Does anyone else find it interesting that Korea has no current self made billionaires?:
Amazing as these stories are. By 2007, 54% of Asia’s 160 billionaires, were self-made–that’s lower than the global average–67% of World’s 946 billionaires ranked on Forbes were self-made–but thanks to a new class of Chinese tycoons, Asia’s percentage will likely jump in the next year or so. [Asian Offbeat]
The list is dominated by Hong Kong Chinese and Indians. The only person remotely related to Korea is Vladimir Kim from Kazakhstan whose copper company he founded in the 1990’s is worth $5.5 billion dollars.
I think what this is an example of is the domination of the Korean economy by the large Korean "chaebol" conglomerates. It is often said that if Bill Gates was born in Korea he would have been a nobody because of the chaebol system that swallows up and absorbs any start up companies. Would Vladimir Kim have been anybody if he was born in Korea?
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7:53 pm on December 8th, 2007 1
One of the reasons Korea has no billionaires on the billionaires’ list is that Korean tycoons don’t need to own their companies in order to control them. Hence, they get to sell the shares to others and still exercise control. Plus, their wealth comes from the perversion and usurpation of corporate assets which they control. Who needs billions, and the concomitant tax burden, when you can amass slush funds, spend company money on personal assets, and use company staff as personal servants rather than hiring your own employees? It’s brilliant really.
7:05 am on December 9th, 2007 2
The chaebol system is a great system as long you are part of it. They are almost like modern day yangban. The book Diamond Dilemma for those that are interested is a really good look into the world of the chaebols and how they operate.