Leading business conglomerates South Korea 2024, by revenue

As of May 2024, Samsung Group was the largest business group in South Korea, with a revenue of around 358.92 trillion South Korean won. Samsung is the biggest South Korean family-owned conglomerate, also known as chaebol. Chaebols are a significant contributor to the country’s gross domestic product (GDP), accounting for nearly 60 percent of the GDP in 2021.

The key industry of South Korea’s economy

The manufacturing industry, a steadfast pillar of South Korea's economy, is the most valuable sector contributing to the country's GDP. Over the past decades, it has been the driving force behind South Korea’s rapid economic development. The contribution of mining and manufacturing (particularly manufacturing) has grown from about nine percent in 1953 to nearly 30 percent in 2021. However, despite its great importance, manufacturing growth has fallen steadily, contributing fewer percentage points to South Korea's economic development in recent years.

Rising start-up scene in South Korea

Over the past decades, the dominance of large chaebol groups has been unshakable in the Korean economy. However, in recent years, new players have started to make their mark, signaling a shift in the landscape. Over the last few years, the South Korean start-up scene has experienced significant growth thanks to substantial venture capital funding and government financing programs. The volume of venture capital investments in South Korea has increased more than threefold over the last ten years. The number of start-ups with a valuation of over one billion US dollars, known as unicorns, has also grown significantly. In 2023, South Korea had 23 unicorns, representing a more than sevenfold increase in just seven years.