The world of technology and business has witnessed some truly remarkable individuals, including Lee Kun-Hee, the late chairman of Samsung.
As we enter 2023, many are curious about Lee Kun-Hee net worth. How has his fortune evolved since his passing? This article seeks to unravel this financial puzzle, shedding light on the 2023 net worth of Lee Kun-Hee.
Contents
What is Lee Kun-Hee Net Worth and Salary in 2023?
| Information | Details |
| Gender | Male |
| Birth Date | January 9, 1942 |
| Age | 78 years old |
| Birth Place | South Korea |
| Nationality | South Korea |
| Net Worth | $20.9 billion |
| Source of Wealth | Samsung |
| Height | 1,64 m |
According to Forbes, Lee Kun-Hee’s net worth is estimated to be around $20.9 billion. He accumulated this wealth by leading Samsung, one of the world’s biggest electronics companies.
The last recorded price valued his stakes in four listed Samsung companies at approximately 18.2 trillion won ($16.1 billion).
Why is Lee Kun-Hee Famous?
Lee Kun-Hee isn’t just known for his vast wealth. His fame primarily stems from his leadership of Samsung, the technological empire he guided to international success.
Under his leadership, Samsung transformed, propelling it to become one of the world’s top electronic companies. A truly remarkable achievement that made him famous far and wide.
Lee Kun-Hee’s Overview
Early Life
When Japan occupied Korea, Lee Kun-Hee was born on January 9, 1942, in Uiryeong-gun, South Korea. He was the third son of Lee Byung-chul, the founder of the Samsung group.
Initially, the Samsung group started as an exporter of fruit and dried fish. Lee Kun-Hee went to Waseda University, a private school in Japan, and got a degree in economics.
He also started a master’s degree in business at George Washington University in Washington, D.C., but he didn’t finish it.
Career
Lee Kun-Hee joined Samsung in 1968, involved in various sectors, including electronics, machinery, chemicals, and financial services. Following his father’s passing in 1987, he assumed the role of chairman of the conglomerate on December 24, 1987.
In 1993, Lee launched a dramatic revolution from the top to make Samsung internationally competitive.
He called on each employee to change everything but your family, attributing the shortcomings of Samsung to basic weaknesses in Korean society, including an educational system that stressed learning by rote and an authoritarian leadership style.
He ordered radical reforms, insisting that subordinates point out errors to their bosses, promoting women to the ranks of senior executives, and discouraging bureaucratic practices.
Under his leadership, Samsung expanded into many new activities, such as automobile manufacturing. He built an electronics manufacturing complex in Wynyard, England, and semiconductor plants in Austin, Texas, and Suzhou, China.
By 1996, Samsung Electronics was the biggest worldwide seller of memory chips. In 1995, Samsung made $87 billion. This was about 19 percent of all the money made in South Korea that year.
In 2014, he had a heart attack and could not do his job anymore. So his son, Lee Jae-Yong, took over and became the real leader of the Samsung Group.
At the time of his death in October 2020, the company had a value of US$300 billion. Lee’s heirs, including current Vice-Chairman of Samsung Electronics Lee Jae-Yong, were expected to pay an inheritance tax of around $10.7 billion for inheriting around $22 billion estate.
Personal Life
Lee Kun-Hee was married to Hong Ra-hee. The couple tied the knot in 1967 and remained together until Lee’s death in October 2020.
Hong Ra-hee is the daughter of Hong Jin-ki, a former Minister of Law and Home Affairs. She is a prominent figure in her own right, known as a billionaire South Korean businesswoman and the director of Leeum, Samsung Museum of Art.
They had four kids together: one son, Lee Jae-Yong, now the Vice Chairman of Samsung Electronics, and three daughters, Lee Boo-jin, Lee Seo-hyun, and Lee Yoon-hyung.
Scandals and Controversies
In the late 1990s, authorities charged Lee with breaking trust and evading taxes, resulting in his resignation as chairman in April 2008.
He also played a role in a well-known scandal at Samsung, where authorities found him guilty of stealing money and evading taxes. Allegations suggested that Samsung had an approximately $200 million budget to bribe prosecutors and politicians, enabling them to overlook its legal misconduct.
In another scandal, known as the Samsung Chaebol scandal, authorities accused Lee of paying $8 million in bribes to secure support for a merger that shareholders opposed. This action strengthened his authority over the family’s business empire.
In 1996, authorities found Lee guilty of bribing then-president Roh Tae-woo. However, he received a presidential pardon from President Kim Young-sam for this conviction.
FAQs about Lee Kun-Hee
How old was Lee Kun-Hee?
Lee Kun-Hee age was 78 years old.
How tall was Lee Kun-Hee?
Lee Kun-Hee height was 1,64 m.
Who is the owner of Samsung when he died?
Currently, Lee Jae-Yong, a family member of Samsung’s founder, is leading the company. With an estimated fortune of $9.2 billion, he secured the position of the second wealthiest individual in South Korea.
What is Samsung’s net worth 2023?
As of July 2023, Samsung is worth $356.01 billion. This makes Samsung the 21st most valuable company in the world based on our information.
Conclusion
Now that you know about Lee Kun-Hee’s wealth and why he became famous, you might be interested in learning about other important figures in the business world.
Here at Hereofamily, we have a wealth of articles covering the financial journeys of several South Korean business magnates. Take advantage of the opportunity to learn about the financial success of these influential figures.
