List of Korean billionaires and multi-millionaires

This is an incomplete list of Korean billionaires and multi-millionaires, and also describes wealth in Korea.

Introduction

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.

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 Forbes, 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.

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 Moon 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.

Gross income of chaebols and the top 50 Korean companies

The relations between chaebols 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:

Vladimir Kim $5.5 Billion Kazakhmys

Lee Kun Hee $2.9 Billion Samsung

Chung Mong Koo $2.2 Billion Hyundai

Shin Dong Bin $1.8 Billion Lotte

Lee Myung Hee $1.8 Billion Shinsegae

Lee Jay Yong $1.7 Billion Samsung

Shin Dong Joo $1.7 Billion Lotte

Nicholas Park $1.7 Billion Attorney

Yong Keu Cha $1.3 Billion Kazakhmys

Chung Mong Joon $1.3 Billion Hyundai Heavy

Suh Kyung Bae $1.1 Billion Amorepacific

Han Chang Woo $1.1 Billion Maruhan

Internationally known wealthy Korean individuals (Forbes)

Chung Yong Jin $975 Million Shinsegae

Shin Chang Jae $950 Million Kyobo Life

Chang Pyung Soon $945 Million Kyowon Group

Choi Jin Min $930 Million Kiturami

Chey Tae Won $810 Million SK Group

Kim Seung Yoon $800 Million Hanwha

Yoon Seok Keum $790 Million Woongjin

Kang Young Jeong $720 Million Daekyo

Lee Jay Hyun $715 Million Cheil Jadang

Hong Ra Hee $700 Million Samsung

Koo Bon Mo $670 Million LG Group

Chung Mong Jin $665 Million KCC

Shin Kyuk Ho $660 Million Lotte

Park Moon Deuk $650 Million Hite Brewery

Chung Mong Gyu $645 Million Hyundai

Kim Nam Goo $640 Million Korea Investment

Koo Bon Neung $620 Million Heesung Group

Kim Jung Joo $590 Million Nexon

Chung Eui Sun $560 Million Hyundai

Lee Joon Yong $540 Million Daelim

Koo Bon Joon $500 Million LG

Kim Jeong Hoon $500 Million Yurie

Koo Bon Sik $495 Million LG

Moon Kyu Young $480 Million Aju

Lee Ho Jin $475 Million Taekwon

Chung Yoo Kyung $470 Million Shinsegae

Lee Boo Jin $410 Million Shilla

Lee Seo Hyeon $410 Million Cheil

Cho Yang Rai $405 Million Hankook Tire

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.

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 $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

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

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

Evaluating wealth and power

The Sunday Times Rich List, 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.

* [http://www.timesonline.co.uk/article/0,,2108-1067298,00.html Means of establishing wealth by the Times Richlist team]

External links

* [http://english.chosun.com/w21data/html/news/200406/200406160032.html Number of Korean millionaires increases. Study cites 65,000 high net worth individuals in Korea]
* [http://www.seoulselection.com/weekly_book_info_view.html?bid=172 Secrets of Korean real estate millionaires, 110 multi-millionaire Korean real estate investors identified, and interviewed]
* [http://english.kbs.co.kr/news/newsview_sub.php?menu=4&key=2005030815 Daewoo billionaire story]
* [http://www.geocities.com/tycoon_village/forbesrich2002.html Forbes Asian rich list 2002]
* [http://www.asia2000.com.hk/asia2000/asia2000/koreandynasty.shtml Biography of the Hyundai group and Chung Ju Yung, includes billionaire Chung's attempt to win a position in the 1992 presidential elections]
* [http://world.kbs.co.kr/english/news/news_detail.htm?No=24902 Kim Jeong-Hoon biography]

ee also

* List of billionaires
* List of Korea-related topics
* Economy of South Korea