Lee’s wealth has eroded after Samsung stock tumbled 32% last year and as the family faced billions of dollars in inheritance taxes. The 56-year-old Samsung heir is estimated to be worth US$8.6 billion, a far cry from the US$31.6 billion at his peak in January 2021.
South Korean finance tycoon Cho Jung-ho is edging closer to ending Samsung Electronics executive chairman Jay Y. Lee’s two-and-a-half-year reign as the nation’s richest person.
Meritz Financial Group chairman Cho is now in second spot with a net worth of US$8.5 billion ($11.32 billion), thanks to last year’s blistering 76% rally in the company’s shares, according to the Bloomberg Billionaires Index.
