K-Drama Rich vs. Real Rich in Korea
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- čas přidán 1. 08. 2024
- How can you tell if someone is really rich in South Korea? There's K-drama rich and then there's real K-rich! Can you tell the difference? We take a look at the recent court ruling declaring the Samsung family innocent of manipulating a controversial merger in 2015 that brought down the entire Park Geun-hye presidency. Going to jail but being declared innocent in the end with even greater control of your family's business empire? That's real Korean rich.
Korean American content creator 🇺🇸🇰🇷 exploring the real drama 🤯 behind K-culture, K-beauty and Asian American life!
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0:00 Intro
1:35 Why luxury does not equal real rich in S. Korea
2:30 Why ‘cross-shareholding’ is the real secret to wealth
4:10 Mr. Samsung declared ‘innocent’ of staying rich
5:25 The messy billion-dollar merger
5:58 Quick Quiz Will Blow Your Mind
7:15 Point #1: Ownership vs. Control
9:25 The ‘house’ metaphor
10:24 Controversial merger: tiny house + mega mansion metaphor
12:00 Real wealth aims to keep control of their empire for CHEAP!
13:50 Point #2: Inheritance taxes are an existential threat to the uber rich
17:15 Why ‘controlling’ a conglomerate makes more money than ‘owning’ it
19:38 Why chaebol heirs are cash poor
21:10 How to control the entire empire through one company
22:35 Core Controversy: Cheil Industries + Samsung C&T Merger
24:10 Samsung called out by investors losing money on the merger
25:30 Merger approved in 2015 but arrests and investigations ensued
26:57 Samsung convicted of paying bribes to President Park Geun-hye’s best friend in exchange for the merger’s approval
28:59 Samsung’s case for the merger: a trailer with a monet
32:39 Everybody pissed about losing money but Samsung got its way anyhow
33:36 But was the inheritance tax the original problem?
36:15 The real shade: did the Samsung family put their tax bill on layaway?
39:15 Crisis point at Samsung: May 2014
41:40 Everything came up roses by October 2022
42:50 Conclusion
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I find it unfair that the inheritance tax is so high that even if you build wealth, if you don't pay attention the State will stoke it from you in one generation.
Just get a trust
The whole point of the inheritance tax was to prevent aristocracy like the chaobol
Once you understand about wealth preservation, you don’t want to own it but you want to control it. It’s pretty normal for asset protection.
I thought the rich in the USA was some what shady, but Korea is a whole step above.
THIS! 🙌🏾
Sean , I swear your analyzes always leave me speechless.....
The level of corruption and dubious dealing is out of this world. Your presentation is priceless and provides light relief amid the facts of wheeling and dealing. Thanks 🙏💜
The wayward behavior of the rich and powerful. We all should learn how to be so savvy with our hard earned money!
Sean, thank you for digging deep and breaking everything down. I'm always learning something new when I watch you and simultaneously entertained as well! Another wonderful video!👏🏼👏🏼👏🏼
no wonder knetz called Korea, the Republic of Samsung
I am an economics student and I just discovered your channel. Very nice that you talk about the business perspective of Chaebols and the Kpop industry. That is very fascinating and I enjoy listening to your analysis of it. Usually Kpop channels focus on the drama and the personalities that the industry puts out but I wanted to have a more business orientated view of it.
Unfortunately there are not many people who like Kpop and will listen to a 44 min explanation of this perspective if their favourite idols are not directly involved and all that can be seen is a non-idol explaining stuff without rapid cuts. You might do a little dance routine in the middle just to get more attention from people. ;)
No dance routine is needed … for me K-pop idols fan 😂
I graduated with a concentration in Econ and Finance from my home country. I'm 13 minutes into this video and I best believe my mouths are opened because I'm shocked. Your delivery is so good too! I'm subscribing.
How did I not find you before?! Not only super knowledgeable, but your storytelling skills are unmatched and your charisma is on 100!
Agree😊
I wish Seoulite did a segment on South Korean Cults and the involvement in the Shinzo Abe assassination. There’s also some ties with the CIA and Other nations Intelligence services with these Korean Cult organizations.
Seriously? The SKoreans were involved with Shinzo's demise?
@TheProudWife515 directly, no.. indirectly, kinda. The assassin, Yamagami, said his motive for killing Abe was personal as he believed he had ties to the Unification church (a cult that started in SKorea but has a large following in Japan) and spread the church's influence. Yamagami stated that his mother joined the church and ended up going bankrupt from all the donations. Something that effected him and his siblings growing up.
@Future.Corpse That does sound interesting. I knew some things about the Unification Church, but you know the news always leaves a lot out of the reporting. Thanks. It does sound like something Sean should do.
😮😮😮
So basically Samsung is holding the country hostage
We’ll see how Mr Samsung will survive the next succession
They will have to cook another interesting plot😂
So, my nurse left at 11PM after giving me the shot of the good stuff--I learned that I cannot watch right after those shots. Sean's narration is funnier than usual. I also learn not to let my husband help the hos change their lightbulbs🤣🤣🤣--I am going to have to watch this again. I am laughing so hard I missed a lot of the juicy stuff. Horsie got his oats🤣🤣🤣
I was hooked by In Woo's image 😂 and since I'm a current Business Ad. intern.. I liked the video until the end. very informative 👏🏻
I love these long videos. You explained very well how the Chabol works and how business mergers get to work. Little different from the rich young man in love with the Drama's Lady.
Love the tea from Sean as alwys! 👍💜
Love the long videos
Sean the FTC possibly designating Hybe as a conglomerate and how this will impact reporting and disclosure will be interesting
Money is powerful tool to get away with a lot of things in life. Unfortunately
This was interesting! Thanks for the explanation. I will now watch Chaebol dramas in a different light. 😂
On the Day of Judgement a few people‘s list of sins will be read for a longer time……
Oh my Gosh,,, they should make this into a kdrama series or a movie play the way you say it cuz it has some comedy in it😂😂😂
Sean is best when going into the what what in stories, i love him❤❤❤
One Word... Dang! 😗
This was so informative!
This was fascinating from start to finish. My next comment is from the perspective of a grandmother. Meanwhile, young Koreans can’t afford to marry and have children 🤷🏼♀️
Sean, your hair suits you very much!
How this situation will affect the retirees?
You keep saying "rich", and rich is subjective. Just say centimillionaire or billionaire.
In late 1990s I was legally teaching part time (immigration in ROK was very helpful to make sure both jobs were following the rules since it was Samsung) SADI-Samsung art and design institute, the Lee daughter that sadly committed suicide was my “mentor-boss. I saw first hand how through the network of web entangling with the money. She always had millions of won laying around but it was “research and culture advancing budget” but it was petty cash. I finally got to understand how in those days the rich always had money to “help” certain people advance their agenda. It was eye opening . Move to 2020s and I see the issues with Trump and the who “only losers pay taxes”. We used to visit their museum in the outskirts of Seoul that was the founder of Samsung tomb. The amount of western art they had sitting around worth billions back then. Art was bought to invest in their culture portfolio.
Are American Companies nervous to invest in Korea?
No, Berkshire Hathaway Warren Buffett took a look at some figures for South Korean companies and bought millions of shares for cheap.
I believe one such investment was Samsung when the father and original Chairman was in charge. Warren sold off his holdings in Samsung before 2006, made off like a bandit. He still holds some large holdings in some Chaebols in South Korea.
Likewise Bank of America and GE were heavily invested in South Korea from 1982 to 1997.
15:00 The older generations should give everything to the younger generations, while they are alive. The Rockefellers usually died poor, because they did it to save the tax money.
Bonjour❤
뭐가 뭔지 도깨비 장난 같다.
Love the podcast, esp when you use American venacular to explain the pomp and circumstance of the stoic Koreans.😅
So funny …… from a distance. Glad my pension isn’t in Korea. 😂
" go over the ho's house to replace the light ball " had me dead!!!🤣🤣🤣
Listening to him is part comedy and educational! Wish i had him as my economic teacher in high school!!!!
But with marry my husband he liked her back in college 😅like she didn’t know he existed then lol but rich versus influential are different. Like my son did some crimes, I called a judge and it miraculously ended with him getting off on the charges. Cause I’m responsible for half of the countries GDP lol
Of course Mr Samsung is “innocent”. The thing about being rich is that you can do almost whatever you want without much consequences. Power. That’s the ultimate characteristic of the truly wealthy.
He was sent to prison -_-
Before Samsung, why don't you talk about JPMorgan, Rothschild, Goldman Sachs...You will be amazed. Samsung doesn't hold a candle to them.
Eat the rich
Sounds like Trump and Real Estate!
This guy talked so much yet say nothing in this video. Yawn
Honey you just didn't get it. I followed along and understood just fine😊
Seoulite TV graciously liked this comment though the person didn't understand the explanation. This is intro to business 101.
Yes but they allow many people to have jobs in Korea. It is good for the country's economy. As long as they are not abusing their workers.
This was a great breakdown of what went on with Samsung.