These are the 5 ruling families of the South Korean economy, whose children automatically become bosses

Jakarta, CNBC Indonesia – It turns out that there is a big influence from a number of giant conglomerates behind the size of the South Korean economy. Brandq is able to determine the direction of the country’s economy. Most of these companies are held by conglomerate families commonly called chaebol.

Chaebol is a term used in South Korea to describe conglomerate families that run giant-scale businesses.

According to the Korea Herald report, the most influential chaebol in Korea today is Samsung Group, which is owned and led by the Lee family. Samsung is a giant technology company that produces electronic devices, ranging from cellphones, televisions, tablets, refrigerators, washing machines, to air conditioners.

Samsung owner family
The family that owns SK Group
Hyundai owner family
Family owns LG
The family that owns POSCO.

Their conglomerate accounts for almost 53% of the total revenue of large business groups in South Korea, based on data as of May 2023.

Those born into chaebol families already occupy executive positions when they reach their mid-30s. And when they are in their early 40s, many of these chaebol have already occupied company leadership positions.

The Leaders Index analyzes the careers of 199 members of the chaebol families who run 100 of South Korea’s leading conglomerates. In total, there are 827 members of the owner’s family who currently work at the conglomerate.

The Leaders Index report found that those who were company leaders or higher in chaebol joined the company at an average age of 28.9 years; became an executive at age 34.3; and president at 42.1.

Forty of them became executives immediately after joining the company, 19 of whom had no previous work experience.

[Gambas:Video CNBC]

Next Article

5 Most Powerful Korean Chaebols, Control 50% of the Country’s Economy