[SUPER RICH] Korean superrich around the world

At a time when national borders are blurring, Korean superrich ― both citizens and emigrants ― are setting up shop around the world. As these overseas Koreans run their businesses, not only do they play a role in representing their roots from afar, but they also show that people can succeed after going through much hardship.JapanMany Korean and Korean emigrant businessmen work in other Asian countries, particularly in Japan and Southeast Asia. In the case of Korean-Japanese entrepreneurs, many c

May 19, 2015

[SUPER RICH] Superrich who stepped out of their families’ shadows

When one comes from a superrich family, many expect the person to assist the family business and live an easy life. However, several have decided to make it on their own without any assistance from their family.While it may be true that they were able to pursue their path more easily due to their lineage, it takes more courage to follow independent careers when they are better known as family members of millionaires.Ralph Lauren ― Andrew and Dylan LaurenTwo out of Ralph Lauren’s three children d

May 12, 2015

[SUPER RICH] Shinsegae’s Chung sells Samsung shares

Shinsegae vice chairman Chung Yong-jin returned to the media spotlight last week when a local newspaper revealed that he sold 48,500 shares of Samsung Electronics ― valued at around 59.1 billion won ($54.1 million) ― late last year. The deal reduced the number of Chung’s shares in Korea’s largest tech company to 245,000 from 293,500, reported as of September 2014. According to reports, Chung holds a 0.17 percent stake in Samsung Electronics, which makes him the fourth-largest individual sharehol

May 12, 2015

[SUPER RICH] Superrich of the toy world

Toys hold a special place in children’s hearts. Children beg their parents and save pocket money for them. They sometimes hold onto them until adulthood.Although there are only a few globally renowned toy companies, their presence is felt all over the world.Some companies have sold their stocks after the founders’ death and have been operating under professional managers. Others have continued to run under the founder’s family. Kjeld Kirk Kristiansen, former president and CEO of Lego Group. (Blo

May 5, 2015

[SUPER RICH] Gates, Slim, Buffett find fun in traditional toys

People tend to think of yachts, supercars or private jets when they imagine billionaires’ toys. But some superrich have been shown spending their leisure time with unexpectedly common items that can be easily found in local stores.Microsoft founder Bill Gates and Berkshire-Hathaway Inc. chairman Warren Buffett are known to enjoy table tennis in their down time. The two were seen playing a peculiar game of ping pong on one occasion at the annual Berkshire Hathaway Inc. shareholders meeting in Neb

May 5, 2015

[SUPER RICH] Superrich reap top dividends

At a time of low economic growth, dividends are rising as a means to promote a smooth economic circulation among the public.As Korean corporations generate more profit every year, foreign investors often mention that they receive too low returns, while ordinary Korean citizens criticize the superrich for receiving too high.But this year, the Korean government implemented a policy to expand dividends, increasing corporations’ dividend overall.Samsung GroupThe new policy has done well for Samsung

April 28, 2015

[SUPER RICH] Chaebol battle it out in duty-free market

The battle for opening a single downtown duty-free shop is heating up under the watchful eyes of the chiefs of some of the nation’s largest conglomerates. The new duty-free store in central Seoul, whose license will be granted in July, is seen as a golden opportunity for local retail giants to open up a new revenue stream. While the domestic retail market is nearing saturation, the duty-free market has expanded rapidly in recent years, recording double-digit growth since 2010. Between 2010 and 2

April 28, 2015

[SUPER RICH] Differing attitudes of two Chinese philanthropists

There are philanthropists who donate their wealth and wisdom with sincerity, and those who use it more as a huge marketing tool for their image. Two philanthropists in China are the perfect examples of both types of superrich.Aw Boon HawAw Boon HawAw Boon Haw (1882-1954) was an ethnic Chinese entrepreneur from Myanmar best known for introducing Tiger Balm, which his herbalist father first created.Aw moved across Asia expanding his Tiger Balm business along with his brother, and also founded 15 n

April 21, 2015

[SUPER RICH] Friendship sustains Samchully through generations

The Fair Trade Commission’s annual announcement of business enterprises restricted of cross-ownership is both an honor and a bother for businessmen. Yoked on businesses with more than 5 trillion won ($4.8 billion) in assets, the designation is perceived as a restriction on their operations because it bans additional cross-shareholding and affiliates from guaranteeing debt among themselves, while prohibiting the company’s exercise of legitimate voting rights. Still, it is an acknowledgement of go

April 21, 2015

[SUPER RICH] ‘Tweaker’ superrich who innovated by imitation

Urban Dictionary defines a “tweaker” as someone who constantly makes slight alterations to an object ― typically a very specific one ― such as computers, automobiles and software. Several superrich have been made successful by applying this concept to the corporate world and tweaking preexisting business models as they would a car or software.Sam WaltonWal-Mart founder Sam Walton, who died in 1992, stated in his autobiography: “Most everything I’ve done I’ve copied from somebody else.”Walton set

April 14, 2015

[SUPER RICH] Huge salary gap between Korean and U.S. superrich

How much do the superrich earn each year from their business achievements?Whenever salary statements of business heads are revealed, the company’s annual performance and achievements are evaluated as well. This is to determine whether the business head deserves the salary that he or she received. For this reason, the annual salary of a business head is often referred to as “compensation.”The Superrich Team looked into the annual salaries of both Korean and U.S. superrich by collecting data from

April 14, 2015

[SUPER RICH] E-Land chairman’s love of collecting

E-Land Group chairman Park Sung-su acquired something unusual last month. He bought the Nobel Memorial Prize in Economic Sciences medal of the late economist Simon Kuznets for $39,848.“Park is said to have been attracted to the fact that Kuznets had influenced his peers including the noted British economist John Maynard Keynes,” an industry source said. This is not the first time Park has bought something that could be perceived as extraordinary. He is reported to have bought more than 3,000 rep

April 7, 2015

[SUPER RICH] Superrich’s meetings with the president

Meeting the president is a pivotal moment for the superrich anywhere in the world. A look at various such meetings shows different moods and mannerisms of the superrich and presidents.In South Korea, meetings between the superrich and the president are considered a political and business assembly accompanying a meal.The president also invites the superrich based on their ranking ― such as the “top 20 businesses” ― rather than their field of business. Former President Kim Young-sam holds a dinner

March 31, 2015

[SUPER RICH] Orion chairman seeks to reclaim past glory in Chinese film market

Showbox Mediaplex, the film-making arm of Orion Group, the nation’s second-biggest snack-maker, made headlines on March 25 when the company announced its expansion to China by signing an exclusive partnership with China’s leading entertainment giant Huayi Brothers.The news once again brought the limelight to the business group’s chairman Tam Chul-kon as the Chinese-Korean is apparently hoping to recreate his “rags-to-riches legend” once again and take the faltering conglomerate back to its glory

March 31, 2015

[SUPER RICH] AmorePacific chief dreams big for beauty empire

Last Friday, AmorePacific chairman Suh Kyung-bae was revealed to be the second-richest stockholder in South Korea. According to Chaebul.com, a website dedicated to investigating the wealth of Korea’s superrich, Suh’s shares ― 49.34 percent of AmorePacific Group ― were estimated at 8.1 trillion won ($8 billion). The amount is 39 percent up from 5.8 trillion won estimated in end-2014. Suh is just 362 billion won short of the frontrunner, Samsung Electronics vice chairman Lee Jay-yong. But he has a

March 24, 2015

[SUPER RICH] Hyundai Dept. Store chief diversifies portfolio

Hyundai Department Store is fast moving to expand its presence and diversify its portfolio, signing two real estate deals in succession.As the company eyes the tightly contested market, Hyundai Department Store Group chairman Chung Ji-sun is also increasing his public presence. While Chung is a member of the famous Chung Ju-yung family, he has for the large part kept a low profile.While a department store opening new branches is nothing new, Hyundai Department Store has taken on the unusual stra

March 17, 2015

[SUPER RICH] Young Korean superrich transcend borders

Samsung Electronics vice chairman Lee Jay-yong and Daum Kakao chairman Kim Beom-su are two notable Korean billionaires with striking similarities.Both operate world-class companies, hold considerable wealth and status, and suggest that they are keen to rapidly expand their businesses by transcending borders. Lee Jay-yong and Kim Beom-suLee Jay-yongForbes selected Samsung Electronics vice chairman Lee Jay-yong as the most influential person in Korea in 2014. Bloomberg estimates his total assets a

March 17, 2015

[SUPER RICH] Shin Dong-bin strives to shine through expansion

Lotte Group chairman Shin Dong-bin splurged 8.1 trillion won ($8 billion) on business ventures in February. On Feb. 11, Shin reportedly orchestrated Lotte Duty Free store’s lucrative bid to operate inside Incheon International Airport for 6 billion won over the next five years, and on Feb. 26 a consortium of Lotte Shopping and Lotte Hotel was named the preferred bidder of rent-a-car company KT Rental after offering 1.1 trillion won. On Feb. 27, Lotte DFS was selected to run an urban duty-free st

March 3, 2015

[SUPER RICH] Chinese superrich looking to Korean market

Chinese superrich have been on the rise since Jack Ma’s Alibaba Group raised a record $21.8 billion in its initial public offering last September and set the world abuzz.From technology to real estate, the newly emerging Chinese superrich have been eyeing the Korean market, looking for ways to expand their businesses.Ma Huateng, founder of Internet service company Tencent, recently joined forces with Hana Financial Group with the aim of introducing the mobile payment system Tenpay in Korea. Tenp

March 3, 2015

[SUPER RICH] Superrich donating for scientific development

Scientific development, especially in medicine and technology, has had a considerable effect in raising living standards by saving lives and improving the quality of life.The vast majority of scientific developments are led by the government ― the main reason being the astronomical costs that can only be properly funded by the state. Even in the U.S., personal and private funding for scientific research barely reaches 10 percent of total funds.Experts emphasize that donations from superrich indi

Feb. 24, 2015