Rally Produces More Stock Billionaires
By Park Hyong-ki
Staff Reporter
A bull run in the local bourse is raising the value of shares owned by large business conglomerates or chaebol and their scions.
Stock billionaires holding stocks in 1,707 listed-firms on the main bourse and the tech-savvy Kosdaq numbered 138 as of the end of May, according to an online Web site detailing the nation's family-run conglomerates.
The number of billionaires increased from 92 in April and 83 in January thanks to the re-ratings of the benchmark KOSPI, which now surge above the psychologically-important level of 1,700 points.
The most stock-rich chaebol is Chung Mong-joon, an independent lawmaker and the majority shareholder of Hyundai Heavy Industries.
Thanks to brisk global shipbuilding business and Seoul stocks' relentless gains, the aggregate value of stocks owned by Chung in the nation's biggest shipbuilder is 2.6 trillion won.
His stock wealth is above his older brother Chung Mong-koo's stock value for the first time. Mong-koo's shares in affiliates of Hyundai Automotive Group, including Hyundai Motor and Hyundai Mobis, are worth 2.5 trillion won.
Lee Myung-hee, chairwoman of Shinsegae Group, has emerged as the No. 3 richest stockholder whose shares are valued 1.9 trillion won, soon to join the 2-trillion won club.
Lotte Group founder Shin Kyuk-ho's sons _ Shin Dong-bin, vice chairman of Lotte Group and Dong-ju, executive vice president of Lotte Japan _ are the next biggest richest stockholders.
Dong-bin's shares are worth 1.8 trillion won, while his older brother Dong-ju's stocks are valued at 1.7 trillion won.
Meanwhile, Samsung Group Chairman Lee Kun-hee, the former No.1, fell to sixth with 1.6 trillion won, as the group's flagship Samsung Electronics performed poorly, negatively affected by the weakening semiconductor market worldwide.
The aggregate value of stocks held by Suh Kyung-bae, CEO of Amore Pacific, and Chung Yong-jin, vice chairman of Shinsegae, also rose above 1 trillion won to 1.2 trillion won and 1 trillion won, respectively.
The eldest son of Jeon Yoon-soo, CEO of Sungwon Corp., Dong-yeop, topped as the richest underage chaebol heir with shares worth 100 billion won in listed companies.
Kim Dong-sun, son of troubled Hanwha Group Chairman Kim Seung-youn, came as the next biggest young stock billionaire who holds shares valued 68.4 billion won.