SEOUL, May 4 (Korea Bizwire) – The number of rich children who hold stocks of listed companies worth more than 100 million won has reached 126, which is an all-time high in Korea. As the domestic stock market went into a recession, many stockholders seem to have taken advantage of the fall in stock prices and lighter tax burden to pass their assets to the next generation.
According to Chaebul.com, the number of stockholders under 12 (born after April 20, 2001) who possess shares greater in value than 100 million won was 126. The number was 102 in 2012 and 118 in 2013.
The No. 1 child stockholder is GS Energy vice president Heo Yong-su’s ten-year-old second son who owns stocks with total appraised value of 15.5 billion won. Vice president Heo is a cousin of GS Group chairman Heo Chang-su. The No. 2 to 8 child shareholders belong to the family of Hanmi Pharmaceutical Corporation.
Hanmi Pharmaceutical president Lim Sung-gi’s eleven-year-old grandson is holding the second rank with stocks worth 8.55 billion won, and six other grandsons and granddaughters have stocks worth 8.35 billion won each. All of these children are holding shares of Hanmi Science which became a holding company in 2012.
Ten-year-old second son of Paradise Group president Jeon Philip ranked ninth with stocks worth 5.97 billion won and twelve-year-old first son ranked tenth with stocks worth 3.59 billion won.
Some of the child stockholders are infants. A one-year-old baby related to Kyung-In Synthetic Corporation president Kim Heung-jun has stocks worth 1.09 billion won. Another one-year-old related to Miwon Commercial Corporation president Kim Jung-don has stocks worth 970 million won.
Written by Robin Koo (email@example.com)