[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

IndustrySept. 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

IndustrySept. 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

IndustrySept. 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

IndustrySept. 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

IndustrySept. 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

IndustrySept. 15, 2014

[SUPER RICH] Daewoo’s global business legacy lives on

The stories of Daewoo Group and its founder Kim Woo-choong have been kept low-key in Korea for more than a decade since the group fell apart in August 1999. The demise of Daewoo Group, the nation’s second-biggest conglomerate in 1998 with 76.7 trillion won ($75.6 billion) in assets, rattled the nation as the biggest failure in the corporate world. Shin Jang-sup, an economics professor at the National University of Singapore, broke the taboo last week, bringing the 78-year-old former business mog

BusinessSept. 1, 2014

[SUPER RICH] Knowing your roots

Every business empire has a success story. Many of them started as a very small business, weathering ups and downs to grow into a global company. Some remain living legends and others struggle to be remembered. Here are some South Korean business magnates who are striving to return to their roots.Kumho AsianaThe management and labor union of Kumho Asiana Group, the country’s 14th-largest business conglomerate by assets, recently released a statement denouncing the private equity funds trying to

BusinessSept. 1, 2014

[SUPER RICH] Koo hits jackpot with rice cooker innovation

Cuckoo Electronics CEO Koo Bon-hak. (Yonhap)Koo Bon-hak, chief executive of Cuckoo Electronics, the nation’s largest electric rice cooker maker, has become a rising star in the corporate world after his wealth jumped on a recent stock listing.On Aug. 6, Cuckoo Electronics listed 9.8 million shares on the nation’s main stock bourse. During the ensuing 20 days, share prices skyrocketed 60 percent from the initially offered price of 104,000 won. On Friday, it closed at 186,000 won ($182). On that d

BusinessAug. 25, 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

IndustryAug. 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

IndustryAug. 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

IndustryAug. 18, 2014

[SUPER RICH] Chairman of Orion to share governing power

Family-controlled Orion Group, the nation’s second-biggest snack giant after Lotte, took a bold measure last week by dismantling the office of chairman, which had served as the control tower for the group for decades. Prior to this, group chairman Tam Chul-kon had governed the group with his wife and vice chairman Lee Hwa-kyung since he took up the chairmanship in 2003. Tam is a son-in-law of the late Orion founder Lee Yang-gu.  Tam Chul-kon“There is no doubt that dismantling the control tower w

Aug. 11, 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

IndustryAug. 11, 2014

[SUPER RICH] Hyundai chairwoman continues to bet on North

Despite Hyundai Group’s declining profit, chairwoman Hyun Jeong-eun appears determined to push forward with the group’s long-term plans for capitalizing on inter-Korean economic cooperation projects ― namely tours to Mount Geumgangsan that were suspended under the former administration when a South Korean tourist was shot dead by a North Korean soldier. Her latest visit to North Korea on Monday reflected such intentions, according to industry sources. At 9:40 a.m., the chairwoman arrived at the

BusinessAug. 4, 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

IndustryAug. 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

IndustryJuly 28, 2014

[SUPER RICH] Samsung heirs flaunt the Galaxy fashion

Executives of global tech giants are rapidly abandoning their strict dress code for more casual, trendier apparel as a means of conveying a more modern and creative message to the public.One such man is Lee Jay-yong, vice chairman of Samsung Electronics. He dresses mostly in casual business attire that comes from mid- to low-priced brands. The reason he does this is to emphasize his Galaxy accessories, which go well with perfectly pressed suits, but stand out more when matched with less-restrict

IndustryJuly 28, 2014

[SUPER RICH] From mutual fund tycoon to conglomerate chairman

The year 2013 was a turning point for self-made billionaire Park Hyeon-joo, founder of Mirae Asset Financial Group. The company, debuted in 1997 as a mutual fund management firm, advanced onto the list of the nation’s top 30 conglomerates by assets last year for the first time in its 17-year history. According to the Fair Trade Commission, the nonmanufacturing group was ranked 29th with 9.7 trillion won ($9.4 billion) in terms of assets. Mirae Asset has continued to expand its assets for the pas

July 21, 2014

[SUPER RICH] Fraternal war lurks in Lotte Group

The ruthless world of business has torn several wealthy families apart, and Lotte, South Korea’s fifth-largest conglomerate by assets, may become the latest victim of such feuds. The second generation of the Shin Kyuk-ho clan is apparently vying to win control over the 87.5 trillion won ($87 billion) Lotte Group empire that is involved in everything from confectionary and retail, to construction and high-technology industries across Asia and the United States. But due to Lotte’s complicated corp

IndustryJuly 14, 2014