Kids with stock holdings exceeding W100 mil. top 100 mark
The number of kids with stock holdings exceeding 100 million won ($88,400) exceeded the 100 mark for the first time in April as owners of large businesses take steps to pass on their wealth to their children, data showed Friday.
According to the data compiled by Chaebol.com, an information provider on large conglomerates, 102 children under 12 held sizable shares in listed companies as of the end of April, up from 87 kids a year earlier.
The research firm said the increase was brought on by a drop in the local bourse this year that made it cheaper to turn over shares to kids. Lower stock prices translate into less gift tax.
Almost all transfer of stocks involved children or grandchildren of the owners of South Korea's chaebol or large family-run conglomerates.
Of the kids checked, the richest in terms of value of shares held was the eldest son of GS Group executive vice president Huh Yong-su, whose shares were worth 45.3 billion won.
His younger brother had shares worth 16.3 billion won placing him third on the list.
Chaebol.com said there were instances where one-year olds had shares valued at up to 900 million won.
The data provider said there has been a steady rise in young people owning large amounts of stocks in recent years. Such measures can make it easier for these children to take over companies run by their parents down the road. (Yonhap)