A 10-year-old boy who owns a staggering 15.5 billion won ($15 million) was among South Korea's stock-rich kids whose number was at its highest as conglomerate owners and their relatives gave away stocks as gifts to their children, data showed Friday.
The data compiled by market research firm Chaebul.com showed there were 126 children aged 12 or below who held shares worth at least 100 million won at the end of April, up from 118 a year ago. The figure marks the highest-ever on record, the data showed.
The market research firm said parents were apparently giving stocks as gifts, taking advantage of the slump in stock prices since early last year.
People who give away stocks usually pay less taxes in transferring ownership when stock prices are low.
GS Energy Co.'s vice president Huh Yong-soo's second son, aged 10, owns shares valued at 15.5 billion won, the largest amount among all, according to the data. GS Energy is an affiliate of GS Group, a retail and oil refining conglomerate.
A grandson of Hanmi Pharm Co. chairman Lim Sung-ki came in second with share holding valued at 8.5 billion won. Lim's other grandsons and granddaughters ranked third to eighth, the data showed.
Paradise Group chairman Chun Phil-lip's second son came in ninth with 59.7 billion won worth of shares. The data also showed that a 1-year-old baby holds shares worth 1.1 billion won. (Yonhap)