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[THE INVESTOR] Of the nation’s 100 wealthiest people, 76 are the second or third generation members of the founding family of South Korea’s top conglomerates, as of this year, according to a recent study by The Investor and The Herald Business.
Here are five such individuals who are the wealthiest compared to their well-to-do peers in the same age bracket, ranging from under 40 years old to those in their 70s.
Richest under 40: Koo Gwang-mo
LG chairman’s grandson Koo Gwang-mo, 38, of the LG Group has a net worth estimated at 751.8 billion won ($650.5 million). He is the richest among those aged 40 and under.
Koo Gwang-mo is the grandson of LG’s founder, the late Koo In-hoe. He was born to Heesung Group chairman Koo Bong-neung, but was adopted by his uncle Koo Bon-moo, the chairman of LG.
Currently a vice president of LG Corp, Koo Gwang-mo was promoted to the executive level in 2014 after entering LG Electronics in 2006.
He has a 6.03 percent stake in LG Corp., the holding company of LG, and his stocks were worth 676.6 billion won as of this May. He also has 32 billion won worth of LG International stocks.
Among unlisted stocks, Koo Gwang-mo has a 7 percent stake in Pantos Logistics that was acquired for 43.2 billion won.
Richest 40-something: Lee Jae-yong
Samsung Electronics vice chairman Lee Jae-yong, 48, is South Korea’s third-wealthiest person, with a fortune worth 6.35 trillion won ($548.82 billion) including listed stocks and real estate. He is the richest among those 40 to 49.
Samsung C&T shares made up the bulk of Lee’s assets. Following a merger between the firm and Cheil Industries in 2015, his stake in Samsung C&T stood at 17.8 percent, worth 3.92 trillion won.
Lee also owns a 9.2 percent stake in Samsung SDS and a 0.58 percent stake in Samsung Electronics. Combined, the stocks are worth 2.36 trillion won.
His shares in Samsung Fire & Marine Insurance, Samsung Life Insurance and Samsung Engineering are worth 528.6 billion won in total.
Lee’s real estate assets are worth more than 12 billion won. For instance, his Itaewon-dong house had an appraised value of 7.32 billion won as of this year.
Another property in Hannam-dong is priced at 4.68 billion won.
If placed on the market, these would be worth even more, as their market values are higher than government-appraised prices.
Richest 50-something: Suh Kyung-bae
AmorePacific chairman Suh Kyung-bae, 53, is Korea’s second-richest individual and the most wealthy among those 50 to 59.
Suh is one of the six children of the late Suh Sung-hwan, the founder of AmorePacific. The junior Suh took over the firm in 1997.
Suh Kyung-bae’s assets are currently worth 9.9 trillion won. Among them are AmorePacific Group stocks -- both ordinary and preferred stocks -- worth 7.29 trillion won.
He also has 2.58 trillion won worth of AmorePacific Corp. shares. The firm is a subsidiary of AmorePacific Group.
Suh Kyung-bae’s real estate is worth over 23.1 billion won. He purchased his 672.6 square-meter Hannam-dong house for 17.4 billion won in 2012.
His Itaewon-dong house -- currently under construction -- has an appraised value of 5.6 billion won.
Richest 60-something: Shin Chang-jae
Kyobo Life Insurance Group chairman Shin Chang-jae, 63, is the wealthiest among Koreans aged 60 to 69.
Formerly a gynecologist, Shin joined Kyobo Life Insurance upon the urging of his father who founded the firm.
His personal assets are worth 2.54 trillion won ($2.2 billion) and most of them are in the form of unlisted Kyobo Life stocks.
He also owns a 624 square-meter house in Seongbuk-dong, which he bought for 5.8 billion won in 2014.
Richest 70-something: Lee Kun-hee
Samsung Group chairman Lee Kun-hee is the richest person in South Korea.
Lee’s assets are estimated at 12.27 trillion won ($10.6 billion). His stocks are worth 11.33 trillion won, including shares in Samsung Life amounting to a 20.76 percent stake, Samsung SDS and Samsung Electronics.
Lee’s real estate is worth 938.9 billion won. He currently has up to 10 properties registered with the government, which amounts to a combined land area of 6,272 square meters. The chairman also has land in Gyeonggi Province spanning some 8,712 square meters.
Lee is currently recovering from a heart attack that he suffered in 2014. His only son Jae-yong is managing the company in his absence.
By Kim Ji-hyun (jemmie@heraldcorp.com)
Here are five such individuals who are the wealthiest compared to their well-to-do peers in the same age bracket, ranging from under 40 years old to those in their 70s.
Richest under 40: Koo Gwang-mo
LG chairman’s grandson Koo Gwang-mo, 38, of the LG Group has a net worth estimated at 751.8 billion won ($650.5 million). He is the richest among those aged 40 and under.
Koo Gwang-mo is the grandson of LG’s founder, the late Koo In-hoe. He was born to Heesung Group chairman Koo Bong-neung, but was adopted by his uncle Koo Bon-moo, the chairman of LG.
Currently a vice president of LG Corp, Koo Gwang-mo was promoted to the executive level in 2014 after entering LG Electronics in 2006.
He has a 6.03 percent stake in LG Corp., the holding company of LG, and his stocks were worth 676.6 billion won as of this May. He also has 32 billion won worth of LG International stocks.
Among unlisted stocks, Koo Gwang-mo has a 7 percent stake in Pantos Logistics that was acquired for 43.2 billion won.
Richest 40-something: Lee Jae-yong
Samsung Electronics vice chairman Lee Jae-yong, 48, is South Korea’s third-wealthiest person, with a fortune worth 6.35 trillion won ($548.82 billion) including listed stocks and real estate. He is the richest among those 40 to 49.
Samsung C&T shares made up the bulk of Lee’s assets. Following a merger between the firm and Cheil Industries in 2015, his stake in Samsung C&T stood at 17.8 percent, worth 3.92 trillion won.
Lee also owns a 9.2 percent stake in Samsung SDS and a 0.58 percent stake in Samsung Electronics. Combined, the stocks are worth 2.36 trillion won.
His shares in Samsung Fire & Marine Insurance, Samsung Life Insurance and Samsung Engineering are worth 528.6 billion won in total.
Lee’s real estate assets are worth more than 12 billion won. For instance, his Itaewon-dong house had an appraised value of 7.32 billion won as of this year.
Another property in Hannam-dong is priced at 4.68 billion won.
If placed on the market, these would be worth even more, as their market values are higher than government-appraised prices.
Richest 50-something: Suh Kyung-bae
AmorePacific chairman Suh Kyung-bae, 53, is Korea’s second-richest individual and the most wealthy among those 50 to 59.
Suh is one of the six children of the late Suh Sung-hwan, the founder of AmorePacific. The junior Suh took over the firm in 1997.
Suh Kyung-bae’s assets are currently worth 9.9 trillion won. Among them are AmorePacific Group stocks -- both ordinary and preferred stocks -- worth 7.29 trillion won.
He also has 2.58 trillion won worth of AmorePacific Corp. shares. The firm is a subsidiary of AmorePacific Group.
Suh Kyung-bae’s real estate is worth over 23.1 billion won. He purchased his 672.6 square-meter Hannam-dong house for 17.4 billion won in 2012.
His Itaewon-dong house -- currently under construction -- has an appraised value of 5.6 billion won.
Richest 60-something: Shin Chang-jae
Kyobo Life Insurance Group chairman Shin Chang-jae, 63, is the wealthiest among Koreans aged 60 to 69.
Formerly a gynecologist, Shin joined Kyobo Life Insurance upon the urging of his father who founded the firm.
His personal assets are worth 2.54 trillion won ($2.2 billion) and most of them are in the form of unlisted Kyobo Life stocks.
He also owns a 624 square-meter house in Seongbuk-dong, which he bought for 5.8 billion won in 2014.
Richest 70-something: Lee Kun-hee
Samsung Group chairman Lee Kun-hee is the richest person in South Korea.
Lee’s assets are estimated at 12.27 trillion won ($10.6 billion). His stocks are worth 11.33 trillion won, including shares in Samsung Life amounting to a 20.76 percent stake, Samsung SDS and Samsung Electronics.
Lee’s real estate is worth 938.9 billion won. He currently has up to 10 properties registered with the government, which amounts to a combined land area of 6,272 square meters. The chairman also has land in Gyeonggi Province spanning some 8,712 square meters.
Lee is currently recovering from a heart attack that he suffered in 2014. His only son Jae-yong is managing the company in his absence.
By Kim Ji-hyun (jemmie@heraldcorp.com)
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Articles by Korea Herald
