In 2024, Hyundai Motor Group emerged as the top contributor to South Korea’s economy, surpassing all other major business groups in total economic value, according to figures released by CEO Score, Yonhap reports. The automotive giant posted an economic footprint KRW359.4 trillion (approximately $264bn), a 6.1% increase compared to the previous year.

This calculation is drawn from payments made to employees, partner firms, taxes, and dividends, based on the financial statements of the 100 largest non-financial, privately run companies by revenue. Hyundai’s performance put it far ahead of its closest rival, which contributed KRW247.1 trillion.

Hyundai also expanded its influence among the top 100 firms, with its share of total contributions rising from 21.8% in 2023 to 22.3% in 2024. A significant portion of KRW306.6 trillion was directed towards partner companies, while KRW34.1 trillion went to employee wages. Corporate tax payments amounted to KRW9.3 trillion, and shareholder dividends reached KRW7.6 trillion.

Among the group’s affiliates, Hyundai Motor Co. led the charge with KRW115.2 trillion, followed by Kia Corp. at KRW86.6 trillion and Hyundai Mobis Co. at KRW52.2 trillion.

A spokesperson from the group stated that their future focus remains on inclusive growth with suppliers, delivering value to shareholders, generating quality employment, and fulfilling social responsibilities.

This data underscores Hyundai’s role as a backbone of the Korean economy. While its growth benefits many stakeholders, it also raises questions about the concentration of economic power and the need for more balanced industrial development.

© 2025 bne IntelliNews, source Magazine