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With a total GDP of $1.73 trillion in 2022, South Korea's economy is the 13th biggest in the world. Korea had a GDP per person of just over $33,000 in 2022. In the last few decades, South Korea's economy has changed a lot. It used to be built on agriculture, but now it's an advanced, industrialized one. This is thanks to policies put in place by the government to encourage economic growth.

Korea places a lot of value on industries like electronics, chemicals, steel, ships, textiles, and cars. According to data from the World Bank, these businesses made up 32.4% of GDP in 2021. Large corporations continue to do business out of South Korea because the government's lax rules and ease of doing business make it possible for them to do so.

The government has policies in place to help the economy grow, such as spending money on research and development, helping small and medium-sized businesses, and giving businesses tax breaks. To help the country's export-based economy, the government has also put a lot of money into roads, ports, and airports, among other things. With a freedom score of 74.6, South Korea is ranked 19th on the 2022 Index of Economic Freedom list, which is not a surprise.

Top 10 Largest Companies In South Korea By Market Cap (2024 Update)
The Largest Companies In South Korea By Market Capitalization

Top 10 Largest Companies In South Korea By Market Capitalization

1. Samsung

Market Cap: 370.51 billion USD

The company made a total of 244.2 billion dollars in sales.

The business made a total of 34,270,000,000 in income.

This is how much money the company has in total: 358.9 billions

Samsung is a global company with its main office in Seoul, South Korea. It began in the year 1938. Samsung is a world leader in many fields, such as electronics, shipbuilding, construction, and more, with activities in over 80 countries. Manufacturing and selling consumer goods, mobile phones, home appliances, and semiconductors are what they do for a living. People know Samsung for its well-known names, like Galaxy smartphones and QLED TVs, as well as its new products, like the Samsung Gear VR.

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2. LG Energy Solution

Market cap: $72.8 billion

This is how much LG Energy Solution is worth on the market as of January 2024. Based on market value, this makes LG Energy Solution the 213th most valuable company in the world. The market capitalization, or "market cap," is the sum of all the outstanding shares of a publicly traded company's market value. It's a popular way to figure out how much a company is worth.

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3. SK Hynix

Market cap; 71.66 billion USD

The company made a total of 37.55 billion dollars in sales.

The business made a total of $8,390 in income.

Amount of money the company has (in billions): 81.1

SK Hynix is a company in South Korea that makes both flash memory chips and dynamic random-access memory chips. SK Hynix is the third biggest semiconductor company in the world and the second largest chipmaker in the world. It has factories in Taiwan, Korea, China, the US, and the US. SK Hynix works with some of the biggest companies on the internet.

4. Samsung Biologics

Market cap: $40.24 billion

Hyundai Biologics has a market value of $40.24 billion as of January 2024. Based on market cap, this makes Samsung Biologics the 457th most valuable company in the world.

5. Honda

Market cap: 33.74 billion USD

The company made a total of 102.7 billion dollars in sales.

The company made a total of $4,320 in income.

Amount of money the company has (in billions): 196.8

The car company makes some of the most cars in the world. It also owns the world's largest integrated automobile manufacturing plant, which can make about 1.6 million cars a year and employs about 75,000 people. Hyundai cars are sold in more than 5,000 shops and showrooms around the world, in about 193 countries.

6. Celltrion

Market cap: $32.37 billion

Celltrion Healthcare markets, sells, and distributes biological drugs made by Celltrion all over the world. And Seo Jung-jin, the founder of Celltrion, is the richest person in South Korea. Celltrion uses its biotech and mammalian cell-culture technology to make new drugs. In addition, the business makes biosimilars for other companies. It works with people in the US, Russia, Korea, and the UK.

7. Coupleang

Market cap: USD 28.92 billion

The e-commerce company Coupang, Inc. is based in Seoul, South Korea, and Seattle, WA. It was founded in Delaware, USA. The company grew to become the biggest online market in South Korea after being started by Bom Kim in 2010. With the start of the Coupang Play service, the company was able to distribute videos through streaming. A lot of people call Coupang the "Amazon of South Korea" because of its place and size in the South Korean online market.

8. Kia

Market cap: $27.1 billion

The company made a total of 61.01 billion dollars in sales.

The company made a total of $4,160 in income.

Amount of money the company has (in billions): 56.24

Kia Corporation makes 2.8 million cars and trucks each year, making it the second biggest automaker in Korea. Kia also owns Kia Defense, a company that makes military trucks and other transportation gear. Another place where the company does business is in India, Pakistan, the United States, Mexico, and a few European countries.

9. POSCO

Market cap: $26.61 billion

POSCO was established in 1968 and has its main office in Pohang, South Korea. It has a presence in over 50 places around the world and does business there. The company's main business is making and selling steel goods, such as plates, wire rods, electrical steel sheets, and hot-rolled and cold-rolled steel sheets. POSCO also provides a range of other services, including trading, building, and engineering. It is known for making well-known names like POSCO Steel and POSCO E&C.

10. LG Chem

Market cap: $26.57 billion

The company made a total of 37.26 billion dollars in sales.

The company made a total of $3,200 in income.

43.02 billion dollars are all that the company owns.

LG Chem is a business-to-business company now that its consumer part has been split off. It is the biggest chemical company in Korea and one of the biggest in the world. In addition to its 29 business sites in 15 countries, LG Chem has eight factories in Korea.

In conclusion

A lot has changed in South Korea's economy over the last few decades, but it is still strong and growing. Exports, new ideas, and help from the government have helped the country build one of the world's biggest and most advanced economies.

The 10 biggest companies in South Korea are involved in many different fields, including technology, automotive, conglomerate, steel, energy, and chemicals. They make a big difference in the income of the country.

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