South Korean billionaire Shin Chang-Jae is the Chairman and Chief Executive Officer of Kyobo Life Insurance with an estimated net worth of $2.6 billion as of May 2015 according to Forbes. He ranked seventh in Korea’s 50 Richest list and 736th in the list of World Billionaires.

Mr. Shin has earned his estimated net worth of $2.6 billion when he took over Kyobo from his father in 1997 despite the economic turmoil in South Korea during that year. Although he never actually wanted to be a businessman, he has to take control of the company that his father started with the subsidiary, Kyobo Book Center. Since then, he has built Kyobo into the third-biggest life insurer in the country and his wealth has grown over the years.

In 2009, Shin Chang-Jae won the prestigious Asian Insurance Industry Award. Last year, he was named Asian Insurance Industry’s Personality of the Year during the awards dinner in Kuala Lumpur. There are speculations that he is planning to bid for ING Life Korea. If the takeover takes place, Kyobo will be No. 2 among the largest life insurers in South Korea.

Before accepting the responsibilities in the company, Shin Chang-Jae stayed in his homeland and attended medical school at Seoul National University. He later became an obstetrician and a medical school professor at his alma mater.