[Super Rich] Five chaebol families make up one-third of top 100 richest in Korea

Unhealthy ties between Korean conglomerates and the government have long been cited as a factor that prevents Korea from moving forward. A recent comment by a chaebol chief at a parliamentary hearing over the alleged connections between businesses and the presidential office was a reflection of the reality.“It was near impossible to reject such a demand (from Cheong Wa Dae). That’s what it’s like in Korea,” said Huh Chang-soo, head of GS Group and chairman of the Federal of Korean Industries, at

IndustryDec. 22, 2016

[Super Rich] Author of 50-year-old mathematics book worth W90b

Korean students are familiar with the book “Essence of Mathematics,” which is often described as the “best-seller second only to the Bible” here. It represents Koreans’ excellence in the subject and high schoolers’ intense preparations for exams.This year, the book marked the 50th anniversary since its first edition was published. Over the past five decades, it has earned its author Hong Sung-dae a fortune in the private schooling market, with his total assets from real estate and a foundation e

IndustryNov. 24, 2016

[Super Rich] Assets of late Ottogi chairman’s families reach W1tr

It is quite common for Korean food companies to dispatch part-time or irregular workers to promote their sample foods at supermarket chains. However, at Ottogi, such salespersons are hired as full-time employees under the legacy of Ham Tae-ho, the late founder and honorary chairman of Ottogi, who passed away on Sept. 12 at that age of 86.Born in Wonsan in South Hamgyong Province, now in North Korea, Ham founded Poonglim Trading in 1969 which is now called Ottogi Corp. Poonglim was the first in t

IndustryNov. 10, 2016

[Super Rich] K-beauty tycoon donates W2.5b Buddhist Painting

Korea’s rare 14th century Buddhist painting “Water-Moon Avalokiteshvara” returned home from Japan in October. Behind the return was Yoon Dong-han, chairman of Kolmar Korea, one of the leading cosmetics and pharmaceutical companies in the country.Yoon donated the painting to the National Museum of Korea on Oct. 17 after buying it for 2.5 billion won ($2.2 million) from a Japanese dealer in spring this year. With less than 50 paintings from the Goryeo kingdom “Water-Moon Avalokiteshvara” in existe

IndustryNov. 10, 2016

[Super Rich] Top conglomerates spend big on business deals

Since 2012 South Korea’s top 10 family-controlled conglomerates have spent more on gifts and entertainment to secure business deals than on marketing, according to their balance sheets.The data, which was compiled by the Superrich Team, revealed that out of the 584 affiliates under the 10 conglomerates, 456 companies released regulatory filing showing that they spent more than 30 trillion won on gifts or entertainment.The spending refers to all expenses on gifts and entertainment for the purpose

IndustryOct. 27, 2016

[Super Rich] Korean toymakers ready to leap forward

Korea’s top two toymakers are poised to take a leap forward to rake in profits at home and abroad.Korea’s No.1 toymaker Sonokong recently handed over a majority stake to global toy magnate Mattel -- which makes Barbie dolls -- in a strategic move to sell its toys overseas. Sonokong Chairman Choi Shin-kyuSonokong announced on Oct. 10 that the American toy giant’s affiliate Mattel Marketing Holdings had acquired an 11.99 percent stake in the company for 13.97 billion won ($12.57 million). Sonokong

IndustryOct. 27, 2016

[Super Rich] Korean conglomerates cash in on EXO's success

Korean conglomerate Lotte Group in March opened a duty-free shop in Tokyo’s luxurious shopping district Ginza, drawing a crowd to its opening ceremony early one morning. To be more precise, they were there to see the duty-free shop’s spokespersons -- EXO, a K-pop boy band under the talent agency S.M. Entertainment. EXO has sold more than 3 million albums since 2013 and has a large social media reach that includes 2 million followers in total on its Instagram accounts. In light of such popularity

IndustryOct. 13, 2016

[Super Rich] Two moguls behind Starfield's luxury drive

Starfield Hanam, an enormous shopping and entertainment mall, has become the new hot spot for South Koreans in the past month.Located in Hanam, Gyeonggi Province, southeast of Seoul, the shopping mall attracted more than 1.5 million visitors within 10 days since opening on Sept. 9.Equivalent to 70 soccer stadiums combined, the massive mall is a collaboration of South Korea’s retail giant Shinsegae Group and US shopping mall centers management firm Taubman Centers. Shinsegae Vice Chairman Chung Y

IndustryOct. 13, 2016

[Super Rich] Two entrepreneurs bet big on future generations

Making donations to the future generation is still a novel concept in South Korea. While some 155 wealthy individuals joined The Giving Pledge, a global commitment by the super rich to dedicate the majority of their wealth to philanthropy, none are from South Korea.Even the moves to create a public trust is scrutinized here as an attempt to evade or reduce taxes or fortify the managerial control of a conglomerate.There are, however, a handful of South Korean business leaders standing at the fore

IndustryOct. 6, 2016

[Super Rich] Superrich doctors take scalpel to old management

“The reluctant executive” was how Forbes magazine described Shin Chang-jae, the chairman of Kyobo Life Insurance, in a cover story in 2010. Despite being the firstborn son of Kyobo Life founder Shin Yong-ho, he never wanted to be a businessman. He chose to be a doctor, until one day, his father called. This week, The Super Rich team introduces the life and success stories of three doctor-turned-entrepreneurs from the medical school of the nation’s top Seoul National University. We start with Shi

CompaniesSept. 29, 2016

[Super Rich] Chaebol modelling for own business

Instead of hiring glamorous TV stars, some Korean superrich have opted to model for their own business in print or on TV. Commercials featuring big bosses tend to give audience a sense of trustworthiness, not to mention the cost saved. This week, The Superrich Team introduces business chiefs who were featured on the advertisement of their own company.Tam Chul-kon, Orion Group Confectionary-focused Orion Group’s chairman Tam Chul-kon is one of the first business tycoons to appear in company comme

CompaniesSept. 22, 2016

[Super Rich] Hur Young-in, Korea’s undisputed bread king

A mega hit Korean television drama “Bread, Love and Dreams” in 2010 features a Korean bakery chaebol’s illegitimate child overcoming all varieties of hardships with passion to make quality bread. Although the main character Kim Tak-gu’s complicated family background is fictitious, his unyielding passion for bread and pastry originates from the real life story of Hur Young-in, chairman of SPC, the country’s largest confectionary group. Hur is undisputed “bread king” in Korea, running a number of

CompaniesSept. 22, 2016

[Super Rich] Pharma firms’ third-generation tycoons

They say a family business rarely succeeds past three generations. But in Korea’s pharmaceutical sector, the grandchildren of firms’ founders are proving this wrong, growing their company’s fortunes and their own. This week, the Super Rich team takes a look at the five richest third-generation pharma tycoons and the path they took to reach the top of the family business. The ranking is based only on the value of shares owned in listed and non-listed companies. Lee Kyung-ha, JW Group -- 206 billi

IndustrySept. 8, 2016

[Super Rich] K-beauty’s global rise produces new superrich

The rising popularity of Korean dramas and K-pop overseas has left the impression on international fans that Korean cosmetics are trendy and attractive, setting beauty standards in Asia. In light of hallyu, international firms, luxury brands and even investment banks are taking notice of the business opportunities provided by Korean cosmetics brands, and their investments are casting the spotlight on entrepreneurs here. Lee Jin-wook of Dr. Jart Contrary to the brand’s name, Dr. Jart is a local c

IndustrySept. 1, 2016

[Super Rich] Young chaebol women gain upper hand over elders

Korea’s family-controlled conglomerates, or chaebol, often center around men, with ownership passed down from father to eldest son. When it comes to potential heirs, far more attention is usually paid to sons than daughters, but several outstanding women, such as Lee Boo-jin of the Samsung Group and Chung Ji-yi of the Hyundai Group, have still managed to outshine their brothers. Among preeminent female chaebol scions, some shrewd ladies have even surpassed their older siblings in wealth. Here ar

IndustryAug. 18, 2016

[Super Rich] Money-losing Lotte Shopping pays do-nothing founder W800m

Lotte Group’s beleaguered retail company Lotte Shopping paid a salary of 800 million won ($723,800) to Lotte founder Shin Kyuk-ho for the first half of 2016, despite his absence from company operations, according to a report disclosed by the company Wednesday.This is the same amount of salary paid to the founder last year. Shin, who is currently undergoing court proceedings to determine whether he should be appointed an adult guardian due to mental incompetency, has not been involved in Lotte’s

IndustryAug. 18, 2016

[Super Rich] Born to be rich

[THE INVESTOR] Of the nation’s 100 wealthiest people, 76 are the second or third generation members of the founding family of South Korea’s top conglomerates, as of this year, according to a recent study by The Investor and The Herald Business. Here are five such individuals who are the wealthiest compared to their well-to-do peers in the same age bracket, ranging from under 40 years old to those in their 70s.  Richest under 40: Koo Gwang-mo LG chairman’s grandson Koo Gwang-mo, 38, of the LG Gro

IndustryJuly 14, 2016