[SUPER RICH] Korean chaebol leaders get hooked on baseball fever

Now that the World Cup craze has subsided, it is officially time for baseball. The Korea Baseball Organization league has just stepped into the second half of its season, and some of the country’s top conglomerates are biting their nails over the rankings. This is mainly because business tycoons dominate baseball teams here. Among the nine KBO league teams, all except for the Nexen Heroes are owned by corporate figures. The wealthiest owner of the bunch is KIA Tigers owner and Hyundai Automotive

IndustryJuly 14, 2014

[SUPER RICH] Starstruck fans fuel royal fashions

The word “fashion” in French connotes high society. Although the word is now more commonly taken to mean “a widely popular style,” its upper-class associations are what the public yearned for when it first came into use. People still want to imitate the lifestyle of the upper class, and in some societies, the upper class is royalty. For instance, in Europe, where there are still princes and princesses, the starstruck public is frantic to keep up with each and every detail of the fashions of roya

IndustryJuly 7, 2014

[SUPER RICH] Long and winding road to ownership

Third-generation succession of a founding family has become a big issue for family-run South Korean conglomerates after Samsung Group faced a governance crisis in the wake of the sudden hospitalization of chairman Lee Kun-hee in early May. The nation’s top conglomerate, however, regained stability faster than expected by moving quickly and smoothly toward succession. The tech giant announced in May it would list IT solutions affiliate Samsung SDS on the main bourse within the year, which is expe

IndustryJuly 7, 2014

[SUPER RICH] Superrich and Hawaii: A love affair

The mild climate, averaging 28 degrees, and the endless beaches full of well-sculpted bodies frolicking under the sun have long made Hawaii a paradise where many go for a respite. Wealthy, high-profile figures from all over the world including former U.S. President George Bush, actor Al Pacino and singer Katy Perry have chosen to enjoy time off vacationing at homes they purchased in Hawaii. Korean business tycoons also seem to have fallen in love with the Polynesian island ― which coincidentally

IndustryJune 30, 2014

[SUPER RICH] Rich or poor, tastes run the same

The 1990s were a time when the cafes of Cheongdam-dong stood out as the trendiest places to hang out.Even Samsung Group chairman Lee Kun-hee would appear from time to time with his two daughters in order to enjoy waffles or other sweet treats.During its peak, the Cheongdam-dong cafes were not only popular among third- and fourth-generation chaebol figures, but also among first-generation idol pop stars.However, after nearly a decade or so has passed, what had once been a gathering ground for the

IndustryJune 30, 2014

[Super Rich] Ex-chairman’s return expected to bolster Binggrae portfolio

Kim Ho-youn, former chairman of South Korean food company Binggrae, is ready to make a comeback, and he made his intentions clear by acquiring some 26,042 of the firm’s shares. Kim now owns 34.88 percent of Binggrae. Rumor has it that Kim, whose wealth was reported at 225 billion won ($220 million) as of 2012, will return to his managerial post six years after taking time off to pursue a political career. He was listed as a board member in March.Kim, the younger brother of Hanwha chairman Kim Se

BusinessJune 23, 2014

[Super Rich] Business tycoons as sports patrons

Behind any nation that is big on sports is the support of corporate tycoons who either own professional teams, provide sponsorship or head various sports associations. South Korea is no exception.There is no doubt that the ceaseless support and sports diplomacy from chaebol management, who usually own billions in assets, has aided the performance of athletes.One way of doing so is by heading major sports associations, although recently this trend has changed slightly with former athletes taking

IndustryJune 23, 2014

[SUPER RICH] Corporate Korea in fear of SNS

One of the things that chaebol are criticized for time and time again is their lack of communication.Despite their vast wealth and the social responsibilities that follow with their riches, Korean billionaires are known for keeping their distance from the public and keeping them in the dark on critical management ― and sometimes personal ― issues. This is not entirely their fault, since one piece of damaging gossip is often all it takes to nudge them onto the chopping block.But even considering

IndustryJune 16, 2014

[SUPER RICH] Hanwha heir tests waters with solar power biz

When Hanwha Chemical’s profit swung into the black for the first time in more than three years on May 14, market insiders picked Hanwha Q Cell marketing and strategy director Kim Dong-kwan as the main contributor. Hanwha’s energy unit reported 83 billion won ($81 million) in operating profit for the first quarter of 2014. This marked the first surplus since Hanwha jumped into the solar power business in August 2010 after acquiring Chinese company SolarOne. The heir-apparent of the nation’s ninth

IndustryJune 16, 2014

[SUPER RICH] Booyoung chief amasses fortune by staying true to roots

When Booyoung Group chairman Lee Joong-keun vied for sponsorship of the nation’s 10th baseball team with KT Corp., the nation’s second-largest mobile carrier, in early 2013, it was a wakeup call for many about just how rich the usually low-key business tycoon was. At the time, the 73-year-old chairman, who usually chooses to remain in the shadows, greeted the media with open arms, even donning a baseball cap to show how serious he was about owning the team. He also confidently addressed the conc

IndustryJune 9, 2014

[SUPER RICH] An IT powerhouse lacking in IT billionaires

The recent move by Daum, South Korea’s second-largest web portal, and Kakao, the country’s top mobile messenger service provider, to merge has everyone on the edge of their seats.The merger agreement has caused Kakao founder Kim Beom-su’s share value to hike over 1 trillion won ($982 billion), but more importantly, there is great anticipation over the fact that the Internet-mobile duo might just have what it takes to rival Naver, the nation’s largest web portal.While South Korea prides itself on

IndustryJune 9, 2014

[SUPER RICH] Cash for victory

With only weeks until the Brazil World Cup kicks off, there are some people who are more excited than anyone else: the superrich of the soccer world.Soccer leagues have emerged as a popular playground for the world’s wealthiest, increasingly so since 2000.While players are training hard to get in shape and fans are obsessively predicting which teams will make it through to the next round, the superrich sit inside their private jets or luxury suites and spend time either talking with the players

IndustryJune 2, 2014

[SUPER RICH] Tech billionaire pitcher notches first win

Hur Min. (Illustration by Park Gee-young)On May 26, 38-year-old Rockland Boulders pitcher Hur Min beat the Quebec Capitales 12-9 in the Can-Am league, an independent baseball league in the U.S. and Canada. That day, Hur showed off his knuckleball ― a baseball pitch thrown so as to minimize the spin of the ball, resulting in an unpredictable motion that most players find hard to hit. That first win is said to have been an emotional moment for the entrepreneur-turned-athlete, who started his profe

IndustryJune 2, 2014

[SUPER RICH] Living with a secret

The health issues of company owners have recently, taken precedence above all else in the corporate world following the recent hospitalization of Samsung Group chairman Lee Kun-hee.From questions regarding who will succeed the Samsung chairman to whether or not other corporations are any better prepared for similar incidents, the corporate sector is astir with gossip. The company, on the other hand, adamantly denied that Lee was in critical condition, issuing statements that he is on the mend.Th

IndustryMay 26, 2014

[SUPER RICH] Making money with money

The finance industry has always been the favorite playground of the world’s superrich leaders.Although new promises of prosperity lurk in the much-thriving IT and mobile industries, one-fifth of the world’s wealthiest are financiers. In England, the top 5 percent of financiers monopolize about a quarter of the entire upper class’ wages.There are also many in South Korea who became rich via the financial industry, but under a slightly different system than in the West.This is because banks, which

IndustryMay 19, 2014

[SUPER RICH] Hankook Tire’s Cho clan shines on superrich list

Hankook Tire, the country’s largest tire manufacturer, posted 7 trillion won ($6.9 billion) in sales and 1.3 trillion won in operating profit last year, with most of its sales coming from abroad. The company, whose products range from ultrahigh-performance to radial and bias-ply tires, is over the moon with its performance, the latest turnover being the highest in its 73-year history. The masterminds behind these achievements are Cho Yang-rai, chairman of the company, and his second son Cho Hyun

IndustryMay 19, 2014

[SUPER RICH] Korean corporate leaders bound by school ties

Being able to spot emerging trends and shifts in global affairs as well as gaining expertise ahead of others are all key to becoming a successful chaebol heir.In an era that stresses sensibility and communication, convergent thinking and studying abroad seem to have become top priorities for many.It follows that when observing the educational paths the superrich families have taken overseas, commonalities are revealed. It becomes clear which schools are being preferred and how blood ties can oft

IndustryMay 13, 2014

[SUPER RICH] E-Land vice chair dreams of hallyu empire

E-Land vice chairwoman Park Sung-kyung (E-Land)E-Land vice chairwoman Park Sung-kyung has been more than just an entertainment figure in Korean showbiz. While most of the superrich invite K-pop stars to perform at their events, the sister of E-Land chairman Park Sung-su organizes and arranges K-pop concerts and other shows under the theme of World & Asia Pop, or WAPOP. Park presented the first WAPOP concert last October at Children’s Grand Park in Seoul. While scenes from popular TV dramas were

IndustryMay 12, 2014

[SUPER RICH] Chung family makes mark in corporate Korea

There’s a memorial hall in Ulsan where a tattered pair of white cotton gloves and three pairs of worn-out shoes are on display. They belonged to none other than the late founder and honorary chairman of Hyundai, Chung Ju-yung.Chung built Hyundai with his bare hands, and these memorabilia are a reflection of his life and his family. There are now 183 fully operational Hyundai companies that together raked in 252 trillion won ($242 billion) in sales in 2013.The amount is seven times the government

IndustryApril 28, 2014