[SUPER RICH] TonyMoly chairman, rising superrich candidate with IPO plan

2015 will be a milestone year for budget cosmetics-maker TonyMoly chairman Bae Hae-dong. The company, ranked fourth in the segment last year, is finally going public in July. A meeting with investors was held in Shanghai on Monday. “Major Chinese investors reside in Shanghai and we thought this was the right time to explain the company’s vision and prospects,” a Daewoo Securities official who leads TonyMoly’s stock-listing plan was quoted as saying to a local newspaper. If all goes to plan, the

IndustryJune 9, 2015

[SUPER RICH] Lee Jay-yong consolidates hold on Samsung

The stock market went frantic. Business analysts were excited. News of the merger between Cheil Industries and Samsung C&T ― two main pillars of Samsung Group ― revved up the business world through last week.But as time passed, the victor of the merger between a fashion-chemical company and construction-trading firm became very clear. According to news reports, Samsung Group vice chairman Lee Jay-yong saw his wealth increase by around 1 trillion won ($897 million) within a week, given his 23.23

IndustryJune 2, 2015

[SUPER RICH] Demographics of East Asian superrich

In East Asia, the middle-aged and elderly superrich run the show.Forbes recorded 358 billionaires in China, Taiwan, Hong Kong, Japan and South Korea combined, and most were middle-aged and elderly in their 40s to 70s, with differing rates of self-made billionaires and heirs.ChinaForbes recorded 221 billionaires in mainland China with their collective assets worth $773.3 billion. Of them, 96 superrich were in their 50s with collective assets of $285.6 billion, led by 51-year-old Jack Ma ― founder

IndustryJune 2, 2015

[SUPER RICH] Jack Ma enters Korean market to expand Alibaba empire

Jack Ma, the chairman and founder of Alibaba Group Holding Ltd. who holds assets worth $36.4 billion, visited South Korea for the third time on May 17 to announce the launch of the Korea Pavilion on T-Mall, a business-to-consumer online retail channel.T-Mall is a profitable business for Alibaba Group Holding Ltd., with gross merchandise volume of 763 billion yuan (about $123 billion) last year.The Korea Pavilion, which opened May 18, deals with Korean retail items. The decision stems from the po

IndustryMay 26, 2015

[SUPER RICH] Kumho Asiana chief in last-minute takeover talks

Kumho Asiana chairman Park Sam-koo is making a last-ditch effort to bring former affiliates back together with the acquisitions of Kumho Buslines and Kumho Industrial. The 70-year-old Park is in final negotiations with a private equity fund jointly run by IBK Securities and KStone Partners, which hold a 100 percent stake in Kumho Buslines, to retake the intercity bus transportation unit, according to sources on Tuesday.“The two sides are bargaining over the price and an extension of the payment

IndustryMay 26, 2015

[SUPER RICH] Koo Kwang-mo steps closer to LG inheritance

Koo Kwang-mo, son of LG Group chairman Koo Bon-moo, emerged as the heir-apparent of the 71.2 trillion won ($71 billion) conglomerate this week as it was revealed that he owns the largest number of company shares among contenders. Although he is the biological child of Heesung Group chairman Koo Bon-neung ― younger brother of Bon-moo ― he was adopted in order to inherit the group’s management. The LG founding clan has a strict patriarchal inheritance structure, granting exclusive rights to eldest

IndustryMay 19, 2015

[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

IndustryMay 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

IndustryMay 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

IndustryMay 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

IndustryMay 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

IndustryMay 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

IndustryApril 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

IndustryApril 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

IndustryApril 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

IndustryApril 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

IndustryApril 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

IndustryApril 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

IndustryApril 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

IndustryMarch 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

IndustryMarch 31, 2015