[SUPER RICH] Superrich sons-in-law

In the cutthroat business world of chaebol, sons-in-law were often considered the elephants in the room. While customs have changed so radically in Korea that it is now not uncommon to see men living with their in-laws instead of the other way around, sons-in-law are still considered “guests” and not members of the family. This means they are treated with utmost respect, but it also means they could never hope to take over the family business. In Japan, there are occasional cases where the son-i

IndustryApril 21, 2014

[SUPER RICH] CJ vice chairwoman finds goldmine in cultural industries

Lee Mie-kyung, vice chairwoman of CJ, is a rare breed of Korean superrich who saw a business opportunity in culture and entertainment. Born in Tennessee, U.S., and raised in Seoul, Lee is the Harvard-educated daughter of Lee Maeng-hee, Samsung chairman Lee Kun-hee’s elder brother. She first gained international recognition in 1995 after masterminding CJ Group’s $300 million investment in DreamWorks Studio founded by Hollywood powerhouses Steven Spielberg, Jeffrey Katzenberg and David Geffen.  Le

IndustryApril 21, 2014

[SUPER RICH] Sports stars become ‘superrich’

Global sports stars are becoming another breed of superrich.From jaw-dropping paychecks to endorsements and investment returns, the young, athletic and beautiful are raking in money with their talent and brand image. They are also clever enough to hold onto their assets. The primary source of their income is payroll. Major Leaguer Choo Shin-soo signed with the Texas Rangers for $130 million over seven years, while Ryu Hyun-jin signed a $4.3 million contract this year with the Los Angeles Dodgers

IndustryApril 14, 2014

[SUPER RICH] Korea vs. U.S.: Executive salary gap

The nation appears to still be reeling after the staggering salaries received by executives at local conglomerates were revealed.The companies recently reported on the annual salaries paid to these executives based on laws calling for disclosure for those who are registered on the corporate board and receiving 500 million won ($481,000) or more.Most of the population seemed to think that these executives were getting paid too much. This is likely because most felt deprived vis-a-vis the hefty pa

April 14, 2014

[SUPER RICH] The brains behind K-pop

The local entertainment industry has grown rapidly amid the endless expansion of hallyu in the form of K-pop, Korean dramas, movies and more.Although the Korean entertainment business may still be in its infancy compared to the breadth of those overseas like Hollywood, it has nonetheless bred some very wealthy performer-turned-producers and entertainment company CEOs, who are now worth billions of won in assets. The Korea Herald has dug deeper into the four most famous moneybags in Korean show b

TechnologyApril 7, 2014

[SUPER RICH] You’ll never say ‘Naver’ like you used to

When one asks market analysts, “What’s up with Naver?” they exclaim, “Everything’s up!”Most significantly, the company’s earnings have skyrocketed, which in turn has driven up its stock price.This positive momentum led Lee Hae-jin, the founder of the search giant, to receive a fatter paycheck and become richer, joining the upper echelon of Korean billionaires who include Samsung chairman Lee Kun-hee.Lee, Naver’s chairman of the board, has a 4.64 percent stake in the search portal and was paid a

TechnologyApril 7, 2014

[SUPER RICH] The superrich club of sports fans

The superrich’s pursuit of sports often goes beyond the role of spectator or a participant. They show their affection on a scale befitting their assets. Heesung Group chairman Koo Bon-neung is well known as a passionate baseball fan. Koo, who is currently the president of the Korea Baseball Organization, has published a photobook featuring his lifetime collection of baseball photos. He himself played the game as an outfielder when he attended junior high. Chung Mong-joon, the largest shareholder

IndustryMarch 31, 2014

[SUPER RICH] Shinsegae heir’s very public love affair with Tesla

When Shinsegae Group vice chairman Chung Yong-jin bought himself a Tesla Model S last year, it seemed to make perfect sense given the trendsetting image of the entrepreneur, who is known for his youthful fashion style and easygoing manner, and for tweeting his thoughts to consumers. Chung, son of Shinsegae chairwoman Lee Myung-hee and nephew of Samsung Group Chairman Lee Kun-hee, became the first individual to own a Tesla vehicle in Korea. Hyundai and Kia reportedly own two cars for research pur

MobilityMarch 24, 2014

[SUPER RICH] LG, GS, LS owners enjoy dividend bonanza

About half of Asia’s listed companies are family-run businesses, according to an analysis performed by Credit Suisse last year. And these companies were found to have been quite lucrative, as the family-owned corporations from 10 major Asian countries accounted for 32 percent of the total market value of the region.Korea was included on the list, and out of the current market leaders, all but POSCO were founded in the early stages of industrialization and thrived in the hands of their heirs.The

IndustryMarch 24, 2014

[SUPER RICH] Female billionaires on the rise in Korea

More and more women are becoming rich, but they still remain a minority in the world of the superrich despite their improving status and active participation in society.According to the 2014 World’s Billionaires list recently unveiled by Forbes, in which the 1,645 super-wealthy were ranked, a total of 172 women made the list, up 25 percent from a year earlier but constituting a mere 10 percent of the world’s mega-rich. Yet, most of the women inherited their fortune from a parent or husband. Only

IndustryMarch 17, 2014