Tycoons Prefer Seoul's Traditional Wealthy Neighborhoods

      May 24, 2010 09:39

      Most chairmen of big businesses still prefer to live in the traditional wealthy districts of Seoul -- Seongbuk-dong and Hannam-dong in the area north of the Han River, according to a survey released on Sunday.

      The survey by business website Chaebul.com found that 97 of the chairmen of the nation's 100 largest companies live in Seoul, with 74 residing north of the Han River and 23 south of it. The three who do not stay in Seoul live in Busan where their companies are based.

      The average age of all 100 chairmen is 63.8. Older chairmen preferred to live in the northern part of Seoul where their average age is 65, while those living in the southern part of the city average 59.7 in age.

      Each chairman has an average of W320 billion in stocks in their company. With a number of previously unlisted firms listing this year, the average holdings jumped by 18.9 percent from W271.8 billion a year ago. 

      Samsung Group chairman Lee Kun-hee, who is in top place, saw his holdings grow from W3.1 trillion last year to W8.8 trillion thanks to the listing of Samsung Life Insurance this month.

      The holdings of Chung Mong-koo, head of Hyundai-Kia Automotive Group, jumped from W2.9 trillion to over W5 trillion as the company's stock price went up.

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