.

Their average age is 36, and their average fortune is about $2 billion.

The country's very wealthiest are worth a collective $41 billion.

These folks are insanely rich at a relatively young age.

South Korea is home to nine billionaires, up from six last year.

South Korea is home to nine billionaires, up from six last year.