[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

IndustryMarch 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

IndustryMarch 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

IndustryMarch 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

IndustryMarch 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

IndustryMarch 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

IndustryFeb. 24, 2015

[SUPER RICH] How much is time worth to the superrich?

In a capitalist society, time is money, and its financial worth varies from person to person. In terms of financial gain, a minute spent by a child cannot be worth the same amount as that spent by a globally successful businessman.Time runs differently for the superrich compared to ordinary people. According to China’s Hurun Report, the three richest men in the world ― Bill Gates, Warren Buffett and Carlos Slim ― earned a total of $52 billion in 2014, meaning that they earned an average of $100,

IndustryFeb. 17, 2015

[SUPER RICH] Doosan heir releases jam for good cause

Doosan Group heir Park Seo-won has once again gone off the beaten track, selling fruit reductions in order to help farmers struggling with blemished products. Park, who now serves as the chief creative officer of the country’s oldest advertising agency, Oricom, said Monday that the company had released a series of jams named Ireonjjaembyeong (Such a Jar of Jam). “Just because they (the fruits) have fallen a bit earlier than their peers or have been scratched by branches, they should not be regar

IndustryFeb. 17, 2015

[SUPER RICH] Superrich superstars donating to charity

Many famous foreign celebrities regularly donate their riches to charity. American website TheRichest selected several who are noted for their contributions.Michael J. FoxThe first celebrity on the list was Michael J. Fox of “Back to the Future” fame. Fox, who retired from acting in 2000, was diagnosed with Parkinson’s disease in 1991 but chose to keep it a secret for seven years. He has since set up The Michael J. Fox Foundation, today the largest nonprofit funder of Parkinson’s drug developmen

IndustryFeb. 3, 2015

[SUPER RICH] Superrich set dining trends with restaurant franchises

Restaurant franchise management is the rage among second- to fourth-generation chaebol scions. These superrich ― who have either studied abroad or go on frequent business trips ― are bringing over famous foreign restaurant brands that they patronize overseas, or taking inspiration to build and bring in restaurants that suit their culinary taste. With these business endeavors, they have set off new trends in the Korean restaurant scene.Conglomerates’ recent foray into the restaurant business is a

IndustryJan. 27, 2015

[SUPER RICH] ‘Black tears’ of oil tycoons

South Korea often proclaims to itself as “a country that does not produce oil” ― a sort of rallying cry to encourage itself to survive in a largely oil-based world order. Oil is necessity for improving one’s industries, and some people have become billionaires by taking over oil production, distribution and filtration.The total assets of the current 85 oil billionaires and eight royal families in the oil business amount to $550 billion, much higher than Korea’s yearly budget.But the oil industry

IndustryJan. 19, 2015

[SUPER RICH] Koo marks 20 years at LG helm

On the evening of Jan. 15, LG chairman Koo Bon-moo appeared as determined as ever. “Let the brand LG become the symbol of innovation, the true ‘first class’ that lives forever,” he told a group of company executives at a dinner party. “We have had hard times but managed to overcome them. Let that become our motive for a better future,” he said. Koo led 40 top executives of the group on a two-day training session before the dinner and stressed innovation.  Koo Bon-moo. (Illustration By Park Gee-y

IndustryJan. 19, 2015

[SUPER RICH] Foreign billionaires’ firms muscle into Korea

When global companies like Uber and IKEA expanded their business into South Korea last year, local taxi firms and retailers were caught off guard by their cheap pricing and fresh business ideas. And it was natural for their billionaire founders, Travis Kalanik and Ingvar Kamprad, respectively, to make headlines here for their success stories and underlying strategies.This year, more ― and bigger ― billionaires are in store to make inroads into in Korea, posing a challenge to their local competit

IndustryJan. 12, 2015

[SUPER RICH] Superrich linked to ‘dreams’

People tend to hold mixed feelings toward the superrich. While there is animosity or jealousy toward those who have so much, there is also a sense of desire to achieve what they have. The superrich provide inspiration that anyone can be economically successful if they work toward their dreams.The Korea Herald Special Investigation Team and social media analyst Jelly Fish studied “big data” related to wealthy people in Korea and abroad to pinpoint the latest obsession ― dreams and the superrich ―

IndustryJan. 12, 2015

[SUPER RICH] Daum Kakao chief is Korea’s most liked superrich figure

We love, hate, envy, admire and emulate the traits of the rich men. In the digital era, we share information, impression and our feelings toward the superrich online. The Korea Herald Special Investigation Team and social media analyst, Jelly Fish studied “big data” related to wealthy people of Korea and abroad to pinpoint our latest obsessions and how we perceive them. The team has studied articles and search terms on www.naver.com, the country’s largest portal site, as well as Twitter, Faceboo

IndustryJan. 5, 2015

[SUPER RICH] Highest-earning billionaires of 2014

The year 2014 has been quite an eventful one for the superrich. Their assets and rankings have changed considerably, while new billionaires have emerged and others have forfeited their entire fortunes overnight. As the status of the superrich is primarily decided by assets, numbers are the best way to gauge their achievements. To the superrich ― who in many ways control their country’s economy ― these numbers mean more than wealth. They are a reflection of their business philosophy and strategy.

IndustryDec. 29, 2014

[SUPER RICH] Lees’ Samsung reign to continue

The global community is closely watching Samsung Group, the country’s largest conglomerate, after it handed over its chemical and defense units to Hanwha Group. Samsung said the move was aimed at streamlining its portfolio ahead of ushering in a new era of management.And on Thursday, Samsung Group’s de facto holding company Cheil Industries made a successful debut on the stock market with its shares closing at double the initial public offering price. The IPO was also part of the company’s restr

IndustryDec. 22, 2014

[SUPER RICH] Owner family risk hits chaebol

Public anger is rising against the lack of leadership screening at South Korea’s family-controlled conglomerates, or chaebol, in the wake of the “nut rage” incident caused by Korean Air heiress Heather Cho. “Looking at the backlash of the ‘nuts return’ scandal at Korean Air, big business circles are taking the situation more seriously and looking for lessons to be learned from it,’’ an official from a leading business association told The Korea Herald. Industry watchers said the nut scandal, cau

IndustryDec. 15, 2014

[SUPER RICH] Going the extra mile in philanthropy

Over the last 20 years, there has been a tremendous increase in the number of the world’s superrich and their wealth. The total assets of 1,645 billionaires with over $1 billion this year stood at $6.4 trillion, according to Forbes magazine, a leading source for reliable business news and financial information.This was the total gross domestic product of the U.S., Canada and Mexico in 1992, when the three countries signed the North American Free Trade Agreement.The rise of the superrich and the

Dec. 15, 2014