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Chairman Chung Mong-koo of Korea's number one auto giant Hyundai Motor is now the richest man in the country, ahead of chairman Lee Kun-hee, the head of Korea's biggest conglomerate, Samsung Group.
According to the Korea Stock Exchange chairman Chung's shareholdings are worth W1.24 trillion (US$1.2 billion). That's about W19 billion more than what Mr. Lee has.
The bulk of chairman Chung's wealth comes from his stakes in Hyundai Motor and Hyundai Mobis, which account for more than W590 billion and W420 billion respectively.
Arirang TV
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