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Korea's corporate growth gains too little, too concentrated in finance, KCCI says

Published: 24 Sep. 2025, 14:29

A person shakes hands with a 3-D-printed robot's hand in front of the Nvidia logo in this illustration from Aug. 27. [REUTERS/YONHAP]

Over the past decade, revenue growth among leading companies in Korea, the United States and China shows stark contrasts in both magnitude and industrial focus.

In the United States, Nvidia soared 2,787 percent, UnitedHealth Group jumped 314 percent and Microsoft was up 281 percent. In China, Alibaba posted growth of 1,188 percent, BYD spiked 1,098 percent and Tencent climbed 671 percent. Meanwhile, in Korea, SK hynix went up 215 percent, KB Financial Group rose 162 percent and Hana Financial Group went up 106 percent.

The contrasting performances underscore the need for innovation in Korea's corporate ecosystem, according to a report released by the Korea Chamber of Commerce and Industry (KCCI) on Tuesday.

From 2015 to 2025, the number of U.S. companies on Forbes’ Global 2000 list grew 6.5 percent from 575 to 612, while China saw a 52.7 percent surge from 180 to 275. Korea, however, dropped 6.1 percent, from 66 to 62 companies.

Revenue trends also showed a wide gap. U.S. firms on the list saw their combined revenue grow from $11.9 trillion to $19.5 trillion — a 63 percent increase. China’s firms grew 95 percent, from $4 trillion to $7.8 trillion. Korea’s companies saw just a 15 percent increase, from $1.5 trillion to $1.7 trillion. By this measure, the United States outpaced Korea by 4.2 times and China by 6.3.

The Forbes Global 2000 ranks companies annually based on market impact, financial soundness and profitability. In essence, they are considered corporate flagships of each country, and the results emphasize how far Korea has fallen behind the United States and China in nurturing high-growth businesses.

A pedestrian walks past the offices of Chinese technology firm Alibaba in Beijing on Aug. 10, 2021. Chinese regulators will exercise greater control over the algorithms used by Chinese technology firms to personalize and recommend content, in the latest move in a regulation spree across the internet sector. The planned regulations could affect companies like ByteDance and Alibaba, which use algorithms to offer personalized services to users. [AP/YONHAP]

Growth in the United States was powered by advanced industries. Over the last decade, in addition to big gains for Nvidia, UnitedHealth Group and Microsoft, CVS Health climbed by 267 percent. The trend was led by information technology and health care. Newcomers to the Forbes list included the financial firm StoneX, Tesla, Uber, Airbnb, DoorDash and mobile payment company Block.

China’s rise was also led by emerging sectors like IT and energy. On top of the big three for China, BOE Technology’s revenue shot up 393 percent. New additions included energy firm PowerChina, Xiaomi, ride-sharing platform DiDi Global and information technology firm Digital China Group.

In Korea, growth was heavily concentrated in finance. SK hynix, with a 215 percent revenue increase, was a notable exception. KB Financial Group rose 162 percent, Hana Financial Group was up 106 percent and LG Chem gained 67 percent. New Korean entrants were largely financial firms, including Samsung Securities, KakaoBank, Kiwoom Securities, iM Financial Group and Mirae Asset Financial Group — with little sign of technological innovation.

"A virtuous cycle of talent driving research and development and research outcomes expanding into startups and industry can only be realized through joint efforts by the government, businesses and universities," noted Seoul National University President Ryu Hong-lim at the 2025 Startup Nation Korea International Forum held at KAIST on Sept. 10.

The logo of SK Hynix is seen at its headquarters in Seongnam, Gyeonggi, on April 25, 2016. [REUTERS/YONHAP]

KAIST President Lee Kwang-hyung echoed the sentiment, adding, "Korea must build a proper innovation cluster like Boston or Zhongguancun," referring to China's innovation cluster.

According to the KCCI, just 0.04 percent of small businesses graduated to medium-sized status between 2020 and 2023, and only 1.4 percent of midsize companies advanced to large enterprises.

"Rather than evenly distributing support, the government should concentrate its efforts on industries with strong potential, such as semiconductors and artificial intelligence," said Lee Jong-myung, head of industrial innovation at the KCCI. "Regulations should be enforced post facto and tailored by industry rather than by company size."

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY KIM KI-HWAN [[email protected]]