NEW YORK—Cho Yang-Rai, Hankook Tire Co. Inc. chairman, has joined the ranks of the world's billionaires club, according to Forbes Magazine's annual ranking of the world's richest individuals.
Cho, 75, owns just shy of 16 percent of Hankook Tire, which trades on the South Korean stock exchange, and with a net worth of $905 million, ranks No. 25 on the list, according to Forbes.
Hankook Tire was founded by Cho's father, Cho Hong-Je, in 1941. It reported sales of $6.44 billion last year.