Chung Mong-Koo
Automotive

Chung Mong-Koo Net Worth

. Chung Mong-Koo is the second son of the late Chung Ju-Yung, a Korean War veteran who went on to build a successful conglomerate. Chung Mong-Koo took the reins of Hyundai Motor, while his younger brother Chung Mong-Joon ran Hyundai Heavy Industries. Chung Mong-Koo's billionaire son and presumed successor, Chung Eui-Sun, is vice chairman of Hyundai Motor. Chung Mong-Koo is known for his obsession with quality and has driven a rapid expansion of production into new markets. He owns about 4% of Hyundai Motor, and most of his fortune is derived from stakes in publicly traded affiliates. Despite stiff competition, Chung Mong-Koo shows no sign of retiring.
Chung Mong-Koo is a member of Automotive

Age, Biography and Wiki

Who is it? Chairman, Hyundai Motor
Birth Day March 19, 1938
Birth Place Seoul, South Korea, South Korea
Age 85 YEARS OLD
Birth Sign Aries
Education Hanyang University
Alma mater Hanyang University (B.S.)
Occupation Chairman of Hyundai Motor Group
Spouse(s) Lee Jung-Hwa (Deceased)
Children 4
Awards Van Fleet Award (2009)
Hangul 정몽구
Hanja 鄭夢九
Revised Romanization Jeong Monggu
McCune–Reischauer Chŏng Mongku

💰 Net worth: $5.2 Billion (2024)

Chung Mong-Koo, renowned as the Chairman of Hyundai Motor in South Korea, is anticipated to possess a considerable net worth of $5.2 billion by 2024. As a prominent figure in the automotive industry, he has played a pivotal role in the success and expansion of Hyundai over the years. Under his leadership, the company has witnessed immense growth and has become a global powerhouse in the automobile market. With his extensive knowledge, strategic vision, and business acumen, Chung Mong-Koo has not only propelled Hyundai to new heights but has also solidified his own financial standing.

2009 $1.5 Billion
2010 $3.6 Billion
2011 $6 Billion
2012 $6.2 Billion
2013 $6.3 Billion
2014 $6.8 Billion
2015 $5.7 Billion
2016 $4.3 Billion
2017 $4.9 Billion
2018 $4.75 Billion

Biography/Timeline

2006

In 2006, he and his family were targeted by the Seoul Supreme Prosecutor's Office as part of an investigation into embezzling 100 billion won ($106 million) from Hyundai to create slush funds to bribe officials. Despite a travel ban, Chung left South Korea in April 2006. Chung was arrested on 28 April 2006 on charges related to embezzlement and other corruption.

2007

On 5 February 2007 he was convicted of embezzlement and breach of fiduciary duty for selling securities to his son Chung Eui-sun at below-market prices. He was sentenced to three years in prison. Chung remained free on bail while he appealed the sentence. On September 6, 2007, Chief Judge Lee Jae-hong ruled to suspend the sentence of Chung Mong-koo (in consideration of the huge economic impact of imprisonment), ordering instead of a 3-year jail term, community Service and a $1 billion donation to charity.

2008

The trial was seen as "a victory for transparency and rule of law in South Korea", but on August 15, 2008, South Korean President Lee Myung-bak granted him a special pardon to allow Chung to continue to contribute to the development of Hyundai Motor Group as well as the Korean economy.

2011

Furthermore, in 2011, he was accused of nepotism when Ozen, a bakery cafe whose advisors included his three daughters Sung-yi, Myung-yi, and Yun-yi, set up shop in company buildings. Ozen eventually closed in 2012.

2014

As of March 2014, his net worth was $6.8 billion according to Forbes.

2019

Although he only holds 5.2% of Hyundai Motor’s stock, Chung "wields disproportionately strong control" and is able to control its board thanks to a complex corporate governance arrangements in which Hyundai Motor owns 34% of Kia, which owns 16.9% of Mobis, which in turn owns 20.8% of Hyundai Motor. This means that "because the companies essentially control each other, no outside shareholder is strong enough to name board members".

Some Chung Mong-Koo images

About the author

Lisa Scholfield

As a Senior Writer at Famous Net Worth, I spearhead an exceptional team dedicated to uncovering and sharing the stories of pioneering individuals. My passion for unearthing untold narratives drives me to delve deep into the essence of each subject, bringing forth a unique blend of factual accuracy and narrative allure. In orchestrating the editorial workflow, I am deeply involved in every step—from initial research to the final touches of publishing, ensuring each biography not only informs but also engages and inspires our readership.