Amore Pacific Chairman Suh Kyung-bae joins ranks of world's 200 wealthiest individuals

By Park Sae-jin Posted : November 7, 2014, 16:52 Updated : November 7, 2014, 16:52

 

Suh Kyung-bae, chairman of Amore Pacific Group, South Korea’s leading cosmetic and beauty product maker, has joined the ranks of the world's 200 wealthiest individuals selected by Bloomberg, a U.S. media firm.

Suh, who owns assets worth US$6.6 billion (approximately 7.1 trillion won), was ranked 200th in Bloomberg's Billionaires Index released Friday.

The price of Amore Pacific stocks has surged in recent years on the back of robust sales of its products in China.

Suh was one of the two South Koreans included in the 200 wealthiest individuals. Lee Kun-hee, de facto head of Samsung Group, the country's largest family-run conglomerate, placed 95th with assets worth $12.2 billion (about 13.2 trillion won).

Chung Mong-koo, chairman of Hyundai Motor Group, could not find his name on the list as the share price of flagship Hyundai Motor Co. has plunged by more than 20 percent for the past one month. The plunge in the automaker's stock price came about a month after the conglomerate won the bid to buy Korea Electric Power Corp.‘s (KEPCO) main office property in southern Seoul for 10.55 trillion won (approximately US$10.14 billion), more than three times an earlier estimation of 3.33 trillion won.

Chung had previously been ranked between 150th and 200th.
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