Some children who haven’t even graduated elementary school are even becoming millionaires thanks to their chaebol family backgrounds.
Following the release of 2016 financial reports, it was made public that many grandchildren of high-profile businessmen already are valued at hundreds of thousands, if not millions of dollars.
These reports revealed that the 7 grandchildren of Lim Sung Ki, founder of Hanmi Pharmaceutical, each own ₩374 billion KRW ($32.9 million USD) in company stock. His 7 grandchildren, ranging from ages 9 to 11, are the only children to have a net worth of over ₩10 billion KRW ($8.8 million USD).
The next highest valued child is the grandson of Jo Chang Geol, honorary president of Han Ssem Group. His 11-year-old grandson owns “only” ₩7.3 billion KRW ($6.4 million USD) worth of stock.
The youngest child listed was born just last year! The grandson of Kim Jung Don, president of Miwon Chemicals, has ₩478 million KRW ($420,888 USD) in stocks before he can even talk!
Overall, there are 67 children under the age of 12 who own more than ₩100 million KRW ($88,052 USD) in stocks, with 17 of them owning more than ₩1 billion KRW ($880,520 USD).