Monday, December 16th, 2013
SEOUL, KOREA - The total value of shares held by immediate family members of top-30 conglomerates has more than doubled in five years since December 2008.
According to Chaebul.com, the website tracking financial performance of Korea's business groups, on December 16, the market capitalization of the shareholdings owned by the owners themselves and their 119 family members was 49,166 billion won as of December 12, up 143.7 percent from 20,178 billion won recorded on December 12, 2008.
The growth rate of the holdings by the families of 30 largest companies is almost double that of the KOSPI growth rate during the same period. For the five-year period, the KOSPI rose 78.3 percent to 1,967.93 from 1,103.82.
Of the richest family shareholdings, that of Lee Kun-Hee of Samsung Group and his family increased by the largest margin. The value of shares held by three persons, including Lee Kun-Hee, Hong Ra-Hee, Leeum Samsung Museum director and the wife of the Samsung chairman, and their son Lee Jae-yong, vice chairman of Samsung Electronics, is estimated at 13,871 billion won, up 507.5 percent from 2,283 billion won in December 2008.
The five Chung family members of Hyundai Motor Group were almost equally lucky enough to see their share values rise 328.9 percent during the five-year period, largely thanks to the share price of Hyundai Motor has quintupled to 230,000 won from 42,000 won five years ago.