List of Korean billionaires and multi-millionaires
Encyclopedia
This is an incomplete list of Korean billionaires and multi-millionaires, and also describes wealth in Korea.
There are several published Korean rich lists within Korea including ones issued by the wealth valuation company Equitable, the Digital Times, Korea Times, and other major Korean publications. In addition, Forbes magazine, Merrill Lynch
, and other chroniclers of the power elites of the world have found sufficient high profile rich in Korea as to generate accurate numbers and reasonable deductions.
Forbes magazine has hinted at Korea having at the very least 7 high billionaires living on the peninsula, and at least ten families alone who control in the high billions in assets.
, The Asian Wall Street Journal, and The Economist
magazine as well as merchant banking units from Merrill Lynch
and other holders of massive private fortunes. Internally, Korean newspapers have exercised great caution, and declined to compile lists of the rich, how they became rich, or mapped great holdings of wealth; this changes as foreign banks publish such material abroad, and articles then find their way back into Korea through the internet and foreign banking and financial publications.
It may be assumed that a yardstick to compile salaries of corporation heads is to go down the middle between American and Japanese salaries for comparable industries, based on gross volumes of sales, number of employees, and job title.
This benchmark would suggest at least 1000 employees of major companies making more than $1 million a year of salary; and perhaps 500 earning more than $2 million based on Korea's commercial success.
is often mentioned, and is said to be in the multiple billions, non-profit church groups and religious corporations are known to have extensive landholdings both in Korea and extremely large investments in securities and land abroad.
Occasional disclosures in the media indicate the huge amounts of wealth owned, and transferred abroad by churches, religious holding companies, lesser cults, and other missionary groups.
These have their origins going back to the great Buddhist monastic orders which had incredible economic power, controlled essential resource exports (rice and ginseng), and which had huge plantations with extensive numbers of slaves as early as the Korean three kingdoms time and as late as the declining years of the Joseon
dynasty; with gains coming back under the Japanese occupation through fundraising for Korean independence movements.
Spectacular showcases of Korean Christian wealth have been displayed in huge cathedrals and church-building, and at times a lifestyle of conspicuous consumption and profligate spending by church leaders, or church cult leaders, when financial irregularities or scandals have been made public.
Estimates on financial holdings of the richest churches often exceed billions in assets and investments.
s and the Korean power elite are now studied more closely as the elite itself showcases wealth and power more publicly than before as Korea places itself in the community of successful countries.
According to its analysis of listed stock value as January 2008, the top 20 known Korean share-rich individuals are the following.
Chung Mong Joon
$3.8 Billion Hyundai Heavy
Chung Mong Koo $3.2 Billion Hyundai
Lee Myung Hee $2.2 Billion Shinsegae
Shin Dong Bin $2.0 Billion Lotte
Shin Dong Joo $1.9 Billion Lotte
Lee Kun Hee $1.8 Billion Samsung
Huh Chang Soo $1.4 Billion GS
Koo Bon Moo $1.4 Billion LG
Nicholas Park $1.3 Billion Lee
Suh Kyung Bae $1.2 Billion Amorepacific
Chung Yong Jin $1.1 Billion Shinsegae
Chung Mong Gyu $1.1 Billion Hyundai Development
Chung Mong Jin $1.1 Billion KCC
Park Ki Yeol $1.0 Billion S.H Group
Koo Bon Joon $1.0 Billion LG
Kim Seung Youn $1.0 Billion Hanwha
Yoon Seok Keum $0.9 Billion Woongjin
Chung Eui Sun $0.9 Billion Hyundai
Kim Nam Koo $0.8 Billion Korea Investment
Lee Soo Young
$0.8 Billion DC Chemical
Kim Jun Ki $0.8 Billion Dongbu
Kim Nam Ho $0.8 Billion Dongbu
Kim Young Sang $0.6 Billion Daewoo
, published annually by the Sunday Times
cites a complicated means by which it both establishes and guesses at real and hidden wealth by the nation's richest families. Researchers in Korean media have used this as a means of establishing wealth.
There are several published Korean rich lists within Korea including ones issued by the wealth valuation company Equitable, the Digital Times, Korea Times, and other major Korean publications. In addition, Forbes magazine, Merrill Lynch
Merrill Lynch
Merrill Lynch is the wealth management division of Bank of America. With over 15,000 financial advisors and $2.2 trillion in client assets it is the world's largest brokerage. Formerly known as Merrill Lynch & Co., Inc., prior to 2009 the firm was publicly owned and traded on the New York...
, and other chroniclers of the power elites of the world have found sufficient high profile rich in Korea as to generate accurate numbers and reasonable deductions.
Forbes magazine has hinted at Korea having at the very least 7 high billionaires living on the peninsula, and at least ten families alone who control in the high billions in assets.
Problems in determining wealth in Korea
Sociological research in Korea into the great families of wealth and privilege has not been forthcoming, so much more work has been done abroad by American and European publications such as ForbesForbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
, The Asian Wall Street Journal, and The Economist
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
magazine as well as merchant banking units from Merrill Lynch
Merrill Lynch
Merrill Lynch is the wealth management division of Bank of America. With over 15,000 financial advisors and $2.2 trillion in client assets it is the world's largest brokerage. Formerly known as Merrill Lynch & Co., Inc., prior to 2009 the firm was publicly owned and traded on the New York...
and other holders of massive private fortunes. Internally, Korean newspapers have exercised great caution, and declined to compile lists of the rich, how they became rich, or mapped great holdings of wealth; this changes as foreign banks publish such material abroad, and articles then find their way back into Korea through the internet and foreign banking and financial publications.
Corporate wealth and rich lists
Most Korean corporations, even public ones, do not as a habit list salaries of chief executives, presidents, or stock benefits to members of their boards. Individuals rarely disclose salaries, or bonuses, and there is no real attempt to open corporate books to the public, or to shareholders to indicate substantial shareholders so determining the hierarchy of the rich is difficult.It may be assumed that a yardstick to compile salaries of corporation heads is to go down the middle between American and Japanese salaries for comparable industries, based on gross volumes of sales, number of employees, and job title.
This benchmark would suggest at least 1000 employees of major companies making more than $1 million a year of salary; and perhaps 500 earning more than $2 million based on Korea's commercial success.
Political wealth and rich lists
Elected and appointed politicians rarely if ever file disclosure of assets, investments, or family links to corporations. It is generally assumed in Korea that any senior politician is a millionaire, and long term politicians as a family are multi-millionaires. At times of contention, public disclosures validate this.Foundations wealth and ranking by assets held
The use of foundations to sequester assets again has not be studied at length, and foundations are not required to disclose all assets, investments, or profits; and in many cases hold, or are believed to hold, or handle trillions of won of investments that are controlled by very few people with great power and limited scrutiny or public oversight. Disclosures are usually triggered by political scandals with little public accountability in place or sociological analysis of influence.Non-profit and church or religious group holdings
While the wealth of Sun Myung MoonSun Myung Moon
Sun Myung Moon is the Korean founder and leader of the worldwide Unification Church. He is also the founder of many other organizations and projects...
is often mentioned, and is said to be in the multiple billions, non-profit church groups and religious corporations are known to have extensive landholdings both in Korea and extremely large investments in securities and land abroad.
Occasional disclosures in the media indicate the huge amounts of wealth owned, and transferred abroad by churches, religious holding companies, lesser cults, and other missionary groups.
These have their origins going back to the great Buddhist monastic orders which had incredible economic power, controlled essential resource exports (rice and ginseng), and which had huge plantations with extensive numbers of slaves as early as the Korean three kingdoms time and as late as the declining years of the Joseon
Joseon Dynasty
Joseon , was a Korean state founded by Taejo Yi Seong-gye that lasted for approximately five centuries. It was founded in the aftermath of the overthrow of the Goryeo at what is today the city of Kaesong. Early on, Korea was retitled and the capital was relocated to modern-day Seoul...
dynasty; with gains coming back under the Japanese occupation through fundraising for Korean independence movements.
Spectacular showcases of Korean Christian wealth have been displayed in huge cathedrals and church-building, and at times a lifestyle of conspicuous consumption and profligate spending by church leaders, or church cult leaders, when financial irregularities or scandals have been made public.
Estimates on financial holdings of the richest churches often exceed billions in assets and investments.
Gross income of chaebols and the top 50 Korean companies
The relations between chaebolChaebol
Chaebol refers to a South Korean form of business conglomerate. They are global multinationals owning numerous international enterprises. The term is often used in a context similar to that of the English word "conglomerate"...
s and the Korean power elite are now studied more closely as the elite itself showcases wealth and power more publicly than before as Korea places itself in the community of successful countries.
Internationally known Korean billionaires (Forbes)
Known Korean billionaires according to Forbes analysis units include:- Lee Kun Hee (SamsungSamsungThe Samsung Group is a South Korean multinational conglomerate corporation headquartered in Samsung Town, Seoul, South Korea...
) $2.9 billion - Chung Mong Koo (HyundaiHyundaiHyundai ) is a global conglomerate company, part of the Korean chaebol, that was founded in South Korea by one of the most famous businessmen in Korean history: Chung Ju-yung...
) $2.2 billion - Lee Myung Hee (ShinsegaeShinsegaeShinsegae is a South Korean department store franchise, along with several other businesses, headquartering in Seoul, South Korea. The name of Shinsegae literally means "New World" in Korean...
) $1.8 billion - Lee Jay Yong (SamsungSamsungThe Samsung Group is a South Korean multinational conglomerate corporation headquartered in Samsung Town, Seoul, South Korea...
) $1.7 billion - Yong Keu Cha (KazakhmysKazakhmysKazakhmys Plc is a UK-registered copper mining company whose main assets are located in Kazakhstan. Its headquarters are in London, United Kingdom. The headquarters of its main subsidiary, Kazakhmys Corporation, are located in the city of Karaganda, Kazakhstan...
) $1.3 billion - Chung Mong JoonChung Mong JoonChung Mong-joon, or Chung Mong-joon or Chung Mong Joon, is a South Korean businessman and politician. He is honorary vice president of FIFA and the former president of the Korea Football Association. He is also the controlling shareholder in Hyundai Heavy Industries Group, the second largest...
(HyundaiHyundaiHyundai ) is a global conglomerate company, part of the Korean chaebol, that was founded in South Korea by one of the most famous businessmen in Korean history: Chung Ju-yung...
) $1.3 billion - Suh Kyung Bae (Amorepacific) $1.1 billion
Internationally known wealthy Korean multi-millionaires (Forbes)
- Chung Yong Jin (ShinsegaeShinsegaeShinsegae is a South Korean department store franchise, along with several other businesses, headquartering in Seoul, South Korea. The name of Shinsegae literally means "New World" in Korean...
) $975 million - Park Ki Yeol ( S.H Group) $965million
- Shin Chang Jae (Kyobo LifeKyobo LifeKyobo Life Insurance Co, Ltd. is a South Korean life insurance company headquartered in Seoul, Korea, formerly known as Daehan Education Insurance...
) $950 million - Chang Pyung Soon (Kyowon Group) $945 million
- Choi Jin Min (Kiturami) $930 million
- Chey Tae Won (SK GroupSK GroupSK Group is the third largest conglomerate in South Korea. The SK Group is composed of 92 subsidiary and affiliate companies that share the SK brand and culture....
) $810 million - Kim Seung Yoon (HanwhaHanwhaHanwha Group is one of the largest business conglomerate in South Korea. Founded in 1952 as Korea Explosives Inc. , the group has grown into a large multi-profile business conglomerate, with diversified holdings stretching from explosives, their original business, to retail to financial...
) $800 million - Yoon Seok Keum (Woongjin) $790 million
- Kang Young Jeong (Daekyo) $720 million
- Lee Jay Hyun (Cheil Jadang) $715 million
- Hong Ra Hee (SamsungSamsungThe Samsung Group is a South Korean multinational conglomerate corporation headquartered in Samsung Town, Seoul, South Korea...
) $700 million - Koo Bon Mo (LG GroupLG GroupLG Corp. is the second-largest South Korean conglomerate company following Samsung, and it is headquartered in the LG Twin Towers in Yeouido-dong, Yeongdeungpo-gu, Seoul. LG produces electronics, chemicals, and telecommunications products and operates subsidiaries like LG Electronics, LG Display,...
) $670 million - Chung Mong Jin (KCCKCCKCC may refer to:*KCC Chemical, a Korean chemical manufacturer*KCC Software, a Korean software company*KCC Mall, a shopping mall in the Philippines.*Kai C++ Compiler, Kuck & Associates, Inc...
) $665 million - Shin Kyuk Ho (LotteLotte (conglomerate)Lotte Co., Ltd. is a South Korean-Japanese Jaebeol and one of the largest food and shopping groups in South Korea and Japan. Lotte was established in June 1948, in Tokyo, by Japanese-educated, Korean businessman Shin Kyuk-Ho – also known as...
) $660 million - Park Moon Deuk (Hite Brewery) $650 million
- Chung Mong Gyu (HyundaiHyundaiHyundai ) is a global conglomerate company, part of the Korean chaebol, that was founded in South Korea by one of the most famous businessmen in Korean history: Chung Ju-yung...
) $645 million - Kim Nam Goo (Korea Investment) $640 million
- Koo Bon Neung (Heesung Group) $620 million
- Kim Jung Joo (NexonNexon CorporationNexon Co. Ltd. is a South Korean video game developer and publisher of online games and MMORPGs. Founded in Seoul in 1994, Nexon's headquarters is currently based in Tokyo. Nexon provides over 30 games which are serviced in 72 countries globally, reaching 1.14 billion players...
) $590 million - Chung Eui Sun (HyundaiHyundaiHyundai ) is a global conglomerate company, part of the Korean chaebol, that was founded in South Korea by one of the most famous businessmen in Korean history: Chung Ju-yung...
) $560 million - Lee Joon Yong (DaelimDaelimDaelim Industrial was established in 1939, and its E&C and Petrochemical Groups are the main lead of the Daelim Business Conglomerate.Since 1970, Daelim has completed numerous projects in the Middle East and Southeast Asia...
) $540 million - Koo Bon Joon (LGLGLG may refer to:*LG Corp., a South Korean electronics and petrochemicals conglomerate*LG Electronics, an affiliate of the South Korean LG Group which produces electronic products* Lawrence Graham, a London headquartered firm of business lawyers...
) $500 million - Kim Jeong HoonKim Jeong HoonKim Jeong Hoon , also known in Japan as "John Hoon", is a South Korean singer and actor. He initially rose to fame as a member of Korean duo UN debuting with the single Voice Mail in 2000...
(Yurie) $500 million - Koo Bon Sik (LGLGLG may refer to:*LG Corp., a South Korean electronics and petrochemicals conglomerate*LG Electronics, an affiliate of the South Korean LG Group which produces electronic products* Lawrence Graham, a London headquartered firm of business lawyers...
) $495 million - Chongwon (Sonny) Kim (Augusta, GA) $480 million
- Lee Ho Jin (Taekwon) $475 million
- Chung Yoo Kyung (ShinsegaeShinsegaeShinsegae is a South Korean department store franchise, along with several other businesses, headquartering in Seoul, South Korea. The name of Shinsegae literally means "New World" in Korean...
) $470 million - Lee Boo Jin (The ShillaShilla HotelThe Shilla is a South Korean operator of luxury hotels and duty free shops. It is a member of The Leading Hotels of the World.Man-Soo Lee is the current General Manager and CEO of The Shilla.-History:...
) $410 million - Lee Seo Hyeon (Cheil) $410 million
- Cho Yang Rai (Hankook TireHankook TireThe Hankook Tire group, based in Seoul, South Korea is the seventh largest tire company in the world. Established in 1941 as the Chosun Tire Company, it was renamed Hankook Tire Manufacturing in 1968....
) $405 million
Rich List according to Chaebul.com
Chaebul.com is a local source that evaluates the fortunes of Korean businesspersons.According to its analysis of listed stock value as January 2008, the top 20 known Korean share-rich individuals are the following.
Chung Mong Joon
Chung Mong Joon
Chung Mong-joon, or Chung Mong-joon or Chung Mong Joon, is a South Korean businessman and politician. He is honorary vice president of FIFA and the former president of the Korea Football Association. He is also the controlling shareholder in Hyundai Heavy Industries Group, the second largest...
$3.8 Billion Hyundai Heavy
Chung Mong Koo $3.2 Billion Hyundai
Hyundai
Hyundai ) is a global conglomerate company, part of the Korean chaebol, that was founded in South Korea by one of the most famous businessmen in Korean history: Chung Ju-yung...
Lee Myung Hee $2.2 Billion Shinsegae
Shinsegae
Shinsegae is a South Korean department store franchise, along with several other businesses, headquartering in Seoul, South Korea. The name of Shinsegae literally means "New World" in Korean...
Shin Dong Bin $2.0 Billion Lotte
Lotte (conglomerate)
Lotte Co., Ltd. is a South Korean-Japanese Jaebeol and one of the largest food and shopping groups in South Korea and Japan. Lotte was established in June 1948, in Tokyo, by Japanese-educated, Korean businessman Shin Kyuk-Ho – also known as...
Shin Dong Joo $1.9 Billion Lotte
Lotte (conglomerate)
Lotte Co., Ltd. is a South Korean-Japanese Jaebeol and one of the largest food and shopping groups in South Korea and Japan. Lotte was established in June 1948, in Tokyo, by Japanese-educated, Korean businessman Shin Kyuk-Ho – also known as...
Lee Kun Hee $1.8 Billion Samsung
Samsung
The Samsung Group is a South Korean multinational conglomerate corporation headquartered in Samsung Town, Seoul, South Korea...
Huh Chang Soo $1.4 Billion GS
GS
-Places:* South Georgia and the South Sandwich Islands ** .gs, an Internet country code top-level domain-Science:* g-force , multiples of the acceleration due to gravity* Guanosine synthetase-Technologies:* Glideslope* Ground Speed...
Koo Bon Moo $1.4 Billion LG
LG
LG may refer to:*LG Corp., a South Korean electronics and petrochemicals conglomerate*LG Electronics, an affiliate of the South Korean LG Group which produces electronic products* Lawrence Graham, a London headquartered firm of business lawyers...
Nicholas Park $1.3 Billion Lee
Lee
- Names :* Lee , a unisex given name* Lee , in English-speaking countries, a common family name with several diverse origins* Li , also transliterated as Lee, a Chinese family name...
Suh Kyung Bae $1.2 Billion Amorepacific
Chung Yong Jin $1.1 Billion Shinsegae
Shinsegae
Shinsegae is a South Korean department store franchise, along with several other businesses, headquartering in Seoul, South Korea. The name of Shinsegae literally means "New World" in Korean...
Chung Mong Gyu $1.1 Billion Hyundai Development
Hyundai Development
Hyundai Development is a South Korean company involved mainly in civil and architectural engineering. The company was established in 1976 as a part of Hyundai Group, but no longer is a part of it. It is headed by chairman Chung Mong Gyu, the eldest son of Chung Se Yung, co-founder of Hyundai...
Chung Mong Jin $1.1 Billion KCC
KCC
KCC may refer to:*KCC Chemical, a Korean chemical manufacturer*KCC Software, a Korean software company*KCC Mall, a shopping mall in the Philippines.*Kai C++ Compiler, Kuck & Associates, Inc...
Park Ki Yeol $1.0 Billion S.H Group
Koo Bon Joon $1.0 Billion LG
LG
LG may refer to:*LG Corp., a South Korean electronics and petrochemicals conglomerate*LG Electronics, an affiliate of the South Korean LG Group which produces electronic products* Lawrence Graham, a London headquartered firm of business lawyers...
Kim Seung Youn $1.0 Billion Hanwha
Hanwha
Hanwha Group is one of the largest business conglomerate in South Korea. Founded in 1952 as Korea Explosives Inc. , the group has grown into a large multi-profile business conglomerate, with diversified holdings stretching from explosives, their original business, to retail to financial...
Yoon Seok Keum $0.9 Billion Woongjin
Chung Eui Sun $0.9 Billion Hyundai
Hyundai
Hyundai ) is a global conglomerate company, part of the Korean chaebol, that was founded in South Korea by one of the most famous businessmen in Korean history: Chung Ju-yung...
Kim Nam Koo $0.8 Billion Korea Investment
Lee Soo Young
Lee Soo Young
Lee Soo Young is a Korean ballad singer. She made her debut in 1999 in Korea with the hit “I Believe.” Currently, she has nine released albums and five mini-albums and sang six OSTs...
$0.8 Billion DC Chemical
Kim Jun Ki $0.8 Billion Dongbu
Kim Nam Ho $0.8 Billion Dongbu
Kim Young Sang $0.6 Billion Daewoo
Daewoo
Daewoo or the Daewoo Group was a major South Korean chaebol . It was founded on 22 March 1967 as Daewoo Industrial and was dismantled by the Korean government in 1999...
Evaluating wealth and power
The Sunday Times Rich ListSunday Times Rich List
The Sunday Times Rich List is a list of the 1,000 wealthiest people or families in the United Kingdom, updated annually in April and published as a magazine supplement by British national Sunday newspaper The Sunday Times since 1989...
, published annually by the Sunday Times
The Sunday Times (UK)
The Sunday Times is a Sunday broadsheet newspaper, distributed in the United Kingdom. The Sunday Times is published by Times Newspapers Ltd, a subsidiary of News International, which is in turn owned by News Corporation. Times Newspapers also owns The Times, but the two papers were founded...
cites a complicated means by which it both establishes and guesses at real and hidden wealth by the nation's richest families. Researchers in Korean media have used this as a means of establishing wealth.
External links
- Number of Korean millionaires increases. Study cites 65,000 high net worth individuals in Korea
- Secrets of Korean real estate millionaires, 110 multi-millionaire Korean real estate investors identified, and interviewed
- Daewoo billionaire story
- Forbes Asian rich list 2002
- Biography of the Hyundai group and Chung Ju Yung, includes billionaire Chung's attempt to win a position in the 1992 presidential elections
- Kim Jeong-Hoon biography
See also
- List of billionaires
- List of Korea-related topics
- Economy of South KoreaEconomy of South KoreaSouth Korea has a market economy which ranks 15th in the world by nominal GDP and 12th by purchasing power parity , identifying it as one of the G-20 major economies. It is a high-income developed country, with a developed market, and is a member of OECD...
- ChaebolChaebolChaebol refers to a South Korean form of business conglomerate. They are global multinationals owning numerous international enterprises. The term is often used in a context similar to that of the English word "conglomerate"...