A chip component comprises: an insulating substrate on which a resistor serving as a functional element is formed; a pair of internal electrodes (front electrodes, end surface electrodes, and back electrodes) that is formed to cover both end portions of the insulating substrate and connected to the resistor; a barrier layer that is formed on a surface of each of the internal electrodes and mainly composed of nickel; and an external connection layer that is formed on a surface of the barrier layer and mainly composed of tin, and the barrier layer is composed of alloy plating (Ni—P) including nickel and phosphorus, which is formed by electrolytic plating, and a content ratio of phosphorus relative to nickel is set in a range of 0.5% to 5% so that the barrier layer has magnetism.