Business tycoons face growing calls for responsible management

Board membership of South Korean business tycoons is emerging as a main interest for investors ahead of annual shareholders meetings in March, as responsible leadership is required amid worsening business conditions. Entry to the board of directors involves becoming a registered board member with the obligation to be responsible for management decisions. Some of top management at Korea’s family-controlled conglomerates, dubbed chaebol, however, continue to exercise power over management issues f

March 9, 2016

Son of China’s richest man eyes K-pop

 The only son of China’s richest man appears to be helping K-pop bands increase their presence in China. 　“Wang Sicong, the founder of Banana Project, has been in discussion for investments since he signed a contact with two girl groups T-ara and EXID last year,’’ a music industry insider, who wished to be identified only by his last name Cho, told The Korea Herald. Wang Sicong attends the charity event at a branch of his family’s cinema chain. China Daily　Banana Project, a new Chinese show busi

March 8, 2016

Private Equity heads with chaebol links

Private equity funds have emerged as the home for new financial elites, leading the domestic mergers and acquisitions market. Boosted by a surge of capital inflow into the private equity industry, more capable financiers are joining the industry in which a merit-based wage system linked to investment outcomes is prevalent. Among a new breed of new business power elites, those standing out have a strong connection with chaebol, South Korean family-controlled conglomerates.As children of influenti

March 8, 2016

[Super Rich] New breed of CEOs sharing wealth

The number of company founders and CEOs who share their wealth with employees is on the rise at home and abroad. Hanmi Pharmaceutical chairman Lim Sung-ki made headlines last year as he shared corporate success with loyal employees by paying them hefty bonuses.The average amount given per employee was 45 million won ($36,400), about the same as an average citizen’s annual salary. In addition to the amount of bonuses given, the 75-year-old chairman continued to surprise the Korean public by donat

March 1, 2016

[Super Rich] Hyun Jeong-eun’s struggles continue

Hyundai Group Chairwoman Hyun Jeong-eunYonhapHyundai Group chairwoman Hyun Jeong-eun has made headlines for the past couple of months with her struggles to keep the country’s 29th-largest business conglomerate running.On Feb. 23, she spent 30 billion won ($24.4 million) from her own pocket to acquire 4 million shares in Hyundai Merchant Marine’s new stock issue, which was planned as part of the group’s efforts to ease a liquidity crisis. To secure more liquidity, she is trying to sell Hyundai Se

March 1, 2016

[Super Rich] Expanded payroll disclosure plan irks business tycoons

Will people finally find out how much Samsung Electronics vice chairman Lee Jae-yong makes in a year?All eyes are now on a revision bill that will make public the payrolls of highest-paid business magnates. It is waiting for final approval from the National Assembly.While many lawmakers and civic activists call for transparency in management, saying that it is key to fair trade and business, businessmen are claiming that it is an invasion of privacy. (From left) Samsung Electronics vice chairman

Feb. 23, 2016

[Super Rich] Listing could net chaebol families W4tr

Korea is expected to witness a booming stock market this year with many companies preparing to list on the main bourse KOSPI and the secondary tech-heavy KOSDAQ.Generally, companies decide to go public on the strength of confidence gained from successful business performance, improvement in corporate governance, and positive financing, although listing does not necessarily guarantee future success. Last year, close to 40 percent of the newly listed companies ended with their share price much low

Feb. 23, 2016

[SUPER RICH] NHN Entertainment bets on virtual reality

Korea’s largest Internet portal Naver’s cofounder and chairman of NHN Entertainment Lee Joon-ho has shifted focus to virtual reality due to the obscure future of the game market. After Lee parted from Naver in 2013 to create an independent online game company NHN Entertainment, he has diversified the operations into other technological areas. Lee Joon-ho, chairman of NHN EntertainmentFollowing the investments in fintech and Internet of Things, Lee is currently expanding his presence in the virtu

Feb. 2, 2016

[SUPER RICH] Kim Jung-ju’s business investments

Nexon founder and chairman Kim Jung-ju is not only the front-runner in Korea’s gaming industry, but is also considered a genius for spreading his influence through strategic acquisitions and investments.As noted by the Wall Street Journal in an article last year, “Mr. Kim said he wanted to join Collaborative Fund in New York City not so much to help the firm source deals in the gaming industry, but to help start-ups get from ‘idea stage to minimum viable product’ and beyond, without raising more

Feb. 2, 2016

[SUPER RICH] Big Bang net worth 40b won

Popular K-pop boy band Big Bang is set to join the elite superrich club with an estimated total net worth of 40 billion won ($33.2 million). Moreover, it’s leader G-Dragon, also known as Kwon Ji-yong, has a personal net worth of 15 billion won.Big Bang (YG Entertainment)Confirming Big Bang’s road to success, the quintet’s LA concert at the Staples Center during their world tour last year was selected by Billboard as one of the top 10 grossing concerts in the world, earning a total of 2.1 billion

Jan. 26, 2016

Samsung heiress ends storied marriage

Ending a long-drawn dramatic episode that captivated the nation, Lee Boo-jin, the eldest daughter of Samsung Group chairman Lee Kun-hee, legally ended her 17-year marriage Thursday.　According to Samsung officials, the Seongnam branch of the Suwon District Court ruled in favor of the 46-year-old chaebol scion who filed for divorce from her husband Lim Woo-jae in October 2014. 　 Lee Boo-jin YonhapLee, who heads Samsung affiliate Hotel Shilla, had reportedly fallen out with her 48-year-old husband

Jan. 14, 2016

Ulleung County chief vows to boost local economy

Ulleung County head Choi Soo-il (right) speaks in an interview with The Korea Herald. (Ulleung County)Ulleung County head Choi Soo-il vowed to boost the local economy’s growth by pushing aggressively for major infrastructure and revitalizing the tourism industry.He said his county will focus on building an airport on the island county, building more residential homes and renovating major roads.Ulleung County, North Gyeongsang Province, has 43 islands including the easternmost islands Ulleungdo a

Jan. 13, 2016

American superrich who failed in investments

Many superrich like Jeff Bezos, Larry Page, Sergey Brin and Mark Zuckerberg had a prosperous 2015, with combined earnings of $58.8 billion -- more than the value of Korea’s exports to the U.S. in 2011.However, not all superrich were as successful. Many of them had a rough year, losing money in investments and other endeavors.Dov Charney founded clothing brand American Apparel in 1989 and raised his assets up to $550 million in 2007.Dov Charney (American Apparel website)Charney now has a little o

Jan. 12, 2016

[SUPER RICH] Young chaebol heiresses choose consulting firms as first workplace

SK Group chairman Chey Tae-won’s daughter Chey Yun-jeong, AmorePacific Group chairman Suh Kyung-bae’s daughter Suh Min-jung and LF president & CEO Koo Bon-keul’s niece Koo Min-jeong have a striking similarity.The three women are all next-generation chaebol heiresses currently working as junior consultants at the Korean subsidiary of global consulting firm Bain & Company.They did not enter their family business after graduating, instead choosing to work at a consulting firm to gain experience and

Dec. 29, 2015

[SUPER RICH] Female superrich, East vs. West

There are more successful female entrepreneurs in Asia than in Western Europe and North America, according to new research from HSBC and market research firm Scorpio Partnership.The study, found that 51 per cent of female entrepreneurs surveyed in Asia have a net worth of more than $15 million, compared with 33 per cent surveyed in the West.The research is based on interviews with more than 2,800 business owners with a personal wealth of more than $1 million. It found that 40 per cent of entrepr

Dec. 22, 2015

[SUPER RICH] The riches of chaebol scions

There is an old saying that a wealthy family loses all its fortune by the third generation. It is difficult to determine whether the saying holds true for the Korean chaebol, as many are still controlled by their second generation, with some not even setting the next succession process in motion. However, the third generation chaebol scions own incredible amounts of assets, usually in the form of stocks. The Superrich Team looked into the assets of third-generation descendants, including those i

Dec. 15, 2015

Cosmetics tycoon enjoys explosive growth

AmorePacific chairman Suh Kyung-bae is wrapping up another record year as his business and fortune continues to grow at an explosive pace.The country’s largest beauty products-maker, which has global brands such as Sulwhasoo and Laneige under its wing, is expected to post over $200 million in exports this year, the first time for a local cosmetics producer, according to the firm. AmorePacific chairman Seo Kyung-baeReceiving credit for this achievement, the chairman, who has turned his family’s c

Dec. 7, 2015

AmorePacific chairman picked as Forbes Asia’s 2015 Businessman of the Year

AmorePacific chairman Suh Kyung-bae was selected as Forbes Asia’s 2015 Businessman of the Year on Thursday.In its latest issue released on Thursday, the magazine explained that Suh inherited his father’s company in 1997 and sold off affiliates unrelated to cosmetics, expanding the highly local Korean cosmetics industry overseas.It also added that the company, which owns around 20 major brands available in 14 countries, “is winning the hearts of China’s middle-class shoppers.”Suh Kyung-baeThe mag

Dec. 4, 2015

[SUPER RICH] The leadership and riches of Hyundai’s third generation

The Hyundai family was once again in the spotlight on Nov. 25, on what would have been the 100th birthday of late founder Chung Ju-yung.Tycoon Chung founded the first company of what would become Hyundai Group in 1946, starting off in the construction sector and then expanding to automobiles, steel, shipping and more, setting the foundation for Korea’s rise as an industrial powerhouse.A recent public survey selected him as the most respected Korean entrepreneur, and Chung’s children have also he

Dec. 1, 2015