The Samsung Group’s chairman Lee Kun-hee leads the list But which are the remaining four South Korean billionaires?
The top South Korean men are five billionaires, whose wealth can range between US$16.4 billion and US$3.1 billion. Photos Handouts from Bloomberg via Getty Images/Hyundai Group South Korea has its fair part of billionaires. This calendar year Business Insider reported South Korea was ranked among the top 10 places with the highest number of billionaires in the world. It is over its Asian neighbors, Japan and Taiwan, and Switzerland and France in the West but it is behind China, India, and Hong Kong in addition to Western nations like those the US, UK, Russia, and Germany. the number of billionaires is about 45. Here we examine the five most wealthy South Koreans shaping the country’s economic scene, as per Forbes“Korea’s” richest people list.
Lee Kun-hee
Net Worth: US$16.4 billion*
Lee Kun-hee is the chairperson of Samsung Electronics, South Korea’s largest conglomerate. Image: Bloomberg via Getty Images
Samsung Group’s chairman is the head of Korea’s largest group, Samsung Group, is the richest person in Korea in Forbes 2019. Forbes 2019 Korean’s Richest People list. Since the announcement of the list, Lee’s net worth of US$16.8 billion has decreased due to the current economy’s deterioration of late. Lee is the son of the third generation of Samsung founder Lee Byung-chull. Byung-chull had a father who was a rich landowner who founded an investment company nearly 40 years ago. Lee took over the company in 1987 shortly after the death of his father and grew the company until it reached its current apex. His wealth is derived from his wife of his, Hong Ra-hee she is the child of an entrepreneur who is from Korea. Apart from electronics, the Samsung Group’s portfolio of businesses includes theme parks as well as IT services, fashion, and insurance.
Seo Jung-jin
Net worth US$8.2 Billion*
Seo Jung-jin, the chairman and founder of Celltrion Healthcare. Image Handout
In just twenty years the chief executive of the biopharmaceutical firm Celltrion who founded Celltrion in 2002 and listed it on the stock exchange in 2008 was able to become the second richest person in South Korea. Celltrion develops biosimilars and treatments for among others – cancer as well as influenza and rheumatoid arthritis. It was granted FDA acceptance for the biosimilar Herzuma which is chemotherapy for cancer of the breast in collaboration with Teva. Biosimilars are a favorite among those investing in South Korea, and Celltrion is among the most sought-after companies to invest in.
Kim Jung-ju
Worth: US$7.2 billion*
Kim Jung-ju, the creator of Nexon and the chairman of NXC. Image Handout
Kim Jung-ju, an online gaming tycoon, is the creator of Nexon and the chairman of its holding company NXC. Nexon has expanded into cryptocurrency and has 83 percent of Korbit which is an exchange located in Seoul. Nexon is Korea’s biggest gaming firm, with over 350 million gamers in 72 countries. Kim was through ups and downs in 2016 when he was charged with allegations of bribery, but the jury found him not guilty. In the year 2018, Kim pledged US$93 million to start-ups and hospitals for children.
Jay Y. Lee
Value: US$5.8 billion*
Jay Y. Lee, the vice-chairman of Samsung Electronics, was imprisoned in 2017 for bribing a friend to the president who was then in charge of South Korea, Park Geun-Hye. Image Handout
The official head of Samsung Electronics, the de facto head of the Samsung empire, and the son of Lee Kun-hee Jay Y. Lee (or Lee Jae-Yong) has been Vice-chairman at Samsung Electronics in 2012 and is the heir of the nation’s largest conglomerate. The son of a silver spoon it wasn’t always an easy journey for Lee. Lee was imprisoned in the year 2017 because he bribed a close friend that was the ex-president of South Korea, Park Geun-hye. Lee’s five-year sentence was cut to 2.5 years by an appeals court and he was released from probation in the year 2018. In September of the same year, Lee was accompanied by president Moon on a business trip for a trip to North Korea.
Chung Mong-koo
Net Worth: US$3.1 billion*
Hyundai Motor Group chairman Mong-Koo was inducted into the Automotive Hall of Fame. Photo: Hyundai Motor Group
Chung Mong-koo, Hyundai’s chairman, has earned the nickname “bulldozer”. His ruthless management style has pushed this business tycoon up to the top of South Korea’s Chaebol society. His work in the development of the nation’s automotive industry, as well as the economy, has led to him being recognized as the very initial South Korean into the 2020 Automotive Hall of Fame – the most prestigious award in the business. He was imprisoned once for embezzlement and sentenced to three years of prison, of which he was only just a few months prior to when the sentence was revoked.