Disproportionate Number of Rich Koreans Inherited Their Wealth

  • By Ryu Jung

    January 05, 2017 12:02

    Korea has a much higher proportion of rich people who inherited their wealth than the U.S., China and Japan.

    Industry tracker CEO Score analyzed the top 40 richest people each in four countries on the Forbes list and found that 25 of the Koreans inherited their money, compared to just 10 in the U.S., 12 in Japan and one in China.

    Out of the entire 160, 70 percent grew rich through entrepreneurship and only 30 percent owed their wealth to inheritance.

    The richest individual in Korea is Samsung chairman Lee Kun-hee, who is worth US$12.6 billion, followed by Suh Kyung-bae of Amore Pacific with $8.4 billion, Samsung heir Lee Jae-yong with $6.2 billion and Hyundai Motor chairman Chung Mong-koo with $4.8 billion. All inherited their assets.

    Fifth-ranked Nexon founder Kim Jung-ju, who is worth $4.1 billion, grew rich by establishing his own venture business.

    The richest man in the world is Microsoft founder Bill Gates, valued at $81 billion, followed by investor Warren Buffet with $65.5 billion and Oracle founder Larry Ellison with $49.3 billion. They all grew rich by their own efforts.

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