Sunday, April 23, 2006

Forbes Korea Ranks Korea's Wealthiest

Forbes Korea recently ranked Korean who have accumulated huge stock holdings. Six Koreans hold over a $1 billion in stock.

Heading the list by a slim margin is Lee Kun-hee, chairman of Samsung Group. Lee topped the list as the value of his shareholdings reached 2.7 trillion won.

Chung Mong-koo, chairman of Hyundai Automotive Group, ranks second. The gap in stock wealth between Lee and Chung was 3.2 billion won. (only about $3.2 million)

Lee Jae-yong, vice president of Samsung Electronics, the only son of Samsung Group chairman, took third spot with 2.4 trillion.

Two owner family members of the Lotte Group took fourth and fifth places. The value of stocks owned by Shin Dong-bin, vice chairman of Lotte Group and Shin Dong-ju, vice president of Lotte Japan, was at 1.4 trillion won and 1.3 trillion won, respectively.

In particular, Shin Dong-bin has emerged as one of the top five richest people with stock as Lotte Shopping, the nationĂ‚’s largest department store chain, in which he Shin holds a 21.19 percent stake, offered stocks at 400,000 won per share in this January.

The ranking of Chung Eui-son, president of Kia Motors, jumped to 8th this year from 58th a year ago after Glovis, in which Chumg holds a 31.9 percent stake, was listed on the stock market.

However, it will be difficult for him to maintain the status as he promised he would return his shareholdings in Glovis to charity in a bid to apologize for his involvement into a recent slush fund scandal.

Chey Tae-won, chairman of SK Group, made an advance in expanding his stock wealth over the past year. As of January 20, value of his shareholdings reached 585 billion own, which lifted his stock wealth ranking up to 18th from 33rd last year.

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