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Samsung tycoon tops stock-rich list in South Korea

By Kim Hye-ran & Kim Tae-gyu, UPI News Korea
Samsung tycoon tops stock-rich list in South Korea
Samsung Electronics Vice Chairman Lee Jae-yong stayed atop the stock-rich list of South Korea as of the end of June. Photo courtesy of Samsung Electronics

SEOUL, July 5 (UPI) -- Samsung Electronics Vice Chairman Lee Jae-yong saw his stock value dip more than 15% this year, but he remains atop the South Korean stock-rich list.

Business tracker CXO Research Institute said Tuesday that Lee's shares at Samsung Electronics and other Samsung affiliates were valued at $9.1 billion as of the end of June, down 15.2% over Dec. 31.

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Lee, the de-facto owner of Samsung Group, holds a 1.63% share in Samsung Electronics, 10.44% in Samsung Life Insurance and 18.13% in Samsung C&T.

Samsung Electronics is the world's largest maker of memory chips and smartphones. Samsung Life Insurance is South Korea's top insurer, and Samsung C&T is the country's leading contractor.

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Their share prices plunged this year due to concerns about inflationary pressures and the resultant economic downturn.

Celltrion honorary Chairman Seo Jung-jin came in second on the stock list, with holdings worth $6.95 billion, followed by Kakao founder Kim Beom-soo with $5.71 billion, Hyundai Motor Chairman Chung Eui-sun with $2.47 billion and SK Group Chairman Chey Tae-won with $2.14 billion.

All of their share values went down this year due to the bearish stock market. The country's benchmark KOSPI plummeted more than 20% during the first six months of 2022.

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In particular, Kim suffered the most in the stock market as his share value decreased by 39% in the first half. Kakao is one of Korea's primary Internet companies.

"The stock market is expected to remain weak during the remainder of this year, and the rankings of the stock-rich list would change quite a lot," CXO Research Institute chief Oh Il-sun told UPI News Korea.

"However, Samsung Vice Chairman Lee's top position is not likely to be challenged. The next positions of Celltrion honorary Chairman Seo and Kakao founder Kim are not secure," he said.

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