[SUPER RICH] Game of go makes great businesspeople

The game of go ― known as baduk in Korean ― is a board game where two players place black and white game stones on empty intersections or points of a board that is lined with a 19x19 grid.Unlike chess where you make your move to attack the opponent by destroying the pawns and knights to capture their king, baduk is more about surrounding a larger area of the board so that the opponent is basically hemmed in, making it impossible for him or her to make the next move. This is a game that calls for

IndustryDec. 8, 2014

[SUPER RICH] Cha’s success reveals secret of CEO longevity

The secret to becoming a long-surviving chief executive has become something of a buzzword in the country’s corporate world after LG Household & Health Care vice chairman Cha Suk-yong got an extension to his three-year contract fill 2017 on Nov 28.In the first half of the year, there were lingering rumors that Cha could leave the firm at the year’s end as he has already stepped down from the CEO post at the company’s flagship beauty brand The Face Shop. He also sold his shares in the firm ― 22,0

IndustryDec. 8, 2014

[SUPER RICH] 30-something sons of chaebol owners step up influence

Tension is riding high in the nation’s corporate world as the majority of South Korean conglomerates are set to announce their annual personnel reshuffles this month. “Unlike previous times, Korea will see more executives in their 30s from chaebol owner families at the year-end as conglomerates seek to stabilize their corporate governance amid rising uncertainties in the local and global business environments,’’ industry sources said. The prediction was made based on the recent personnel reshuff

IndustryDec. 1, 2014

[SUPER RICH] Cheongdam-dong’s luxury villa owners

Cheongdam-dong is already famous for being one of the richest areas in Seoul. As much as it is home to many Korean business tycoons, a luxurious villa compound is also concentrated in the very region.The area used to be filled with old-fashioned row houses and multi-family bungalows from the late 1990s to early 2000s ― the period when the Asian financial crisis hit the nation.It was Daewoo Engineering & Construction, one of Korea’s leading construction companies, that pushed ahead with a total m

Dec. 1, 2014

[SUPER RICH] Kohler eyes affluent Koreans

BUSAN ― Kohler, a U.S. supplier of high-end plumbing products, is hoping to see a 300 percent sales growth in the South Korean market next year, said Kohler Novita executive Choi Jae-kwan. “Designers of townhouses and luxury hotels are visiting our Busan showroom to use the premium Kohler products for their interiors,” Choi said during an event celebrating the launch of the company’s new toilet brand Veil. Kohler Novita executive Choi Jae-kwan (Kohler)The Wisconsin-based company, which describes

IndustryNov. 24, 2014

[SUPER RICH] Samseong-dong makes quantum leap

While Cheongdam-dong became famous for being a home to the superrich, Samseong-dong has gained a reputation as the premium office area for the nation’s leading companies. Firms preferring neighborhoods quieter than the congested downtown area began gathering here in the 1990s, making it one of the wealthiest regions in Seoul.Recently, Samseong-dong made another quantum leap thanks to Hyundai Motor’s recent purchase of a site smack-dab in the middle of the district. Hyundai Motor paid around 133

Nov. 24, 2014

[SUPER RICH] Hong Kong billionaire bets on Yeongjongdo jackpot

Pedestrians walk past the K11 Art Mall in Shanghai operated by New World Development, an affiliate of Chow Tai Fook owned by Cheng Yu-tung. (Bloomberg)Cheng Yu-tung, 89, who is the fifth-richest man in Hong Kong with a net worth of $15.5 billion as of this January, made headlines here when he turned his attention to Yeongjongdo Island, located in the Incheon Free Economic Zone, with the aim of developing a casino-based integrated complex.According to IFEZ, Cheng’s Chow Tai Fook Enterprises signe

IndustryNov. 17, 2014

[SUPER RICH] Landowners in Korea’s most exclusive area

To Koreans, land is more than just money, especially when you own property in highly sought-after areas. This is because owning a plot of land is not just about making money, but also about power and status.For example, Cheongdam-dong in southern Seoul is one of the city’s most affluent neighborhoods. In 1967, it was still part of Gyeonggi Province, and was full of pear orchards, but it began its transformation from about 1975 into a home for the emerging superrich as high-rises and expensive ap

IndustryNov. 17, 2014

[SUPER RICH] Billionaires reach for the sky

Skyscrapers, usually designed for office, commercial and residential use, could be called the pyramids of the 21st century.Towering above the skyline, they are clear symbols of industrialization, exhibiting integration of technology, concentration of wealth and enhancement of industry. They tell of the wealth and influence of the time in which they were built. Thus, the superrich and skyscrapers have been connected from the start. Some skyscrapers, such as the Empire State Building in New York,

IndustryNov. 10, 2014

[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

IndustryNov. 10, 2014

[SUPER RICH] Celebrities’ posthumous fame and fortune

The wealth that some celebrities amass during their lifetimes can be mind-boggling. Ordinary people can only dream of such a fortune. Then of course, there are some famous people who manage to rake in millions even after their deaths.Forbes magazine, the influential financial publication, has recently released a list of the Top-Earning Dead Celebrities during the period October 2013 to October 2014.They may be long gone from this world, but their fame and wealth continues to grow. That is becaus

Nov. 3, 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

IndustryNov. 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

IndustryOct. 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

IndustryOct. 27, 2014

[SUPER RICH] Rise of the new breed

The rich are generally considered to be somber, strictly guarding their privacy and loath to mingle with strangers. However, this typical image does not seem to fit the profile of the youngest daughters of Korea’s top business tycoons.They seem to be manifesting surprisingly different and unexpected personalities compared to their older siblings, who are usually more traditional and reserved, burdened with the responsibility of carrying forward the family business.The next-generation women are b

Oct. 20, 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

IndustryOct. 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

IndustryOct. 13, 2014

[SUPER RICH] Self-made millionaire’s passion for art

As a collector, artist and businessman, Kim Chang-il, president of Arario Group, has for decades run his own company while following his passion for art. This year, the self-made multimillionaire opened four new private museums in Korea to display part of the collection he has assembled over the past 35 years. For Kim, who launched his business in a humble cafeteria inside a bus terminal, galleries are a part of his longtime dream. Art, for him, is also a way to relive stress and help others rel

PerformanceOct. 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

IndustryOct. 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

IndustryOct. 6, 2014