By Yoon Ja-young
Staff Reporter

More than half of the nation's 40 richest people come from five chaebol families and Rep. Chung Mong-joon of the Grand National Party is the richest man in the country ― worth $3 billion in net assets ― Forbes.com said Thursday.

The largest shareholder of Hyundai Heavy Industries (HHI) enjoyed the soaring value of his stake in the world's largest shipbuilder. Hyundai Motor Group Chairman Chung Mong-koo, an elder brother of Chung Mong-joon was the second richest.

Forbes.com reported the list of the country's 40 richest people based on net worth of stocks they held on April 1. In a more updated report by Chaebul.com, however, Chung Mong-koo became richer than his younger brother, thanks to increased stock prices as of April 18.

Forbes.com noted the downfall of Samsung Group Chairman Lee Kun-hee, who ran the country's largest conglomerate for over two decades. The billionaire announced his resignation Tuesday after being charged with tax evasion.

Though he was ranked as the country's third richest with $2.7 billion, it estimated that he could be the country's richest person if the allegation that he's stashed assets worth $4.5 billion in borrowed-name accounts is proven.

The firm reported Chung Mong-koo added $500 million to his net worth last year ― recorded at $2.8 billion ― but reminded readers that he was convicted of embezzlement last year.

It added that Hanwha Group Chairman Kim Seung-youn kept his fortune at the same level ― ranking 23rd ― despite his conviction last summer for assaulting workers at a bar.

Forbes.com also noted that all three women on the list come from chaebol families. Lee Myung-hee, a sister of Samsung's Lee Kun-hee, was ahead thanks to her stake in retailer Shinsegae. Lee Kun-hee's wife Hong Ra-hee and LG Chairman Koo Bon-moo's wife Kim Young-shik were also on the list.

Some self-made millionaires with no ties to chaebol also made the grade. Lee Hae-jin, founder of the country's most popular search engine Naver; Mirae Asset Financial Group Chairman Park Hyeon-joo; and Huh Yong-do, founder of metal parts maker Taewoong, were cited as such.

Forbes.com. said the assets of the country's 40 richest people were worth $41 billion, up from $36 billion last year thanks to the main index KOSPI's 12 percent rise. To get on the list a person needs to have assets valued at $510 million, up from $405 million last year.

chizpizza@koreatimes.co.kr