Korea's Rich
A total of 35 individuals in Korea own total assets of more than one trillion won each as of the end of July, and only 10 out of the 35 have self-made fortunes.
Chaebul.com recently looked into the personal assets of the largest shareholders and managers of 1,883 listed companies and 21,280 non-listed companies with assets of over 10 billion won, and announced that the combined wealth of the top 400 were 183.929 trillion won (US$178.087 billion), which is 459 billion won (US$444.8 million) on average per person. All of the top 10 gathered their wealth through inheritance.
Samsung Group Chairman Lee Kun-hee is first in line. His assets amount to 13.287 trillion won (US$12.881 billion), including his shares in listed and non-listed subsidiaries and real estate properties. He was followed by Hyundai Motor Group Chairman Chung Mong-koo (7.644 trillion won, US$7.411 billion), Samsung Electronics Vice Chairman Lee Jae-yong (5.179 trillion won, US$5.014 billion), Hyundai Motor Group Vice Chairman Chung Eui-seon (4.462 trillion won, US$4.326 billion), Amore Pacific Group Chairman Suh Kyung-bae (4.34 trillion won, US$4.208 billion), SK Group Chairman Choi Tae-won (3.05 trillion won, US$2.95 billion), Kyobo Group Chairman Shin Chang-jae (2.237 trillion won, US$2.166 billion), Lotte Group Chairman Shin Dong-bin (2.192 trillion won, US$2.122 billion), CJ Group Chairman Lee Jae-hyun (2.156 trillion won, US$2.089 billion) and Lotte Japan Vice Chairman Shin Dong-ju (1.969 trillion won, US$1.907 billion).
Shinsegae Group Chairwoman Lee Myung-hee recorded total assets of 1.896 trillion won (US$1.835 billion) and LG Group Chairman Koo Bon-mu posted 1.781 trillion won (US$1.726 billion). They were followed by Leeum Samsung Museum director Hong Ra-hee (1.496 trillion won, US$1.448 billion), KCC Group Chairman Chung Mong-jin (1.362 trillion won, US$1.318 billion), Shinsegae Group Vice Chairman Chung Yong-jin (1.345 trillion won, US$1.304 billion), Heesung Group Chairman Koo Bong-neung (1.334 trillion won, US$1.291 billion), and former Saenuri Party lawmaker Chung Mong-joon (1.333 trillion won, US$1.290 billion).
Only 10 Out of Top 35 have Self-made Fortunes
The 10 with self-made fortunes include Buyoung Group Chairman Lee Jung-keun, whose personal assets reach 1.81 trillion won (US$1.75 billion). Those next in line are NXC Chairman Kim Jung-joo (1.472 trillion won, US$1.426 billion), largest shareholder and chairman of the board of directors of Naver Lee Hae-jin (1.346 trillion won, US$1.304 billion), NC Soft President Kim Taek-jin (1.214 trillion won, US$1.176 billion), Chairman of the board of directors of Kakao Kim Bum-soo (1.158 trillion won, US$1.122 billion), NHN Entertainment Chairman Lee Jun-ho (1.035 trillion won, US$1.003 billion), Mirae Asset Group Chairman Park Hyun-ju (1.264 trillion won, US$1.225 billion), Kyowon Group Chairman Jang Pyong-soon (1.131 trillion won, US$1.096 billion), Celltrion Chairman and CEO Seo Jung-jin (1.063 trillion won, US$1.029 billion), and Atinum Partners Chairman Lee Min-ju (1.054 trillion won, US$1.021 billion).
All Richest Women from Conglomerates
Women account for 6.8 percent of the top 400. The 27 women are from chaebols, and every one without exception has their fortune through inheritance.
Shinsegae Group Chairwoman Lee Myung-hee, Leeum Samsung Museum Director Hong Ra-hee, Hotel Shilla President Lee Bu-jin (1.332 trillion won, US$1.291 billion) and Cheil Industries President Lee Suh-hyun (1.274 trillion won, US$1.234 billion) belong to the Samsung Group. Orion vice Chairwoman Lee Hwa-kyung (1.098 trillion won, US$1.064 billion) is from the Tong Yang Group.
The other richest women in Korea include SK Group Chairman’s younger sister Choi Ki-won (929 billion won, US$899 million), LG Group Chairman’s wife Kim Young-shik (488 billion won, US$472 million), the Hyundai Motor Group Chairman’s first daughter Chung Sung-i (424 billion won, US$410 million), Lotte Group Chairman Shin Kyuk-ho’s first daughter Shin Young-ja (393 billion won, US$381 million) and Hankook Tire Chairman Jo Yang-rae’s daughter Jo Hee-won (337 billion won, US$326 million).
Some Salaried Employees Also Joined the List
In the meantime, Yulsan Group founder and Central City Chairman Shin Seon-ho ranked 46th with assets of 772 billion won (US$747 million), and Iljin Bearing Chairman Lee Sang-il followed him with 718 billion won (US$695 million).
Fila Korea Chairman Yun Yun-soo, who started as a salaried employee, took 74th place with 478 billion won (US$463 million). Lee Hak-soo, former CEO and vice chairman of the Samsung Group, ranks 66th with 521 billion won (US$505 million), Samsung Futures President Kim In-joo is at 158th with 276 billion won (US$267 million), and former Samsung Electronics Vice Chairman Yoon Jong-yong is at 323rd with 188 billion won (US$182 million).
SM Entertainment Chairman Lee Soo-man and YG Entertainment Chairman Yang Hyun-suk ranked 185th and 228th with 252 billion won (US$244 million) and 221 billion won (US$214 million), respectively.
The youngest of the 400 is Lee Min-kyu, Seoul Semiconductor chairman Lee Jung-hoon’s daughter. She recorded 202 billion won (US$196 million) and took 268th place at the age of 28 this year. The oldest ones are Lotte Group Chairman Shin Kyuk-ho (372 billion won, US$360 million, 105th) and Sungbo Chemical Honorary Chair Yoon Jang-sup (188 billion won, US$182 million, 323rd), both aged 92.