This story is part of Forbes’ report on South Korea’s richest 2025. See the full list here.

The growing K-Beauty boom has led Jung Sung-jae, founder of beauty equipment maker Classys, to South Korea’s 50 richest list with an estimated revenue of $760 million.

With the increasing popularity of cosmetics and beauty equipment in South Korea, the company's stock price has risen by more than 50% over the past year. Cosmetic exports in South Korea increased by $10.2 billion year-on-year in 2024, according to the country's Ministry of Food and Drug Safety. In 2024, Classys' revenue reached 243 billion won (US$170 million) from more than one-third of its revenue a year ago, with 67% of which came from overseas markets, while net revenue increased by 32% to 98 billion won in the same period.

Headquartered near the upscale Gannan in Seoul, Classys was founded in 2007 by former dermatologist Jung. The company is sold to hospitals and beauty clinics in more than 80 countries and directly to consumers in “MICTRAINTY” (MICLASSIDE) in Australia, Brazil, Thailand, Thailand and our flagship products (Ultra-formers Mepts). (HIFU) devices provide a non-invasive method to tighten and lift the skin by regenerating neocollagen.

In 2022, Bain Capital Private Stock bought a 60% stake from Jung and his wife Lee Yeon Joo (Lee Yeon-Joo) and their two children for 670 billion won (about $560 million at the time). Shortly after the deal, Jung handed the company's ins ropes to Baek Seung-Han, chairman and CEO, to position it as a better use of Bain Capital's global network in growth overseas. The cash from the share sale accounts for most of Jung's wealth, while the family retains a minority.