Finance Tycoon Overtakes Samsung’s Lee as Richest South Korean

Finance tycoon Cho Jung-ho has ascended to the top of South Korea’s rich list, ending Samsung Electronics Co. Executive Chairman Jay Y. Lee’s two-and-a-half-year reign.

Meritz Financial Group Chairman Cho’s net worth reached $8.9 billion at the end of Thursday’s trading, according to the Bloomberg Billionaires Index, while Samsung’s Lee dropped to the second spot with a net worth of $8.7 billion.

Last year’s blistering 76% rally in Meritz’s shares helped fuel Cho’s fortune.

Cho Jung-ho in 2019.

Source: Yonhap News

In contrast, Lee’s wealth has eroded after Samsung stock tumbled 32% last year and as the family faced billions of dollars in inheritance taxes. ...