Samsung heir to be richest stockholder in South Korea

Seoul: Lee Jae-young, vice chairman of global tech giant Samsung Electronics, is expected to emerge as South Korea’s richest stockholder following his father’s death, a market tracker said on Monday.

Lee Kun-hee, Samsung Electronics chairman and chief of South Korea’s top conglomerate Samsung Group, died on October 25 at age 78, more than six years after being hospitalized for a heart attack.

The late Samsung chairman has been the country’s richest stockholder for the past 10 years, with his stock value reaching 17.7 trillion won ($15.6 billion), according to FnGuide.

The younger Lee captured the No 2 spot with 7.3 trillion won, followed by former Hyundai Motor Group Chairman Chung Mong-koo with 4.5 trillion won.

FnGuide forecast Jae-yong would become the richest stockholder in Asia’s fourth-largest economy with his stock value reaching 11.3 trillion won after inheriting his share of wealth from the late Samsung chairman.

Hong Ra-hee, the wife of the deceased tycoon, would see her stock value soar to 9.1 trillion won from 3.1 trillion won, becoming the second-richest person in the country, it said. Hong currently ranks fifth in the country’s stock-rich rankings.

The late Lee’s two daughters — Boo-jin, chief of Hotel Shilla Co., and Seo-hyun in charge of the Samsung Welfare Foundation — would jointly hold the title of South Korea’s third-richest stockholder with stock value of 5.6 trillion won each, up from the present 14th spot.

FnGuide said Jae-yong and Hong would hold the top and No. 2 positions, respectively, even after paying hefty inheritance taxes. Samsung heirs are estimated to pay around 10 trillion won in inheritance tax for the late chief’s stock assets.