Shift Up Founder Kim Hyung-tae Joins Korea’s 50 Richest List

Kim Hyung-tae, the acclaimed game artist-turned-entrepreneur behind Stellar Blade and Goddess of Victory: Nikke, has officially entered the ranks of Korea’s 50 wealthiest individuals, according to Forbes. 

The Shift Up founder now holds an estimated net worth of $725 million, following a blockbuster year for his studio and a highly successful IPO.

From Game Artist to Gaming Mogul

Kim’s rise is a classic industry success story. Starting his career as a video game artist, he spent eight years at NCSoft, where he made his mark designing Blade & Soul—a title developed under the leadership of fellow gaming billionaire Kim Taek-jin. 

In 2013, Kim struck out on his own, founding Shift Up, a studio that has since become one of Korea’s most exciting creative powerhouses.

Global Hits and Critical Acclaim

Shift Up first gained widespread recognition with Goddess of Victory: Nikke, a mobile shooter-RPG hybrid that launched in 2022. With its signature anime aesthetic and dynamic third-person gameplay, Nikke became a global hit, providing Shift Up with the revenue and fanbase to scale up rapidly.

In 2024, the studio released Stellar Blade, a PlayStation 5-exclusive action game that received strong reviews and user acclaim. It currently holds the highest user score of any PS5 title on Metacritic (9.2). Despite serving as chairman, Kim Hyung-tae remained deeply embedded in its development, acting as director, co-producer, and co-designer.

A Blockbuster IPO and Record-Breaking Financials

Shift Up’s success led to its $320 million IPO in July 2024, backed by Chinese tech giant Tencent. It was Korea’s second-largest public offering of the year and briefly pushed Kim’s fortune past the billion-dollar mark. Although shares have since dipped by over 30%, his estimated $725 million valuation still secures his place among Korea’s richest.

Financially, 2024 was a record-breaking year:

• Revenue: 224 billion won (~$151 million), up 30%

• Net Income: 148 billion won (~$102 million), up 34%

Analysts credit much of this growth to both Stellar Blade and the ongoing success of Nikke.

What’s Next for Shift Up?

Looking ahead, Shift Up’s expansion is far from over. A Chinese version of Nikke is on the way, with over 5 million pre-registrations. Stellar Blade is also getting a PC release this June, potentially following the same path as Black Myth: Wukong in terms of Steam popularity.

Meanwhile, a sequel to Stellar Blade is reportedly in early development.

The company’s third major project, Project Witches, was revealed in May 2024 and is described as a “AAA urban sci-fi action RPG.” In a securities filing, Shift Up compared it to titles like Genshin Impact, Honkai: Star Rail, Fate/Grand Order, and even Nikke—highlighting its ambition to create another major subculture IP.

Shift Up has also announced plans to expand its workforce, further signaling continued growth. 

With strong financial footing, acclaimed titles, and a globally growing fanbase, Kim Hyung-tae’s studio appears well-positioned to remain a major force in the gaming world—and perhaps elevate him even higher on future rich lists.