28 Koreans in “W1 trillion club” list
Chairman of Samsung Electronics Lee Kun-hee (left) and Chairman of Hyundai Automotive Group Chung Mong-gu
The website “Chaebul (millionaire)” released a report on July 1 which evaluated assets of South Korea’s 400 richest people. The result showed that the number of those whose assets are worth 1 trillion won or more, the “W1 Trillion Club,” counted 28, while six of them made the fortune with their own hands.
The richest person is Lee Kun-hee, Chairman of Samsung Electronics, with 12.834 trillion won worth of property reflective of his listed/unlisted stocks, dividends, private mansion in Itaewon and real estates in the countryside.
No. 2 is Chung Mong-gu, Chairman of Hyundai Automotive Group, with 6.8 trillion won. Lee Jae-yong, the Vice-Chairman of Samsung Electronics is No. 3, with 3.9 trillion won, and Chung Eui-seon, the Vice Chairman of Hyundai Motor, is No. 4 with 3.5 trillion won.
Family members of Lee Kun-hee, all of whom are engaged in top managing positions of related establishments, including Samsung Museum of Art Leeum, Hotel Shilla and Cheil Industries, altogether possess a total asset of 20.8 trillion won.
Other wealthy juggernauts in the order of property amount who made top 10 list are: Shin Dong-bin, Chairman of Lotte Group with 2.4 trillion won; Chey Tae-won, Chairman of SK Group with 2.4 trillion won; Shin Dong-joo; Vice President of Lotte Japan with 2.3 trillion won; Seo Kyeong-bae, Chairman of Amore Pacific Group with 2.2 trillion); Lee Jae-hyun, Chairman of CJ Group with 2.8 trillion won; an Shin Chang-jae, Chairman of Kyobo Group with W2.7 trillion.
Others listed in the “W1 Trillion Club” include Kim Jeong-ju, Chairman of NXC; Lee Myeong-hui, Chairman of Shinsegae, Chung Mong-joon, a Saenuri party lawmaker; Jung Yong-jin, Vice Chairman of Shinsegae; Koo Bon-moo, Chairman of LG Group; Hong Seok-hyun, Chairman of Joongang Ilbo; and Park Hyeon-ju, Chairman of Mirae Asset.
Among the six wealthiest businessmen who made the fortune with their own hands, No. 1 was Kim Jeong-ju who established the game developer company Nexon, with 1.9 trillion won.
The evaluation of the amount of assets was based on their listed and unlisted stocks, dividends, real estate and other registered properties. Assets unable to confirm such as art works and jewelries were excluded.