Lee Jae-young, Samsung Vice Chairman, to Emerge Richest Stockholder in South Korea

Seoul, Nov 2: 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.

(The above story first appeared on LatestLY on Nov 02, 2020 12:43 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).