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FORBES ASIAWEALTH LIST
The biggest story of SouthKorea’s richest over the past year happened in Japan. In December KimJung-Ju listed his online gaming company, Nexon, in Tokyo in a $1.2 billion initial public offering that was Japan’s largest of the year. That placed a much higher value on the company than analysts had long assumed,and since the launch the stock has risen17%. So Kim’s wealth has more than doubled in a year from $2.06 billion to $4.3 billion. That makes him Korea’sthird-richest person, up from No. 9 last year. Nexon’s stock should keep rising.The company expects revenue to grow 25% this year to $1.4 billion and profits to jump 53% to almost $500 million.Kim, 44, is a rare member of the list who made his money from scratch rather than inheriting a chunk of a chaebol fortune. He started Nexon in 1994, offering free online games,and developed the first massive multiplayer online role playing game, The Kingdom of the Winds, the next year. China is its biggest growth market ;sales there grew 52% last year.Nexon says it listed in Tokyo rather than Seoul because it’s a bigger, more sophisticated market with greater access to international investors. Nexon is now headquartered in Tokyo,but the holding company, NXC Inc., is based on Jeju Island, off South Korea’s southern coast.Thanks to Kim, South Korea’s 40 richest managed to eke out a small gain for the past year, even though the main stock index fell 6.15%. Their collective wealth rose by $500 million to $66.1 billion. There are now a record 22 billion-aires, up from 21, but fortunes dropped for ( to) 23 on last year’s list, and 7 of those fell right off the list. Including Kim, 14 members of the 2011 list are richer. Samsung’s Lee Kun-Hee saw his $10.8 billion fortune grow by $1.5 billion,the biggest gain after Kim’s. Hyundai Heavy Industries’ Chung Mong-Joon suffered the biggest loss $1.93 billion.There are 5 new comers, including one who joined as a billionaire, Booyoung’s Lee Joong-Keun. The others are Celltrion’s Seo Jung-Jin, E-Land’s Park Sung-Soo, SPC Group’s HuhYoung-In and mall developer Shin Sun-Ho.Two tycoons return (ed) after missing the 2011 cutoff: NHN’s Lee Hae-Jin and Daelim’s Lee Joon-Yong. Drop-offs from 2011: Aju’s Moon Kyu-Young, Woongjin’s Yoon Seok-Keum,LG’s Koo Kwang-Mo, Daeyko’s Kang Young-Joong, OCI’s Lee Wha-Young and Lee Bok-Young, and Hanwha’s Kim Seung-Youn.
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1. Lee Kun-Hee
$10.8 BILLION
SAMSUNG
70. MARRIED, 3 CHILDREN.
Samsung Group chairman oversees the country’s largest conglomerate. Fortune climbed by $1.5 billion due toa 52% rise in Samsung Electronics shares. That unit tallied sales of $155 billion last year and became theworld’s largest memory chip and flat-screen TV manufacturer. Its mobile phone business, with its Galaxy-S smartphone, is also booming. Faces lawsuits from a brother and a sister claiming $800 million of Samsung stock is rightfully theirs. Shares fortune with his wife, Leeum Samsung Museum director Ra-Hee Hong, whose Samsung Electronics stake is worth $1.2 billion. He’s a member of the International Olympic Committee and was influential in bringing the 2018 Winter Games to South Korea.

2. Chung Mong-Koo
$6.6 BILLION
HYUNDAI MOTOR
74. MARRIED, 4 CHILDREN
Chairman of Hyundai Motor, the world’s fifth-biggest automaker last year. Sold 6.6 million Hyundai and Kia vehicles in 2011. U.S. market share has jumped from 3% in 2001 to 10% a year ago. Hyundai is first, and Kia is fourth in the J.D. Power rankings for repurchase rates.

3. Kim Jung-Ju
$4.3 BILLION
NEXON
44. MARRIED, 2 CHILDREN
Founder of online gaming company Nexon is the (this) year’s biggest gainer (see opposite).

4. Jay Y. Lee
$3.8 BILLION
SAMSUNG
43. DIVORCED, 2 CHILDREN
Only son of Samsung Group Chairman Lee Kun-Hee(No. 1), he’s chief operating officer of Samsung Electronics. Began his career at Samsung in 1991.Keeps a low profile like his father but attended the memorial service for Steve Jobs at Stanford University in October.

5. Chung Eui-Sun
$3.1 BILLION
HYUNDAI
41. MARRIED, 2 CHILDREN
Oldest son of No. 2 Chung Mong-Koo and vice president of Hyundai Motor since 2009. As president of Kia Motors he was credited with the success of the small family car Kia Cee’d in Europe, as well as the Soul and Forte. Last year he hired BMW design director Christopher Chapman as chief designer for Hyundai Motor. &; Heads the Asian Archery Federation.

6. Shin Chang-Jae
$2.2 BILLION
KYOBO LIFE INSURANCE
58. MARRIED, 2 CHILDREN
Chairs company founded by his father. Trained as an obstetrician and taught medicine at Seoul National University before joining Kyobo and becoming chief executive in 1997. Owns a 34% stake.

7. Chung Mong-Joon
$2.17 BILLION
HYUNDAI HEAVY INDUSTRIES
60. MARRIED, 4 CHILDREN
The biggest loser on this year’s list in dollar terms, he lost virtually half his wealth as his shares lost 42% of their value, hit hard by the world shipping slump. Still, the assembly man is South Korea’s richest politician and plans a presidential run this year.Brother is No 2 ————————————————————————————————————————

8. Chey Tae-Won
$1.9 BILLION
SK
51. MARRIED, 3 CHILDREN
Chairs SK Group, the country’s third-biggest conglomerate, with 90 affiliates in energy, telecoms,chemicals and other sectors. Signed SK’s biggest deal in February when SK Telecom spent $3 billion buying 21% of memory-chip manufacturer Hynix. Indicted in January, accused of embezzling $40 million from SK companies to cover trading losses;denies any wrong doing. Conviction could end streak of attending every World Economic Forum in Davos since 1998; Wife, Roh So-Young, is daughter of former Korean president Roh Tae-Woo; Sister Chey Ki-Won is worth around $500 million

9. Shin Dong-Bin
$1.87 BILLION
LOTTE
57. MARRIED, 3 CHILDREN
A son of Lotte Group founder Shin Kyuk-Ho, who serves as chairman-in-chief while the younger Shin is chairman. Group is known for its sweets and ice cream but manages golf courses and hotels, too. His stake in department store and cinema arm Lotte Shopping accounts for $1.36 billion of his net worth.

10. Shin Dong-Joo
$1.75 BILLION
LOTTE
58. MARRIED, 1 CHILD
Older brother of Shin Dong-Bin (No. 9) and the vice chairman of Lotte Holdings. He is also the vice president of Lotte Group in Japan and lives in Tokyo.Owns a virtually identical stake in Lotte Shopping.

11. Lee Myung-Hee
$1.68 BILLION
SHINSEGAE
68. MARRIED, 2 CHILDREN
Chairman of Shinsegae Group, the country’s second-largest retailer after Lotte, is Korea’s richest woman. She’s the youngest daughter of Samsung founder Lee Byung-Chul and the younger sister of Samsung Group Chairman Lee Kun-Hee (No. 1).Shinsegae was owned by Samsung until 1991. It spun off discount store operator E-mart last May. Son Chung Yong-Jin (No. 18) is vice chairman and runs the operation

12. Suh Kyung-Bae
$1.65 BILLION
AMOREPACIFIC
49. MARRIED, 3 CHILDREN
Chairs South Korea’s leading cosmetics company,which is making inroads in China and elsewhere overseas. Opened duty-free shops in airports in Indonesia and the Philippines this year. Set up a breast cancer foundation in 2000, and for the past decade the company has supported the nation’s Pink Ribbon Love Marathon to help breast cancer victims.

13. Kim Tack-Jin
$1.55 BILLION
NCSOFT
45. MARRIED, 2 CHILDREN
Started online gaming company in 1997. Its 2010 game, Aion, was a hit in Korea, China, Japan and the U.S. Plans to launch highly anticipated Blade & Soul game in the next few months. His wife, Yoon Song-Yee, is the company’s vice president and is known as Genius Girl for earning a doctorate from the Massa-chusetts Institute of Technology at age 24.

14. Koo Bon-Moo
$1.53 BILLION
LG
67. MARRIED, 3 CHILDREN
Group chairman suffered a 29% nosedive in his wealth as sluggish smartphone sales hammered his10.6% stake in LG Corp. In the 1990s his son died in an accident; he adopted a brother’s son in 2004, KooKwang-Mo, who’s heir apparent to head the group.(LG’s stock tumble knocked the son off the list this year.) Shares fortune with wife, Kim Young-Shik,whose LG stake is worth more than $400 million. Maintains a collection of 50,000 bottles stored in a special wine cellar in a cave

15. Lee Boo-Jin
$1.23 BILLION
SAMSUNG
41. MARRIED, 1 CHILD
In March became the first of No. 1 Lee Kun-Hee’s children to chair the shareholders’ meeting. His oldest daughter, she also became the first female president of a Samsung company when she was promoted to head up Hotel Shilla and Samsung Everland in December 2010. Younger sister Lee Seo-Hyun is No. 21.

16. Lee Hwa-Kyung
$1.17 BILLION
ORION
56. MARRIED, 2 CHILDREN
Fortune nearly doubled because of Orion’s booming China business. A major player in the confectionary business, with products such as Choco Pies, the group had been expanding in entertainment until selling 2 media units. Husband, Dam Chul-Gon, 57,ran the group until he went to prison last year for embezzling $25 million, though he kept his chair-manship. He’s now released, and shareholders approved his reelection as CEO in March. Net worth includes his $570 million stake.

17. Koo Bon-Neung
$1.16 BILLION
LG
63. MARRIED, 2 CHILDREN
Chairs Heesung Group, which sells display components to LG. Owns 5% of LG Corp. Brothers are at Nos. 14, 24 and 26. A onetime baseball player, he became chairman of the Korea Baseball Organization last August.
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Page 4
18. Chung Yong-Jin
$1.14 BILLION
SHINSEGAE
43. MARRIED, 2 CHILDREN
Runs retailer after his mother, Lee Myung-Hee (No. 11), put him in charge of day-to-day management. He allows employees to wear jeans and T-shirts to work. Set up a college fund for the children of retired employees. Once one of Korea’s top tweeters with more than 110,000 followers, he has now closed his Twitter account but stays active on Facebook.


19. Park Hyeon-Joo
$1.1 BILLION
MIRAE
53. MARRIED, 3 CHILDREN
Founder of the country’s pioneer funds management company lost a chunk of his fortune during a lousy year for stocks. In March he won approval for setting up an asset-management company in China. Also that month he merged Mirae Asset Management and Mirae Asset MAPS Investment Management. Donated his $3.5 million in dividends to charity last year.

20. Lee Joong-Keun
$1.04 BILLION
BOOYOUNG
71. MARRIED, 4 CHILDREN
Built his apartment-construction company on back of government policy favoring rentals. Shares were in relatives’ names because a 1979 bankruptcy kept financial transactions off-limits. But after slush fund and tax-evasion charges in 2007, he’s been putting shares in his name and now joins the list. Since 2003 he’s been donating to improve education in Vietnam, Cambodia, Laos and 11 other countries, granting scholarships and providing school supplies.

21. Lee Seo-Hyun
$1.03 BILLION
SAMSUNG
38. MARRIED, 4 CHILDREN
Younger daughter of Samsung Chairman Lee Kun-Hee (No. 1) tops $1 billion this year for the first time,thanks to rising value of her inherited stake in construction, food service and resorts company Samsung Everland. Works as a vice president in the luxury goods and fashion division of Samsung unit Cheil Industries and as a vice president at advertising agency Cheil Worldwide. Husband, Kim Jae-Yeol, last year became president of Samsung Engineering.

22. Lee Jay-Hyun
$1 BILLION
CJ
52. MARRIED, 2 CHILDREN
Oldest grandson of Samsung founder Lee Byung-Chul, he inherited the CJ Group, which separated from Samsung in 1997. Founded in 1953 as Cheil-jedang, the company began as a sugar mill, boosting sugar production after the Korean War. Now it’s moved into pharmaceuticals, home shopping and entertainment. In November it bought 40% of Korea Express, a large distribution company.

.23. Cho Yang-Rai
$925 MILLION
HANKOOK
74. MARRIED, 4 CHILDREN
Chairs Hankook Tire, country’s oldest tire company and eighth largest in the world. Exports to 180 countries and gets 70% of sales from overseas.Gave up day-to-day reins in 1988 to focus on philanthropy. In January younger son, Cho Hyun-Bum, a son-in-law of Korean President Lee Myung-Bak, became company president. Older son, Cho Hyun-Sik, is the other president. Inherited Hankook from his father.

24. Koo Bon-Sik
$900 MILLION
LG
53. MARRIED, 3 CHILDREN
CEO of Heesung Electronics is the youngest of the Koo brothers (others at Nos. 14, 17 and 26). Owns 4.5% of LG Corp. Company supplies LG Electronics and is Korea’s largest maker of LCD backlight units.Preparing to go public.
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25. Chang Pyung-Soon
$885 MILLION
KYOWON
61. MARRIED, 2 CHILDREN
Education mogul has branched out into water purifiers, bidets, cosmetics, home appliances and tourism. Owns 49.5% of main company, Kyowon Kumon; wife, Kim Sook-Young, owns 10%.

26. Koo Bon-Joon
$802 MILLION
LG
60. MARRIED, 2 CHILDREN
Second-oldest of the Koo brothers, after LG Chair-man Koo Bon-Moo (No. 14). As vice chairman of LG Electronics he turned around the money losing cellphone business, putting it into the black last year.


27. Chung Ji-Sun
$800 MILLION
HYUNDAI
39. MARRIED, 1 CHILD
A grandson of the Hyundai founder, he’s the chairman of the Hyundai Department Store chain. Runs the group with younger brother Chung Kyo-Sun. In January its Hyundai Home Shopping Network spent $365 million for a 34.6% stake in Handsome, Korea’s top women’s apparel company.

28. Huh Chang-Soo
$790 MILLION
GS
63. MARRIED, 2 CHILDREN
Chairs the construction, home shopping and energy group, Korea’s 8th biggest. Donates GS Engineering & Construction shares to his J. K. Huh Foundation,named for his father. Has owned FC Seoul for 15 years.

29. Kim Joon-Il
$780 MILLION
LOCK & LOCK
59. MARRIED, 3 CHILDREN
Developed an innovative type of small container with four clip-on locks in 1998. Now exports to 110 countries and controls 7.2% of global market for sealed containers. China supplies 40% of revenue. Moved into manufacturing kitchen appliances and outdoor goods. Launched storage furniture brand In Plus in March. Founded the parent company of Lock & Lock in1978 at age 26. Lock & Lock means “locking twice”

30. LeeJoon-Yong
$760 MILLION
DAELIM
73. MARRIED, 5 CHILDREN
Son of construction company founder Lee Jae-Joon. Back on the list after a one-year absence.Company is managed by oldest son, Lee Hae-Wook,who married into the LG family. Earned a master’s in economics from University of Denver in the U.S.

31. Seo Jung-Jin
$665 MILLION
CELLTRION
54. MARRIED, 2 CHILDREN
Out of work after Daewoo Motor imploded in 1999 and hounded by his mother-in-law to resume bringing in money, he founded biotech company in 2002. It’s now Korea’s largest. Announced this year that he will donate all his dividends until he dies.

————————————————————————————————————————

32. Park Sung-Soo
$625 MILLION
E-LAND
59. MARRIED, 2 CHILDREN
Starting with a tiny clothing shop in Seoul in 1980, he now has dozens of stores and has expanded into fashion, distribution and hotels with bold acquisitions. This year he bought two resorts in Saipan and joined a bidders’ group for the Los Angeles Dodgers baseball team. Last year he purchased knitwear firm Lochcarron of Scotland and Italian leather goods and accessories brand Mandarina Duck. Net worth figure includes more than $100 million in E-Land held by his wife, Kwak Sook-Jae. Spent $8.8 million in a December auction for a diamond owned by Elizabeth Taylor.

33. Huh Jung-Soo
$615 MILLION
GS
61. MARRIED, 2 CHILDREN
Younger brother of GS Group Chairman Huh Chang-Soo (No. 28). Chairs GS Neotek, an IT company that provides communications services to GS companies. Plans to enter the building energy-management market.

34. Huh Young-In
$590 MILLION
SPC
62. MARRIED, 2 CHILDREN
Rose to president of baker Samlip General Foods after just 12 years, then resigned and went to the U.S. to gain a deeper understanding of the baking business. Returned to Korea ;he’s chairman of the SPC Group today and put the company into expansion mode. Now boasts more than 5,000 shops in Korea and just opened the 100th Paris Baguette franchise store outside Korea, in Ho Chi Minh City.

35. Chung Mong-Jin
$560 MILLION
KCC
51. MARRIED, 2 CHILDREN
Heads this maker of paints, glass, building materials, flooring and polysilicon. Built company into thecountry’s 32nd biggest group after it split fromHyundai. Nephew of Hyundai founder Chung Ju-Yung. Late last year bought 17% of Samsung Ever-land stock, making him the second-largest shareholder.

36. ChungMong-Yoon
$545 MILLION
HYUNDAI MARINE & FIRE
57. MARRIED, 2 CHILDREN
Rose 4 spots on the list after debuting last year. He owns 21.8% of Hyundai Marine & Fire Insurance,where he’s chairman, and shares rose 20% over the past year. He’s the seventh oldest of Hyundai founder Chung Ju-Yung’s 8 sons

37. Lee Hae-Jin
$540 MILLION
NHN
44. MARRIED, 2 CHILDREN
Developed Korea’s most popular search engine Naver while working at Samsung SDS in the late1990s. After it was spun off Naver merged with game portal Hangame in 2001 to become NHN. This past year he focused on NHN’s Japanese branch and launched mobile messenger “Line.


38. LeeSoo-Young
$530 MILLION
OCI
69. MARRIED, 3 CHILDREN
Saw net worth plummet from $1.3 billion last year,making him the biggest loser this year in percentage terms. Market pummeled OCI’s stock over the uncertain future of the solar energy industry. Previously company had good success in developing polysilicon, key to solar energy.

39. Shin Sun-Ho
$525 MILLION
CENTRAL CITY
64. MARRIED, 1 CHILD
Started Yoolsan Industries in 1975 with only 1 million won ($875 today) and quickly expanded to 14 affiliates. But in the 1980s the group ran out of money, and he was accused of embezzlement. All that remained was the then Seoul Bus Terminal, which he developed into Central City, a big downtown mall that includes a hotel, department store, underground shopping and movie theaters.

40. Kim Nam-Ho
$515 MILLION
DONGBU
36. MARRIED.
Started at Dongbu Steel in 2009 and has run that unit since early this year. Only son of Kim Jun-Ki,chairman of Dongbu Group, which also has interests in insurance and communications. Father holds smaller Dongbu stakes, valued at roughly $150 million, after selling shares.

”METHODOLOGY. The list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts, South Korea’s Financial Services Commission and other sources.Net worths are based on stock prices and exchange rates as of the close of markets on Apr. 13. Private companies were valued based on the price-to-book ratios of similar companies that are publicly traded.




 

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