S. Korea's richest see wealth jump on robust stock markets, strong economy: survey

SEOUL, Sept. 15 (Yonhap) -- The wealth of South Korea's 100 richest people jumped 58 percent over the past three years thanks to bullish stock markets and an overall strong economy, a survey showed Monday.

According to the survey by on-line business data provider Chaebol.com, the country's 100 richest people -- mostly consisting of owners of conglomerates --
held an estimated 48.35 trillion won (US$44 billion) in assets as of September,
compared with 30.61 trillion won at the end of 2005.

Hyundai Motor Chairman Chung Mong-koo topped the list with his assets growing to
2.73 trillion won from 1.48 trillion won over the cited period. Former Samsung
Group Chairman Lee Kun-hee slipped to second place with his wealth expanding 19.5
percent to 2.32 trillion won, the survey showed.

Chung Mong-joon, a lawmaker of the ruling Grand National Party and the largest
shareholder in the nation's No. 1 shipyard Hyundai Heavy Industries, followed
with an estimated 1.98 trillion won in assets. His ranking at the end of 2005 was
19th.

Meanwhile, inheritances in the corporate sector led to a marked change in faces
on the list of the country's wealthy. Of the total, 32 were newcomers, many of
them the second and third generation progeny of conglomerate owners.

Cho Hyun-joon, son of Hyosung Group Chairman Cho Suck-rai, and Seol Yoon-seok,
son of Taihan Electric Wire Chairman Sul Won-ryang, were among those new faces,
the survey showed.

kokobj@yna.co.kr

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