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Forbes Announces S.Korea’S 50 Richest
Cashing in on Pop Culture: CJ’s Lee Jay-Hyun Rides the Korean Wave
If 2012 was the year the Korean Wave came ashore around theworld, then certainly Lee Jay-Hyun made one of the biggest splashes.

His CJ Group is big in Korean enter-tainment, and at a time when Koreanmovies and K-pop songs seem to beeverywhere, that has helped goose the stock price. Lee’s wealth jumped 70%,to $1.7 billion over the past year, riding an 84% leap in holding company CJ Corp.’s stock price. He moved up to No.10 on the list, from No. 22 a year ago.

CJ was a darling of investors looking for a safe domestic play in an uncer-tain year; it generated revenue of $25 billion last year and boasts operations from food services to biotechnology and logistics. CJ E&M,the entertainment and media arm, turned in $1.3 billion inrevenue and is growing fast.

It promotes Korean food, drink,film, music and television shows, leveraging local pride in the country’s growing cultural success overseas. Lee’s sister, Lee Mi-Kyung, or Miky Lee, heads the unit and led the marketing charge of Korean pop content across Asia. She’s hoping for the company’s first Hollywood global blockbuster, the big-budget sci-fi epic Snowpiercer, being released this summer.

Lee may be the biggest percentage gainer on the list, but his uncle, Samsung Chairman Lee Kun-Hee, was the biggest gainer in dollar terms, adding $1.8 billion to his fortune.

He came in at No. 1, as he has for every year since FORBES ASIA started compiling a roster of South Korea’s richest in 2005.

No. 2, Hyundai’s Chung Mong-Koo, saw his net worth shrink by $1.2 billion.The Korean stock market’s de-cline over the past year—the Kospi slipped 3.3%—and the won’s very slight decrease against the dollar took a toll on the country’s richest.

Some 17 fortunes rose, but 18 de-clined and another 2 fell off the list. The net worths of three people came in the same as 2012. There are 22 bil-lionaires, just as there were a year ago. This year we expanded our list to 50 names, from 40 pre-viously. That helped six new people make the cut—including aself-made car dealer at No. 37, a casino operator at No. 44 anda second person from Internet company NHN at No. 45—and6 return to the list after missing the cutoff for at least a year.That includes 2—at numbers 35 and 38—whose poor healthgot them out of prison but who could be back behind bars ifthey get better.

But the list wasn’t long enough for Huh Jung-Soo of GS and solar company OCI’s Lee Soo-Young, whodropped off.It’s been an entertaining year for Lee.

F
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4.Chung Eui-Sun$2.6 BILLION SOURCE: hYUnDaIAGE: 42. MaRRIED, 2 ChILDREnEldest son of hyundai Motor Chair Chung Mong-Koo. named vice president of company in 2009after boosting sales at Kia. Most of fortune comesfrom hyundai glovis, the conglomerate’s fast-growing logistics arm, where he’s largest individualshareholder.5.Shin Dong-Bin$2 BILLION SOURCE: LottEAGE: 58. MaRRIED, 3 ChILDREnChairs retail group since taking over from his90-year-old father, Shin Kyuk-ho, who still servesas chairman-in-chief. group rapidly expandingoverseas, opening its second department store intianjin. Lotte Shopping stores will open in Jakartaand hanoi this year. Businesses now include golfcourses and hotels.6. Suh Kyung-Bae$1.95 BILLION SOURCE: aMoREPaCIFICAGE: 50. MaRRIED, 2 ChILDREnStepped up to chairman of country’s top cosmeticscompany in January. took over French perfumecompany annick goutal and has been targetingChinese market in effort to become globalcosmetics player. Brands include Laneige, endorsedby leading Korean actress Song hye Kyo, andSulwhasoo, which incorporates ginseng and otherasian herbs. Inherited company in 1997 from hisfather, Suh Sung-Whan, who started it in the townof gaesong, nicknamed “ginseng City.”7.Shin Chang-Jae $1.92 BILLION SOURCE: KYoBo LIFE InSURanCEAGE: 59. MaRRIED, 2 ChILDREnChief executive since taking over for his father in1997 amid economic turmoil that hit South Koreathat year. now the company is country’s third-largest life insurer. Speculation swirls that he willbid for Ing Life Korea; a takeover would makeKyobo no. 2.• Named as last year’s Asian insurance industry’sPersonality of the Year at awards dinner inKuala Lumpur2.Chung Mong-Koo$5.4 BILLION SOURCE: hYUnDaIAGE: 75. MaRRIED, 4 ChILDREnSold 7.1 million hyundais and Kias last year,ranking it fourth in the world in car sales. Sold850,000 cars in China, but hyundai Motorhad to recall 1.9 million cars in the U.S., hittingthe stock and shaving $1.2 billion off thechairman’s fortune. Last month a subway-trainsubsidiary won $885 million contract fromIndia’s Delhi Metro Rail Corp.3.Jay Y. Lee$4.2 BILLION SOURCE: SaMSUngAGE: 44. DIVoRCED, 2 ChILDREnonly son of Samsung Chairman Lee Kun-hee, he’s been groomed for years to take over. named vicechairman of Samsung Electronics in December. Credited with strong growth of smartphone and tVbusiness—its galaxy S III overtook the iPhone 4S as world’s most popular smartphone last year.UPDoWn UnChangEDnEW to LIStREtURnEE1. Lee Kun-Hee $12.6BILLION SOURCE: SaMSUngAGE: 71. MaRRIED, 3 ChILDREnChairman of powerhouse conglomerate celebratesthe group’s 75th anniversary this year. SamsungElectronics sold 70 million cellphones in the firstquarter, topping the world market. In February won acourt battle with a brother and a sister who claimedthat $800 million of Samsung stock was theirs;siblings are appealing. Wife Ra-hee hong boasts a$1.5 billion net worth, which is included in this fortune.LEEJaEWon / REUtERS
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South korea’S 50 richeStFORBES aSia10.Lee Jay-Hyun$1.7 BILLION SOURCE: CJAGE: 53. MaRRIED, 2 ChILDREnEldest grandson of Samsung’s late founderbuilt the CJ group, which separated fromSamsung in 1997, into country’s biggest foodprocessor and moved it into entertainmentand pharmaceuticals (see introduction). 11.Kim Jung-Ju$1.6 BILLION SOURCE: nEXonAGE: 45. MaRRIED, 2 ChILDREnFounder of online gaming company lostnearly $3 billion over past year as profitssank, making him easily biggest loser on list(see box, opposite).12.Chey Tae-Won$1.56 BILLION SOURCE: SKAGE: 52. MaRRIED, 3 ChILDREnResigned as chairman in December 2012,just before he was convicted on Jan. 31of embezzling $43 million and sentencedto 4 years in prison. appeal is under way.also spent 7 months in prison in 2003 foraccounting fraud but was pardoned in 2008.net worth fell by more than $300 million.Massive group includes country’s biggestmobile carrier and oil refiner. Celebrated its60th anniversary last month.13.Koo Bon-Moo$1.53 BILLIONSOURCE: LgAGE: 68. MaRRIED, 3 ChILDREnEldest grandson of Lg founder has servedas chairman since 1995. group fell behind insmartphones but mounting big marketingblitz for its optimus g II phone later thisyear. also plans to make organic light-emitting diode screens for televisions;screens are thinner and brighter thantypical LCD. Shares fortune with wife KimYoung-Shik, whose Lg stakes are worth$425 million.14.Lee Joong-Keun $1.4 BILLION SOURCE: BooYoUngAGE: 72. MaRRIED, 4 ChILDREnovercame bankruptcy in 1979—and 3-year prison sentence in 2004 for embezzling company funds—to become billionaire a year ago. Started his residential construction and apartment rental business 1983. Launched education business in 1991; has been building schools. Donates to alma mater Korea University’s It and nursing departments. 15.Chung Mong-Joon$1.38 BILLION SOURCE: hYUnDaIAGE: 61. MaRRIED, 4 ChILDREnLost two-thirds of his wealth in 2 years but remainsSouth Korea’s richest politician. his hyundai heavyIndustries has been hit hard by world shippingwoes. Represents majority Saenuri (a.k.a. newFrontier) Party in the assembly. Son of late hyundaiconglomerate founder Chung Ju-Yung. Brother ishyundai Motor’s Chung Mong-Koo (no. 2).16.Koo Bon-Neung$1.36 BILLION SOURCE: LgAGE: 64. MaRRIED, 2 ChILDREnChairs privately held heesung group, major supplierto Lg, and owns 5.1% of Lg. May take heesungElectronics public this year; he owns 42%. Youngestbrother, Koo Bon-Sik (no. 23), runs heesung. oldestbrother is Lg Chairman Koo Bon-Moo (no. 13). avidbaseball fan, his company built a public baseballstadium in Daegu Metropolitan City last year.17.Lee Myung-Hee$1.3 BILLION SOURCE: ShInSEgaEAGE: 69. MaRRIED, 2 ChILDREnSouth Korea’s richest woman chairs retail giant, which was split from Samsung in 1991. her father, the late Lee Byung-Chul, founded Samsung. Shinsegae spun off its discount chain, E-mart, 2 years ago, but she still owns 17.3%. Last month Shinsegae took over the Seoul Express Bus terminal, announcing long-term development plans. husband Chung Jae-Eun, Shinsegae’s honorary chairman, gave his shares to their children in 2006 and paid $350 million donation tax. 8.Shin Dong-Joo$1.9 BILLION SOURCE: LottEAGE: 59. MaRRIED, 1 ChILDolder brother of Shin Dong-Bin (no. 5) andvice chairman of Lotte holdings. also vicepresident of Lotte group in Japan; he livesin tokyo. he and his brother own identical14.59% stakes in department store arm LotteShopping.9.Lee Hwa-Kyung $1.8 BILLION SOURCE: oRIonAGE: 57. MaRRIED, 2 ChILDREnnet worth has nearly tripled in 2 years as salesof company’s confectionary products boom.(Its Choco Pies are world-famous.) Sales inChina reached nearly $1 billion in 2012. Movinginto entertainment and restaurant businesses,and its Mediaplex subsidiary among country’stop cinema investment and distributionoutfits. Began running group with herhusband, Dam Chul-gon, in 2001, when it splitfrom Dongyang group, founded by her father,Lee Yang-Koo. Fortune includes husband’s$800 million orion stake.Joongang Photo UPDoWn UnChangEDnEW to LIStREtURnEE
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The ride up was gravity-defying, the ride downsudden and scary. A year agoFORBES ASIA put Kim Jung-Ju’swealth at $4.3 billion, more thandouble his 2011 net worth and mak-ing him not only the biggest gaineron the list but also South Korea’sthird-richest person. This year thefounder of the country’s top onlinegaming company, Nexon, is thebiggest loser, falling to No. 11 on thelist, with a fortune that’s dwindledto $1.6 billion.What happened? Nexon wentpublic in Tokyo in December 2011in a $1.2 billion offering that wasJapan’s largest of the year. Then itturned in impressive first-quarter2012 results, sending the sharesup. The second and third quarters?Not so good. “The company couldnot control market expectations;Q1 earnings were very strong, andexpectations were too high,” saysYuki Nakayasu, who covers Nexonfor Credit Suisse in Tokyo. “Thensales went down, and the company did not say anythingin Q2 and Q3. Everyone was very surprised.”A massive selloff hit the stock on Aug. 9 last year, andit fell 31% in 3 days. By mid-November it was down 58%.Nexon has recovered a bit since then, but it’s still 34%off its 12-month high.One analyst says the market drew incorrect conclusionsfrom the first-quarter results. “The company was sayingyou can’t annualize it, it was a seasonal one-off with somegames,” says David Gibson of Mac-quarie Securities in Tokyo. “Later inthe year the numbers were in linewith what the company said but notwith the expectation of analysts.”What’s more, two big dealsproved disappointing, both he andNakayasu agree. Last June Nexonspent $685 million on a 14.7% stakein its chief Korean rival, NCsoft.Nexon is noted for simple gamessuch as Kart Rider and DungeonFighter Online and its global plat-form, while NCsoft is known formassive multiplayer games such asLineage and Aion, and is seen as agames craft studio. But the comple-mentary strengths aren’t producingenough benefits. NCsoft’s stock isdown by nearly half since the deal.Then in October Nexon boughtgloops, Inc., which developsmobile games for Japanese gamesdeveloper DeNA, for $468 million.That gave Nexon access to Japan’smobile-gaming market and per-haps eventually to North Americaand Europe. But gloops doesn’t grant entrée to themore lucrative smartphone market. Nexon declined tocomment.Yet Nakayasu is now bullish on Nexon. It upgradedDungeon Fighter, which should be reflected in upcom-ing numbers, and has a much stronger pipeline of newgames than it did last year. And in the end Nexon didsee a 24% jump in operating profit last year.—Andrew SalmonJoongang Photo oNliNe GaMiNG tailSPiNkiM JuNG-JuWhat Next for Nexon?
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South korea’S 50 richeStFORBES aSiaShIn Dong-YEon 25.Cho Yang-Rai$905 MILLION SOURCE: hanKooKAGE: 75. MaRRIED, 4 ChILDREnChairman returned to help manage operations athankook tire in September, when company set up aholding company, hankook tire Worldwide. Steppeddown back in 1988 to run hankook tire Foundation.Inherited company from father, hyosung groupfounder Cho hong-Je, who started it 1941. Youngerson Cho hyun-Bum is no. 49.18.Lee Boo-Jin$1.25 BILLION SOURCE: SaMSUngAGE: 42. MaRRIED, 2 ChILDREnEldest daughter of Samsung Chairman LeeKun-hee (no. 1), she’s first female president ofa Samsung company. heads hotel Shilla andSamsung Everland, known for its amusementpark; is referred to as “the little Lee Kun-hee.” Lastyear won rights to manage duty-free shops inSingapore’s Changi airport. this year she openedSweetmay cosmetic shops in Macau and hongKong and started hotel management companyShilla Stay to expand in business-hotel market.19.Chung Yong-Jin $1.1 BILLION SOURCE: ShInSEgaEAGE: 44. MaRRIED, 2 ChILDREnResigned as retailer’s vice chairman in Februaryfollowing labor ministry investigations of chargesthat group was illegally monitoring employees toprevent them from joining a union. group saysthat’s not why he quit. his mother, Lee Myung-hee(no. 17), is Shinsegae’s chairman. owns 7.3% ofboth Shinsegae and its E-mart spinoff, but his tinyholding in Samsung Electronics worth more thaneither of those stakes.20.Seo Jung-Jin$1.08 BILLION SOURCE: CELLtRIonAGE: 55. MaRRIED, 2 ChILDREnJoins billionaire ranks for first time with a morethan $400 million jump in wealth—thanks tofast-growing revenue at his biotech firm. Celltrionproduces biosimilars, affordable generic versions ofbiological products. he expects to get EU approvalfor its arthritis drug Remsima this month or next.Said last month that after the sign-off, he mightshop his stake around to multinational drugmakers.Singapore’s temasek holdings is a big investor.21.Lee Seo-Hyun$1.03 BILLIONSOURCE: SaMSUngAGE:39. MaRRIED, 4 ChILDREnYounger daughter of Samsung Chairman LeeKun-hee (no. 1) serves as vice president of luxurygoods and fashion at Cheil Industries (part ofSamsung group), as well as a vice president at CheilWorldwide, South Korea’s largest advertising firm.22. Park Hyeon-Joo$1 BILLION SOURCE: MIRaEAGE: 54. MaRRIED, 3 ChILDREnFortune slipped by $100 million as weak market conditions hit his financial services firm. Miraeasset, country’s largest asset-management company, closed its first overseas branch, in hong Kong,last month. Koo Jae-Sang, his lieutenant since he founded firm in 1997, quit as CEo of Mirae globalInvestments in november.23.Koo Bon-Sik$980 MILLION SOURCE: LgAGE: 54. MaRRIED, 3 ChILDREnRuns heesung Electronics, which is an Lg Electronics supplier and is prepping for IPo. older brothersrank nos. 13, 16 and 28. heesung is South Korea’s largest maker of LCD backlight units and has enteredtouchscreen industry.24.Kim Tack-Jin$930 MILLION SOURCE: nCSoFtAGE: 46. MaRRIED, 2 ChILDREnSold most of his nearly 25% stake to nexon inJune (see box), collecting $685 million. Dealshowed good timing—stock has fallen by halfsince then. Still holds nearly 10% of onlinegaming company he started in 1997.
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29.Kim Joon-Il$730 MILLION SOURCE: LoCK & LoCKAGE: 60. MaRRIED, 3 ChILDREnDeveloped innovative container for kitchens that’ssealed with 4 clip-on locks. now exports to 112countries. China supplies nearly 60% of revenue.also no. 1 in market share in Vietnam, taiwan and athome. In March launched baby and children’s brandhello Bebe in China.30.Shin Sun-Ho $690 MILLION SOURCE: CEntRaL CItYAGE: 65. MaRRIED, 1 ChILDEnjoyed 31% jump in net worth as sales boomedat his downtown Central City mall that includeshotel, underground shopping and movie theaters.In october Shinsegae became private company’sbiggest shareholder, buying 60% from Malaysianinvestment firm, boosting Central City’s value. nowsecond-biggest shareholder, with 38%; has steppedaway from managing the company.• The mall’s Shinsegae Department Store Gangnambranch is second-highest-grossing departmentstore in South Korea, after a Lotte store31.Moon Kyu-Young$630 MILLIONSOURCE: aJUAGE: 61. MaRRIED, 2 ChILDREnReturns to list after missing last year. Eldest sonof aju group founder Moon tae-Sik, who startedit 1960 as construction materials company. nowit’s privately held conglomerate, diversifying intologistics, hotels, financial services, real estate andcar rentals. named chairman in 2004.32.Huh Young-In$620 MILLION SOURCE: SPCAGE: 63. MaRRIED, 2 ChILDREnSecond-eldest son of huh Chang-Sung, founder ofSamlip general Foods, inherited business in 1983and vastly expanded it. now called SPC, the grouplaunched Paris Baguette in 1988 and introducedDunkin’ Donuts, Baskin-Robbins and Jamba Juiceto South Korea. also launched rice cake brandBizeun. With more than 5,000 restaurants, it hashighest number of fast-food outlets of any asiancompany outside Japan.ho nEW/ REUtERSUPDoWn UnChangEDnEW to LIStREtURnEE26.Chang Pyung-Soon$900 MILLION SOURCE: KYoWonAGE: 62. MaRRIED, 2 ChILDREnPresident of privately held Kyowon group, one ofnation’s biggest education companies. gave up oncivil service examination and started as insurancesalesman, then sold books door-to-door. StartedKyowon 1985, offering classes at a time whenprivate tutoring was banned.27.Chung Ji-Sun $810 MILLION SOURCE: hYUnDaIAGE: 40. MaRRIED, 1 ChILDa grandson of hyundai founder, he became vice chairman of hyundai Department Store chain at age 31; was made chairman at 35. Runs group with younger brother Chung Kyo-Sun (no. 47), who’s president of hyundai home Shopping network. 28.Koo Bon-Joon$802 MILLION SOURCE: LgAGE: 61. MaRRIED, 2 ChILDREnSecond-eldest of Koo brothers worked at at&t in U.S. and returned home to work for a string of Lgcompanies. now vice chairman of Lg Electronics, where he’s revived cellphone business with newsmartphone models. got his M.B.a. at University of Chicago.
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South korea’S 50 richeStFORBES aSia37.Oh Sei-Young $545 MILLIONSOURCE: KoLaoAGE: 50. MaRRIEDStarted used-car company in Laos in 1997. grew bywinning franchises to sell new hyundai and Kia cars,then entered banking, construction and distribution.aims to lower its dependence on hyundai and Kiawhile raising its manufacturing capacity in order tobreak into Myanmar and Cambodia. In June plansto begin making and selling one-ton pickup trucks.• Earned B.A. in textile engineering from Seoul’sSungkyunkwan University, oldest university in Eastasia, founded in 139838.Kim Seung-Youn$535 MILLIONSOURCE: hanWhaAGE: 61. MaRRIED, 3 ChILDREnRejoins list after one-year absence. Succeeded hisfather, the founder, as chairman at age 29 in 1981and expanded from chemicals into distribution,finance, solar energy and other industries.Sentenced in august to 4 years in prison forembezzling $264 million, but in December wasreleased because of worsening health. Was atleast his third stint in jail, dating to 1993. If healthrecovers, faces fourth stretch behind bars.39.Chung Mong-Yoon$530 MILLION SOURCE: hYUnDaIAGE: 58. MaRRIED, 2 ChILDREnSeventh eldest of hyundai founder Chung Ju-Yung’s 8 sons became chairman of hyundai Marine& Fire Insurance in 2001. Earned B.a. and M.a.degrees at the University of San Francisco.40.Chung Mong-Jin $525 MILLIONSOURCE: KCCAGE: 52. MaRRIED, 2 ChILDREnheads this maker of paints, glass, buildingmaterials and flooring. now focusing on siliconproduction for next growth spurt. Joined in 2000and built company into a top-30 chaebol after itsplit from hyundai. nephew of hyundai founderChung Ju-Yung.• Got his M.B.A. at George Washington University inWashington, D.C.UPDoWn UnChangEDnEW to LIStREtURnEEbreakiNG dowNthe liStSome 19 of the richest havebusiness or blood ties toone of the three biggestconglomerates, Samsung,Hyundai and LG, the samenumber as nine years ago.Another 14 have ties to smallerchaebols, but 17 made theirmoney with more focused andentrepreneurial businesses.Chaebol Power33.Huh Jung-Soo $585 MILLION SOURCE: gSAGE: 62. MaRRIED, 2 ChILDREnYounger brother of gS group Chairman huhChang-Soo. Chairs gS neotek, an It companythat provides communications services togS companies. Entered building energymanagement market last year.34.Lee Hae-Jin $575 MILLION SOURCE: nhnAGE: 45. MaRRIED, 2 ChILDREnhelped start what became country’s largestInternet company with Kim Bum-Soo in2000. Stock moving up on global successof its instant-messaging application, Line,developed by nhn Japan for smartphonesand desktops after the 2011 tsunami.Meantime, Kim cofounded Kakao, whichlaunched South Korea’s most popularmessaging service, Kakaotalk, in 2010.35.Lee Ho-Jin$555 MILLIONSOURCE: taEKWangAGE: 50. MaRRIED, 2 ChILDREnMakes list for first time since 2007. Father LeeYim-Yong started taekwang in 1950. group is nowpetrochemical, finance, electronics, media andleisure conglomerate. arrested in 2011 on charges ofembezzling $35 million, and in February of last yearwas sentenced to 4 ½ years in prison and fined $1.8million. Stepped down as chairman of taekwangIndustry. Suffering from liver cancer, he was grantedbail last June and has not been sent back to prison.36.Lee Joon-Yong $550 MILLION SOURCE: DaELIMAGE: 74. MaRRIED, 5 ChILDREnSon of construction company founder Lee Jae-Joon. Serves as chairman, with company managedby oldest son Lee hae-Wook, who married into Lgfamily. Was first Korean firm to work on overseasconstruction project, in 1966. Built such landmarksas the national assembly building.SAMSUNG,HYUNDAI,LG TIES38%TIES TOSMALLERCHAEBOLS28%ENTREPRENEURS34%
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45.Lee Joon-Ho$465 MILLIONSOURCE: nhnAGE: 48. MaRRIED, 2 ChILDREnRising stock price puts second nhn shareholder onlist, joining Lee hae-Jin (no. 34). Chief operatingofficer owns 3.74%. Joined Internet pioneer 2005while working as professor at Soongsil University.Will chair hangame when nhn undoes 2001merger and splits search engine naver and gameportal hangame in august.46. Kim Nam-Ho $450 MILLION SOURCE: DongBUAGE: 37. MaRRIEDonly son of Chairman Kim Jun-Ki runs DongbuSteel; being prepped for taking over group. Chaebolalso boasts finance, insurance, communications andother businesses. his 68-year-old father startedat age 24 with $25,000. he made list in 2007 buthas reduced his stakes—still worth roughly $300million—and now son’s shareholdings are larger.47.Chung Kyo-Sun$430 MILLIONSOURCE: hYUnDaIAGE: 38. MaRRIEDPresident of hyundai home Shopping network.older brother is Chung Ji-Sun (no. 27), chairmanof the hyundai Department Store chain. theirgrandfather is hyundai founder Chung Ju-Yung.48.Chey Ki-Won$425 MILLIONSOURCE: SKAGE: 48. DIVoRCEDYounger sister of former SK chairman Chey tae-Won (no. 12). Serves as director of SK’s corporatephilanthropy foundation, SK happiness. owns10.5% of computer services provider SK C&C Co.49.Cho Hyun-Bum $410 MILLIONSOURCE: hanKooKAGE: 41. MaRRIED, 2 ChILDREnoversees marketing for multinational tiremaker.aims to put it in top 5 worldwide, from seventhnow. helped build 15% market share in northamerica. Earned B.a. in economics from BostonUniversity. Father is Chairman Cho Yang-Rai ( no.25). older brother Cho hyun-Sik is president ofholding company hankook tire Worldwide.50.Park Sung-Soo $400 MILLION SOURCE: E-LanDAGE: 60. MaRRIED, 2 ChILDREnStarted a clothing shop in front of a Seoul women’suniversity 1980 and now has dozens of stores andalso restaurants and leisure businesses. generated$1.8 billion in revenue in China last year. In Marchopened first Mixxo women’s clothing store outsideSouth Korea, in Yokohama. net worth includes$70 million in shares held by wife, Kwak Sook-Jae.41.Kang Young-Joong$505 MILLIONSOURCE: DaEKYoAGE: 63. MaRRIED, 2 ChILDREnMissed list last year, breaking streak of appearingevery year since first list in 2005. Foundedafterschool home study company at age 26.Expanded into learning centers, greatly boostingprofits. Company famous for its home-visiteducation service, noonnoppi.• In January donated 82,000 shares of Daekyoholdings to alma mater Konkuk University42.Koo Kwang-Mo$490 MILLIONSOURCE: LgAGE: 35. MaRRIEDReturned to U.S. in January to work for homeentertainment unit’s product-developmentdepartment, his second U.S. stint after workingfor Lg Electronics in new Jersey. also earnedB.a. and M.B.a. in U.S. Promoted in March tohead unit. owns nearly 5% of Lg Corp., makinghim contender to succeed his adoptive father,Koo Bon-Moo (no. 13), someday. Rejoins list afterone year off.43.Kim Nam-Goo$480 MILLIONSOURCE: KoREa InVEStMEnt hoLDIngSAGE: 49. MaRRIED, 2 ChILDREnEldest son of Dongwon founder Kim Jae-Chul.group started as tuna processing and distributioncompany; eventually finance became core business.Started at Dongwon Securities (later renamedKorea Investment holdings) 1991 and becamepresident 2003. Meets cutoff for list for first timesince 2009.• When he was young, his father had him spend 4months at sea on a deep-sea fishing vessel44.Chun Phil-Lip$470 MILLIONSOURCE: PaRaDISEAGE: 51. MaRRIED, 2 ChILDREntook over casino company 2005, the year afterhis father (and Paradise founder) died. Companystarted as investment and development outfit1972. now operates casinos in South Korea andKenya. Stock has more than doubled in a year astourism booms.M E T H O D O L O G Ythe list was compiled using shareholding and financial information obtained from the familiesand individuals, stock exchanges, analysts, private databases, South Korea’s Financial SupervisoryService and other sources. net-worth figures are based on stock prices and exchange rates as ofthe close of markets on apr. 15. Private companies were valued by using financial ratios and othercomparisons with similar companies that are publicly traded.SEongJoon Cho / BLooMBERg VIa gEttYIMagES




 

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