Korean people cannot avoid one company or a family from birth to the end of their lives. As the largest group in South Korea, Samsung has more than 80 subsidiaries, with businesses covering consumer electronics, semiconductors, machinery, chemicals, construction, retail, etc. Samsung can almost do whatever you think of. Among them, three companies ranked in the "2021 Fortune 500 Enterprises List", namely , Samsung Electronics , Samsung Life Insurance and Samsung C&T. The revenue of these three companies is US$200.7 billion, US$29.27 billion and US$25.61 billion.
In the second half of 2021, according to the Bloomberg Billionaire Index, Lee Jae-yong once again became the richest man in South Korea with a wealth of US$11.1 billion (about RMB 70.8 billion). It is worth mentioning that three generations of the Lee family have all become the richest man in South Korea, and Lee Jae-yong is ranked among the top three most influential figures in South Korea this year.
Founder of Samsung Group Lee Byung-chul , has the title of "entrepreneurial genius", and his business philosophy has a significant impact on the Korean business community. Lee Byung-chul has eight children. After his death in the 1980s, his third son, Lee Kun-hee, took over as the second president of Samsung Group. At Samsung's 50th anniversary celebration, Lee Kun-hee decided to start a second business on the original basis, which led Samsung to transform from an OEM company, , into Asia's most valuable technology group, with a scale of more than 40 times.
A brief introduction to this rich third generation in South Korea: Lee Jae-yong, 53, has a good education, graduated from the Department of East Asian History, Seoul University, South Korea, and studied for a master's degree in business administration (MBA) at Keio University in Japan, and his doctorate was awarded by Harvard Business School . As the only son of Lee Kun-hee (former president of South Korea Group), the family has high requirements and expectations for him since childhood. Currently, he is the actual head of Samsung Group, controlling a business empire of nearly 2 trillion yuan.
The year before graduating from university, Lee Jae-yong served as the director of Samsung Electronics General Affairs Group and studied business management. After returning from studying in the United States, he served as executive, vice president and chief customer officer of Samsung Electronics, and started various business of the company. During this period, he volunteered to work overseas with poor conditions. Unlike his serious and powerful father, Lee Jae-yong gave the outside world the impression that he was a humble young man who always acted in a low-key manner. He became the president of Samsung Electronics when he was in his early 40s and was then elected as the vice president of the group. Lee Jae-yong has no brothers, only three sisters, and taking over is just a natural thing.
Samsung Electronics has experienced profit declines for many consecutive quarters. Under Lee Jae-yong's helm, it has returned to the right track through large-scale mergers and acquisitions and decisively clearing non-core business areas; the flagship mobile phone Note7 "battery door" that year put Samsung in trouble. This directly led to a rapid decline in Samsung's sales in China, coupled with the strong rise of Chinese mobile phone brands, nearly 20% of the market share was exhausted. For a time, the media pointed the finger at Lee Jae-yong, and then he personally made the decision to completely stop selling Galaxy Note7; two years ago, Japan initiated high-tech material restrictions on South Korea, and Lee Jae-yong immediately took a plane to Tokyo to meet with the main suppliers of three key materials; this year he went to the United States to negotiate on the location selection of chip foundry factories.
After Lee Kun-hee was buried, the total inheritance is estimated to be around 20 trillion won. Most of the inheritance will be inherited by his son Lee Jae-yong. According to relevant reports, inheritance tax alone requires 12 trillion won (about 64.9 billion yuan). For members of the Li family, it is necessary to pay a very high price to inherit this inheritance.
