Korea behind Japan in entrepreneurship; Only 11 of Korea’s top 50 richest businesspeople are self-made, the rest inherited their fortunes
May 1, 2013 Leave a comment
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.
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