When Booyoung Group chairman Lee Joong-keun vied for sponsorship of the nation’s 10th baseball team with KT Corp., the nation’s second-largest mobile carrier, in early 2013, it was a wakeup call for many about just how rich the usually low-key business tycoon was. At the time, the 73-year-old chairman, who usually chooses to remain in the shadows, greeted the media with open arms, even donning a baseball cap to show how serious he was about owning the team. He also confidently addressed the conc

The recent move by Daum, South Korea’s second-largest web portal, and Kakao, the country’s top mobile messenger service provider, to merge has everyone on the edge of their seats.The merger agreement has caused Kakao founder Kim Beom-su’s share value to hike over 1 trillion won ($982 billion), but more importantly, there is great anticipation over the fact that the Internet-mobile duo might just have what it takes to rival Naver, the nation’s largest web portal.While South Korea prides itself on

Soccer superstars become pawns for billionaire club owners

Hur Min. (Illustration by Park Gee-young)On May 26, 38-year-old Rockland Boulders pitcher Hur Min beat the Quebec Capitales 12-9 in the Can-Am league, an independent baseball league in the U.S. and Canada. That day, Hur showed off his knuckleball ― a baseball pitch thrown so as to minimize the spin of the ball, resulting in an unpredictable motion that most players find hard to hit. That first win is said to have been an emotional moment for the entrepreneur-turned-athlete, who started his profe

Finance industry billionaires capitalize on insurance and investment finance

Hankook Tire, the country’s largest tire manufacturer, posted 7 trillion won ($6.9 billion) in sales and 1.3 trillion won in operating profit last year, with most of its sales coming from abroad. The company, whose products range from ultrahigh-performance to radial and bias-ply tires, is over the moon with its performance, the latest turnover being the highest in its 73-year history. The masterminds behind these achievements are Cho Yang-rai, chairman of the company, and his second son Cho Hyun

Being able to spot emerging trends and shifts in global affairs as well as gaining expertise ahead of others are all key to becoming a successful chaebol heir.In an era that stresses sensibility and communication, convergent thinking and studying abroad seem to have become top priorities for many.It follows that when observing the educational paths the superrich families have taken overseas, commonalities are revealed. It becomes clear which schools are being preferred and how blood ties can oft

E-Land vice chairwoman Park Sung-kyung (E-Land)E-Land vice chairwoman Park Sung-kyung has been more than just an entertainment figure in Korean showbiz. While most of the superrich invite K-pop stars to perform at their events, the sister of E-Land chairman Park Sung-su organizes and arranges K-pop concerts and other shows under the theme of World & Asia Pop, or WAPOP. Park presented the first WAPOP concert last October at Children’s Grand Park in Seoul. While scenes from popular TV dramas were

Late Chung Ju-yung’s 15 trillion won Hyundai dynasty has grown into mainstay of Korea’s economy

Men who married into chaebol flex muscles based on in-laws’ wealth

Lee Mie-kyung, vice chairwoman of CJ, is a rare breed of Korean superrich who saw a business opportunity in culture and entertainment. Born in Tennessee, U.S., and raised in Seoul, Lee is the Harvard-educated daughter of Lee Maeng-hee, Samsung chairman Lee Kun-hee’s elder brother. She first gained international recognition in 1995 after masterminding CJ Group’s $300 million investment in DreamWorks Studio founded by Hollywood powerhouses Steven Spielberg, Jeffrey Katzenberg and David Geffen.  Le

Global sports stars are becoming another breed of superrich.From jaw-dropping paychecks to endorsements and investment returns, the young, athletic and beautiful are raking in money with their talent and brand image. They are also clever enough to hold onto their assets. The primary source of their income is payroll. Major Leaguer Choo Shin-soo signed with the Texas Rangers for $130 million over seven years, while Ryu Hyun-jin signed a $4.3 million contract this year with the Los Angeles Dodgers

The superrich’s pursuit of sports often goes beyond the role of spectator or a participant. They show their affection on a scale befitting their assets. Heesung Group chairman Koo Bon-neung is well known as a passionate baseball fan. Koo, who is currently the president of the Korea Baseball Organization, has published a photobook featuring his lifetime collection of baseball photos. He himself played the game as an outfielder when he attended junior high. Chung Mong-joon, the largest shareholder

How groups avoided family feuds after split