October 25, 2002 17:11
Lee Jae-yong, son of Samsung group owner Lee Kun-hee and an executive at Samsung Electronics, is the richest Korean under the age of 40: the younger Lee is 34.
According to a list of 50 richest less-than-40 entrepreneurs in the country issued by Equitable Magazine (www.equitable.co.kr), a firm specializing in analyses of market capitalization, Lee Jae-yong stood atop all others, with his total share possession reaching W772 billion as of May 20. Lee holds shares in major Samsung units, including the flagship Samsung Electronics.
Seo Kyeong-bae, age 39, president of Pacific Co., was second on the list with his share holding of W488 billion, followed by Kim Taek-jin, CEO of Ncsoft with his W325 billion in share possession. Lee and Seo were given the ranks largely through inheritance, in contrast to Kim, who is more of a self-made man.
The list showed that twelve of the 50 richest were in their twenties, and all of them have inherited their share ownership from their parents.
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