Korea behind Japan in entrepreneurship; Only 11 of Korea’s top 50 richest businesspeople are self-made, the rest inherited their fortunes

2013-04-30 17:13

Korea behind Japan in entrepreneurship

By Na Jeong-ju
Only 11 of Korea’s top 50 richest businesspeople are self-made, the rest inherited their fortunes from their father or grandfather, a survey showed Tuesday.
In contrast, 34 of the 50 richest people in Japan earned their success through Their own means. An online research firm that tracks performances and CEOs of companies, said these figures show venture start-ups have fewer chances of succeeding in Korea than in Japan.

“Japan’s corporate culture appears to be more flexible for business starters than Korea’s. Korean start-ups face stiff entry barriers set up by existing conglomerates, “the firm said in a post on its website
Most of the top 50 wealthiest people in Korea are from the Manufacturing sector where as the self-made Japanese businessmen who made ​​the List earned their success in the services industry
The survey results could be a reference for the Park Geun-hye Administration, which has been pushing to nurture venture FIRMS in the Technology, medical and tourism sectors on the back of the so-called “creative economy, ”
“The reason why so many self-made businessmen are included among the top 50 richest people in Japan is that the country has continuously made ​​Efforts to Enhance the corporate governance structure,” CEO Score said.
“After World War II, Japan’s conglomerates were disintegrated during the era of US military rule.
Lee took over Samsung from his late father and founder Lee Byung-chull in 1987. Lee was followed by Hyundai Motor Chairman Chung Mong-koo with $ 5.18 billion and $ WITH Chung’s son Chung Eui-sun 2.08 billion
In addition to these three, all of the country’s top 19 richest people inherited fortunes from their family.
Kim Joon-il, who founded Lock & Lock, a company that sells storage Containers used in kitchens, was the richest among the self-made businesspeople with $ 0.73 billion in assets.
Also on the list was Lee Hae-jin, who co-founded of NHN, the country’s largest Internet portal. Lee ranked 25th
Tadashi Yanai, founder and CEO of Asia’s largest apparel company Fast Retailing, known for its Uniqlo casual clothing shops, topped the Japanese list with a net worth of $ 15.5 billion.
leading Internet venture, Softbank, is the third richest man in Japan with $ 9.1 billion
Score also reported that only 14 Japanese tycoons inherited the fortunes of their families. One such person is Nobutada Saji, the third generation to run the family drinks business, Suntory, founded by his grandfather. He is the second richest person in Japan with $ 10.7 billion in assets.

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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