Samsung heir now 2nd richest tycoon in Korea
[THE INVESTOR] Amid the strong rally of tech giant Samsung Electronics’ stock this year, Vice Chairman Lee Jae-yong has become Korea’s second wealthiest business person after his bedridden father Kun-hee, according to Chaebul.com on July 14.
The value of stocks held by Samsung Group’s owner family has increased by more than 7 trillion won (US$6.16 billion) this year.
The value of stocks owned by the chairman increased by 4.2 trillion won to 18.5 trillion won this year, while his son saw his stock value rise 1.6 trillion won to 8.2 trillion to nab the second spot.
He replaced AmorePacific Chairman Suh Kyung-base who was pushed down to the third place.
The strong rally of Samsung stocks was responsible for this, according to the data tracking company.
Samsung Electronics’ share price, which stood at 1,805,000 won on Jan. 3, hit an all-time high of 2,554,000 won on July 14.
The chairman, who has been hospitalized after a heart attack in 2014, owns 3.82 percent stake in Samsung Electronics and 20.76 percent in Samsung Life Insurance.
He also holds stakes in other subsidiaries such as Samsung SDS and Samsung C&T.
The vice chairman holds 0.64 percent stake in Samsung Electronics, 17.23 percent in Samsung C&T and 9.2 percent in Samsung SDS. He also owns stakes in Samsung Engineering, Samsung Fire & Marine Insurance, and Samsung Life Insurance.
Hong Ra-hee, wife of the senior Lee and one of the largest individual Samsung Electronics shareholders, owns 0.77 percent of the tech firm and her stock value is worth 2.7 trillion won, up by 783 billion won, or 40.1 percent, this year alone.
The chairman’s daughters Lee Boo-jin and Lee Seo-hyun saw their stock assets jump 20.1 percent to 1.7 trillion won each.
By Kim Young-won (firstname.lastname@example.org)