SEOUL, Nov. 2 (Korea Bizwire) – South Korea’s 100 richest people own stocks worth more than one third of the country’s national budget amid a recent stock rally, industry data showed Thursday.
The value of stocks held by the 100 richest people reached 123.2 trillion won (US$110.5 billion) as of the end of Wednesday, up 35.6 percent from early January, according to industry tracker Chaebul.com.
Last year, parliament approved a 400.5 trillion won budget bill for 2017.
A recent stock rally has further boosted the value of stocks held by the 100 richest people, including Samsung Electronics Chairman Lee Kun-hee and his children.
The value of the stocks held by Lee in the world’s largest chip and smartphone maker and other Samsung units jumped by 6.54 trillion won this year to 20.81 trillion won.
This translates into Lee’s wealth rising more than 20 billion won a day on average.
Lee’s only son and heir apparent Lee Jae-yong also saw the value of his stocks in Samsung Electronics rise by 2.18 trillion won this year to 8.84 trillion won.
Shares of Samsung Electronics closed at 2,853,000 won on Thursday, up 58 percent from Jan. 2 this year.