A potential tie-up between the South Korean motor company Hyundai and Apple Inc. for electric cars and batteries made South Korea’s 2nd-richest family even richer. Shares of Hyundai Motor Co. jumped as much as 24 percent — the most since 1988.
The stock surge boosted the combined fortune of Hyundai Motor Group Chairman Euisun Chung (or Chung Eui-sun or Chung Eui-son) and his father, Chung Mong-Koo, by almost $2 billion. Euisun Chung is now worth $4.8 billion and his father’s wealth has climbed to $7.4 billion. The two directly hold about 8 percent of Hyundai Motor.
Chung family: Bulk of Chung family’s fortune is controlled by Chung Mong-Koo and his heir apparent and only son, Euisun Chung. Mong-Koo’s father Chung Ju-yung built Hyundai Group into the country’s largest conglomerate before it spun off major units in 2000. Chung family hold about 8% of Hyundai Motor.
Here are the six richest people in South Korea right now
- Jay Y. Lee
Net worth: $28.8 billion
Jay Y. Lee is the co-vice chairman of Samsung Electronics.
- Seo Jung-Jin
Net worth: $14.5 billion
Seo Jung-Jin is the founder and chairman of Celltrion, a biopharmaceutical firm that makes drugs to treat cancer, influenza and rheumatoid arthritis, among others.
- Kim Jung-ju
Net worth: $10.3 billion
Kim Jung-ju is the co-founder of Nexon, a gaming company; he is chairman of its holding company NXC.
- Brian Kim
Net worth: $7.11 billion
Brian Kim is chairman of KaKao, the largest mobile messaging company in South Korea.
- Chung Mong-Koo
Net worth: $6.20 billion
Chung Mong-Koo (born March 19, 1938) is the honorary chairman of Hyundai Motor Group, South Korea’s biggest automaker. He was chairman of Hyundai Motor for more than 20 years before stepping down in March 2020. Chung Mong-Koo succeeded his father, Chung Ju-yung (or Jung Joo-young), the founder of the conglomerate known as the Hyundai Group. Chung Mong-Koo was succeeded by his only son Euisun Chung (or Chung Eui-sun), who is also a billionaire.
- Kwon Hyuk-Bin
Net worth: $5.88 billion
Kwon Hyuk-Bin is the founder and chairman of Smilegate Holdings.