Seoul, June 26 (IANS) Hyundai Motor Group generated the largest economic value among major South Korean conglomerates in 2024, contributing more to the national economy than any other business group, industry data showed on Thursday.
The automotive group’s total economic contribution was tallied at 359.4 trillion won ($264 billion) last year, up 6.1 percent from a year earlier, according to the data from CEO Score, reports Yonhap news agency.
The figure, which factors in the combined value of payments to employees, partner firms and taxes, among others, is based on the business reports of the top 100 non-financial and non-state-run companies in terms of sales.
The group outpaced other major domestic conglomerates, with the closest competitor posting 247.1 trillion won in total economic contributions.
Hyundai’s share of economic contributions among the top 100 companies also rose from 21.8 percent in 2023 to 22.3 percent in 2024, the data showed.
Of the contribution, 306.6 trillion won went to partner companies, 34.1 trillion won to employee wages, 9.3 trillion won to corporate taxes and 7.6 trillion won to dividends.
By individual affiliate, Hyundai Motor Co. contributed 115.2 trillion won, followed by Kia Corp. with 86.6 trillion won and Hyundai Mobis Co. with 52.2 trillion won,
“We will continue to contribute to the national economy through shared growth with suppliers, value creation for shareholders, high-quality job creation and social responsibility initiatives,” a group official said.
Meanwhile, South Korea’s financial assets in the United States reached a record high last year, aided by increased exposure to the U.S stock market and a continued rally on Wall Street, a central bank report showed on Thursday.
According to the report by the Bank of Korea (BOK), the outstanding value of financial assets in the U.S. held by South Korean individuals and companies reached US$962.6 billion at the end of last year, up $158.1 billion from a year before.
The 2024 reading marks the largest-ever amount since related data began to be compiled in 2002.
The amount also accounted for the largest share of overall overseas financial assets at 45.9 percent, according to the BOK.
—IANS
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