Two self-made South Korean billionaires have pledged to give half their fortunes according to an AFP report.
The news is a rarity in a country where the business scene is dominated by family-controlled conglomerates.
Kim Beom-su, the founder of South Korea’s biggest messaging app KakaoTalk, announced that he will donate more than half of his estimated $9.6 billion assets to try to “solve social issues.”
Meanwhile, 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 initiative was set by the world’s richest people Bill and Melinda Gates, alongside Warren Buffett, for billionaires to give away at least half their wealth.
Self-made billionaires
Kim of Woowa Brothers described his “humble beginning” on a small island.
His parents ran a small restaurant where they all sleep at night. As a teenager, he gave up his dream of attending an art high school and studied in a vocational school instead.
He and his wife said in their statement: “We are certain that this pledge is the greatest inheritance that we could provide for our children.”
The Korean billionaire said the true value of money can only be realized when it is used for “the greatest benefit of the least advantaged members of society”.
The two Kims have yet to give further details about their donation, the timeline, and the recipient of their generous deed.
