Bloomberg Billionaires Index

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#422 Anthony Chey $4.55B

Random fact: Pardoned after serving 31 months of four-year jail term.

Overview

Chey is the chairman and largest shareholder of SK Holdings, a conglomerate with more than $85 billion in assets as of December 2016. The Seoul-based company controls the SK Group, which has business interests in energy, shipping, chemicals, chipmakers and the country's biggest mobile network, SK Telecom.

As of May 21, 2018:
Last change +$38.7M (+0.9%)
YTD change -$448M (-9.0%)
Industry Diversified
Biggest asset 034730 KS Equity
Citizenship Korea, Republic of
Age 57
Wealth Inherited
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Anthony Chey's net worth of $4.55B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

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of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Chey's fortune is derived from a 23 percent stake in publicly traded SK Holdings, the holding company of conglomerate SK Group. The company controls stakes in other listed companies, including the country's largest mobile network operator SK Telecom, chemical and pharmaceutical manufacturer SK Chemicals and another chemicals producer SK Discovery.

Chey owns his stake directly, according to the company's 2017 third-quarter report. Pledged shares have been removed from the calculation.

He's collected 254.5 billion won ($238 million) in dividends and had a net inflow of 898.1 billion won ($839.9 million) from share sales and purchases through December 2017, according to company filings and an analysis of Bloomberg data. The value of his cash investments is based on these cash flows, taxes, market performance and charitable giving.

Yong Jae Lee, project leader of public relations team at SK SUPEX Council, the group's top decision-making body, confirmed Chey's holdings.

Biography

Birthdate: 12/3/1960
Family: Married, 3 children
Education: 1989, University of Chicago, PhD, Economics Korea University, Bachelor's Degree, Physics

Chey Tae-Won was born on Dec. 3, 1960. His uncle Chey Jong-Kun had founded Sunkyong Textiles seven years earlier. He studied physics at Korea University and economics at the University of Chicago, before returning to Seoul to work in the family conglomerate. His father had been running the business since his uncle's death in 1973, according to the New York Times.

The company bought state-run Korea Oil in 1980, making it one of the country's biggest companies. It later expanded into telecommunications, chip manufacturing and information technology. The billionaire married the daughter of the then-president of South Korea in 1988. He took the helm of the family company when his father died from lung cancer a decade later.

Chey's legal troubles began in 2003, when he was sentenced to three years in prison, after being convicted of inflating profits at the oil trading arm of SK Group. He was pardoned in 2008. He was later found guilty of embezzlement for using $46 million of company funds to cover personal investment losses, and sentenced to four years in jail. He lost an appeal against his sentence in March 2014. South Korea's President Park Geun-Hye extended another pardon to him in August 2015, and he returned to SK's board in March 2016.

Milestones
  • 1953 Sunkyong Textiles is founded by his uncle.
  • 1960 Chey Tae-Won is born in South Korea.
  • 1988 Marries the daughter of Roh Tae Woo, then-president of South Korea.
  • 1998 Father dies from lung cancer.
  • 2003 Arrested on charges of accounting fraud.
  • 2008 Pardoned by South Korea's president.
  • 2013 Sentenced to four years in prison for embezzling corporate funds.
  • 2015 Receives second pardon from South Korea's president.