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Report: 51 Minors Own Millions in Stock

Posted May. 05, 2008 08:15,   


Fifty-one children in Korea own more than 100 million won (100,000 U.S. dollars) in stock, a report said yesterday.

Chaebul.com, an online site devoted to the economy, assessed the share values owned by children less than age 12 (or born after May 2, 1996) based on closing stock prices Friday. Nine children own shares valued between one billion and 10 billion won, and three others hold more than 10 billion won in stocks.

“Most of the children inherited their wealth from their families,” the site said. “Korea’s super-rich are passing down their wealth to their children, thus the number of rich minors will increase.”

The richest stock billionaire of the bunch was the seven-year-old son of GS Holding Director Huh Yong-su. The child reportedly owns 733,000 shares of the company worth nearly 30 billion won. Huh is a cousin of GS Group Chairman Huh Chang-su.

The eight-year-old daughter of GS Home Shopping President Huh Tae-su came in second with 62,000 GS Construction shares and 195,900 GS Holdings shares, whose combined worth is 17.44 billion won. The president is the brother of Chairman Huh.

The 10-year-old son of KCC President Chung Mong-ik ranked third with 12.35 billion won; followed by Chairman Huh’s nine-year-old niece (4.7 billion won); the 11-year-old eldest son of Sam Nam Petrochemical Vice President Kim Jeong (1.6 billion won), and the nine-year-old granddaughter of Korea Zinc Chairman Choi Chang-yeon (1.2 billion won).

Also members of the exclusive club were the eldest son of Kwangdong President Choi Seong-won, 6; the niece of Bumyang CEO Park Si-yong, 10; the granddaughter of Doosan Group Honorary Chairman Park Yong-gon, 11; the second son of Sam Nam Vice President Kim Jeong, 8; and the eldest daughter of Samyong President Lee Seung-yong, 11.