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1. Lee Jae Yong

Lee Jae Yong, 57, is the executive chairman of Samsung Electronics and the richest man in South Korea with a net worth of $19.1 billion as of Jan. 26, according to Forbes.

Samsung stands out as the most successful among the family-controlled conglomerates known as chaebol, which have played a central role in transforming the country into a global export powerhouse and continue to dominate the economy.

Lee Jae Yong assumed the chairman role a few years following the 2020 death of his father, Lee Kun Hee, the late group chairman who built it into a global giant and reigned as South Korea’s richest person from 2005 until his death, with the sole exception of 2008.

Lee Jae Yong spent years entangled in legal disputes linked to a 2015 merger between two Samsung affiliates, a deal that was crucial to cementing the father-to-son succession at the tech giant, The New York Times reported.

The Lee family is currently paying 12 trillion won (US$8.3 billion) in inheritance taxes, among the largest such payments ever recorded in South Korea.

2. Seo Jung Jin

Seo Jung-jin, chairman of Celltrion. Photo from EY’s website

Seo Jung Jin is the cofounder of Celltrion, a biopharmaceutical company that develops treatments for various diseases including cancer, influenza and rheumatoid arthritis.

He launched the firm in 2002 after his former employer, Daewoo Motor, collapsed in bankruptcy. In its early days, Seo reportedly pledged his organs as collateral to borrow from loan sharks to fund the fledgling drugmaker, Bloomberg reported.

In 2021, Seo became the first self-made billionaire to top South Korea’s rich list, a position previously dominated by heirs to the Samsung and Hyundai chaebols. He stepped down as Celltrion’s chairman that same year but returned to the role two years later.

With a net worth of $8.5 billion, Seo now ranks as the country’s second-richest individual.

3. Hong Ra Hee

Hong Ra-hee, wife of Samsung Group chairman Lee Kun-hee, arrives at the office of a special counsel looking into allegations made by a former top legal Samsung executive in Seoul, April 2, 2008. Photo by Reuters

Hong Ra Hee is the widow of the late Samsung chairman Lee Kun Hee. She shares the family empire with her son Lee Jae Yong and daughters Lee Boo Jin and Lee Seo Hyun.

Hong currently owns a 1.49% stake in Samsung, making her the company’s second-largest shareholder after Lee Jae Yong’s 1.65%.

According to a regulatory filing cited by The Korea Herald last week, Hong is selling shares worth roughly 2.08 trillion won to help pay the family’s massive inheritance tax bill.

The sale is expected to be completed in late June, by which point Hong’s stake will fall to roughly 1.24%.

Hong, who has a net worth of $8.3 billion, also comes from a prominent family. Her father once chaired JoongAng Ilbo, one of South Korea’s biggest daily newspapers now run by her nephew. One of her brothers serves as chairman of BGF Retail, one of the country’s top convenience store chains.

4. Lee Boo Jin

Lee Boo-Jin, President and chief executive of Hotel Shilla, attends an opening ceremony of Shilla IPark Duty Free shop in Seoul, South Korea, March 25, 2016. Photo by Reuters

Lee Boo Jin, 55, is widely regarded as one of South Korea’s most influential business leaders, according to news outlet Preview.

Nicknamed “Little Lee Kun Hee” by local media for her keen business instincts, she leads Hotel Shilla as president and chief executive officer. The company is one of the nation’s most prestigious luxury hotel operators and its second-largest duty-free retailer.

She graduated from Yonsei University with a degree in children’s studies and is active in philanthropy, serving as a director of the Dooeul Scholarship Foundation, which focuses on supporting women’s education.

Her personal life also attracted significant attention. In 1999, at the age of 29, she married Im Woo Jae, a former Samsung employee from a modest background. The high-profile and controversial marriage ended in divorce in 2020.

Her net worth is estimated at $7.9 billion.

5. Chung Mong Koo

Hyundai Motor Group Chairman Chung Mong-koo arrives to attend a hearing at the National Assembly in Seoul, South Korea, Dec. 6, 2016. Photo by Reuters

Chung Mong Koo is the second son of the late Chung Ju Yung, who rose from a peasant family to found Hyundai Group, one of the country’s largest conglomerates.

He led the group’s automaker Hyundai Motor for more than two decades before stepping down in 2020. He was credited with driving its global expansion and building it into a major automotive brand despite South Korea being a relatively late entrant to the industry.

His only son, Chung Euisun, succeeded him and is also a billionaire. Chung’s net worth is estimated at $7.7 billion.