[SUPER RICH] Influence of family businesses rising globally: McKinsey

Despite growing criticism of Korea’s family-controlled conglomerates, known locally as chaebol, U.S. management consultancy McKinsey found that family businesses are stronger and more vital around the world than ever before. According to McKinsey’s report on founder- and family-owned businesses, about one-third of the Fortune Global 500 companies are founder- or family-controlled, as are 40 percent of the major listed companies in Europe. “Family businesses are especially important in emerging m

Nov. 10, 2014

[SUPER RICH] Samsung’s former No. 2 closes in on billionaire status

Former Samsung Group vice chairman Lee Hak-soo, the former right-hand man of group chairman Lee Kun-hee, is ready to return to center stage. But this time, it won’t be for Samsung Group. Lee has maintained a low-key profile since 2008 when he stepped down from the group’s No. 2 post with chairman Lee, taking responsibility for assisting the chairman in running secret slush funds. Last week, Chaebul.com, an online information provider of Korean ultrahigh net worth individuals, predicted that the

Nov. 3, 2014

[SUPER RICH] AmorePacific chief emerges as billionaire icon

The stock market has played an instrumental role in creating the wealth of most South Korean billionaires.Suh Kyung-bae, 51, chairman of South Korean cosmetics-maker AmorePacific Group, is one such business tycoon who joined the big leagues of wealth thanks to a dramatic upturn in his stock values. Last week, the stock price of AmorePacific, the nation’s top cosmetics manufacturer, surpassed the 2.5 million won ($2,375) mark for the first time in its history, making Suh the second-wealthiest man

Oct. 27, 2014

[SUPER RICH] World’s top brands

Interbrand, an American brand consultancy, has been releasing an annual ranking of 100 global brands since 2000, evaluating each brand’s financial performance, role and strengths.A closer look at Interbrand’s reports issued between 2004 and 2014 reveals the ups and downs that the brands have experienced through the years, and also reflects the changes in different industries. For instance, some top brands suffered sudden and unexpected declines in their value, while others that were thought to n

Oct. 27, 2014

[SUPER RICH] Hyundai Heavy shifting to third-generation ownership

In an effort to create a sense of urgency for change, Hyundai Heavy Industries, the world’s largest shipbuilder, is moving toward a generational shift in its ownership. Last Thursday, the shipbuilder promoted Chung Ki-sun, the eldest son of its largest shareholder Chung Mong-joon, as a vice president, while drastically cutting back its number of executives by 31 percent, or 81 out of 262.  Hyundai Heavy Industries owner Chung Mong-joonHyundai Heavy Industries vice president Chung Ki-sunThe reshu

Oct. 20, 2014

[SUPER RICH] The allure of art

What makes art so fascinating to the superrich? Collecting artwork can be seen as a high-class hobby that befits the lives of society’s wealthiest. In fact, one way to measure wealth in modern society is how avid they are in collecting expensive art. This measure has become gender-irrelevant. While men were not frequent customers in the world of art in the past, the situation has changed drastically. Instead of collecting random pieces of work, these superrich collectors focus on finding those t

Oct. 13, 2014

[SUPER RICH] Top 5 billionaires losing money

Many 21st-century billionaires have made their piles from stock investments. On the reverse side, this means that they could also lose their billions on account of stock values.As a case in point, the prices of stocks in large Korean corporations in the fields of electronics, automobiles and shipbuilding have plummeted, leading to a decrease in local billionaires’ assets.As of last month, Chung Mong-joon, the largest shareholder of Hyundai Heavy Industries, suffered the biggest drop in his stock

Oct. 6, 2014

[SUPER RICH] MCM chief faces controversy over political ambitions

It seems that Kim Sung-joo, chief visionary officer of global fashion brand Modern Creation Munchen, has never been busier. On top of opening the MCM flagship store in Munich last month, she is now at the helm of the Korean Red Cross. However, following her recent appointment, Kim is now in hot water due to claims that she has never been passionate about the Red Cross. The proof, according to Rep. Kim Yong-ik of the main opposition New Politics Alliance for Democracy, is that the chairwoman fail

Oct. 6, 2014

[SUPER RICH] Lotte, Shinsegae turn to alcohol sector

It seems the heads of Lotte and Shinsegae, the country’s two leading retailers, are both smitten with the same item ― alcohol. These two market competitors are advancing into the local alcohol business, which is growing rapidly thanks to the diversification of customer demand and easing government regulations. Lotte serious about wine Lotte Liquor ― part of Lotte Chilsung Beverage, an affiliate of Lotte Group ― is in search of a facility measuring at least 1 square kilometer to open a premium wi

Sept. 29, 2014

[SUPER RICH] Asia’s top 10 billionaires

Everybody knows that there are billionaires living among us, but it’s hard to determine just how many billionaires there are, where they gravitate to and exactly how they make their piles. To address these questions, Wealth-X, a Singapore-based asset information provider, and Switzerland-based UBS have released comprehensive data on the composition and dynamics of the world’s most affluent group of people since 2013.The Korea Herald Investigative Team looked into their reports ― the Wealth-X and

Sept. 29, 2014

[SUPER RICH] Korea’s stock billionaires

In the 21st century, what makes rich people rich is how many shares they own in a company. The power of stocks, which is the combination of corporations ― called the greatest invention of capitalism ― and compound interest ― the strongest energy in the universe, according to Einstein ― gets stronger every day as the world economy advances. In other words, having a business and a source of compound interest is one of the best and fastest ways to become a billionaire. For instance, Bill Gates, a y

Sept. 22, 2014

[SUPER RICH] Samsung heiress enjoys success with fashion venture

Lee Seo-hyun, president of Cheil Industries’ fashion division, clearly has a knack for making money through fashion. The 41-year-old younger daughter of Samsung Group chairman Lee Kun-hee has recently added fashion brand NONAGON to her success list. Targeting teens and those in their early 20s who are attracted to street fashion, all NONAGON products sold out within three days of its official launch, the company said on Sept. 15. Cheil Industries’ fashion division president Lee Seo-hyun. (Korea

Sept. 22, 2014

[SUPER RICH] The art of feng shui

Feng shui can be laughed off as mere superstition in today’s highly advanced society.Still, some of the wealthiest people in South Korea believe that it helps them not only find peace and fortune, but also intentionally select the best land so that they and their ancestors can feel the qi, or energy.Coincidence or not, many superrich attempt to practice good feng shui. Tens of thousands of people wanting to feel good qi make pilgrimages to the birthplaces of conglomerate founders, while some sup

Sept. 15, 2014

[SUPER RICH] Daegu tends grave of SoftBank founder’s kin

Gang Dae-sik, head of the Dong-gu District Office in Daegu, on Aug. 31 made a special but familiar trip to nearby Mount Palgongsan. It was the week before Chuseok, or Korean Thanksgiving, a time when Koreans visit the old tombs of their ancestors to pull out the weeds and trim the grass. But the person buried in the tomb Gang and his colleagues tended to was neither a relative nor an acquaintance. The tomb belongs to a member of the Son family, who came from a small village nearby. About 15 peop

Sept. 15, 2014

[SUPER RICH] Bigger dividends may spell bigger rewards for superrich

A number of conglomerate heads have been working for free. Samsung Group chairman Lee Kun-hee has not received wages since 2010, along with Hanwha chairman Kim Seung-youn, GS chairman Huh Chang-soo and SK chairman Chey Tae-won. But thanks to the jaw-dropping amount they get in dividends, these tycoons are able to live in luxury. Samsung’s Lee, for instance, bagged 68.8 billion won ($67.4 million) of dividends from his shares in Samsung Electronics in the fiscal year of 2013. Hyundai Motor Group

Aug. 25, 2014

[SUPER RICH] AmorePacific chairman now Korea’s third-richest man

Aug. 13, 2014, was a historic day for AmorePacific Group chairman Suh Kyung-bae. The stock price of the nation’s top cosmetics brand closed at 2,068,000 won ($2,000) for the first time in its history, becoming a so-called golden stock by surpassing the 2 million won mark.The surge of AmorePacific shares made Suh the third-richest person in the country, behind Samsung Group chairman Lee Kun-hee and Hyundai Motor Group chairman Chung Mong-koo. Suh owns 626,445 common stocks of AmorePacific, a 10.7

Aug. 18, 2014

[SUPER RICH] Japan outdoes Korea in self-made billionaires

South Korean companies and people have long compared themselves to Japanese counterparts to measure their success. But things have changed in the past few years as the number of Korean success figures has overtaken that of Japan. Forbes put 26 Korean and 25 Japanese billionaires on its list of the world’s 1,000 wealthiest people on Aug. 15.While it demonstrates the growth of the Korean economy, the higher number doesn’t equate to more wealth. Korea narrowly has more people on the list, but the c

Aug. 18, 2014

[SUPER RICH] Education: A long-term business project

There’s an old Korean saying that education is a century-long investment. It means that education is just that important and requires a long-term perspective. Business moguls have heeded this saying by making long-term investments in the educational sector. Whether it was a means for securing better talent on-campus, a part of ongoing corporate social responsibility programs or just an attempt to get tax cuts, local conglomerates have always made sure schools were a part of their business.Tailor

Aug. 11, 2014

[SUPER RICH] The superrich bucket list

No matter how rich you are, there are some things that are beyond your reach. The Korea Herald Special Investigative Team looked into some of the pet projects on the “bucket lists” of the nation’s top business moguls. Some were realized, some are ongoing, and for a few, the dreams were passed on to the next generation. Lotte launches beer brandThis April, Lotte Group founder Shin Kyuk-ho, after many years, was able to cross off one item on his bucket list when Lotte launched Kloud, its own brand

Aug. 4, 2014

[SUPER RICH] Buying and selling Korea

The wealth of the superrich can at times appear mindboggling to ordinary people. For this edition, The Korea Herald Special Investigative Team translated the wealth of the nation’s superrich into what is still considered one of the most desired forms of liquidity ― real estate. Buying a cityThe total value of shares owned by the country’s top 100 stockholders stands at 75.5 trillion won ($74 billion), according to market reports. The amount is almost equivalent to the price of 115,070 apartments

July 28, 2014