Foreign Passports Surge Among Korea’s Chaebol Heirs — Third- and Fourth-Generation Owners Now Five Times More Likely

The share of foreign nationals among South Korea’s major conglomerate (chaebol) owner families has risen sharply, driven largely by third- and fourth-generation heirs, according to a new analysis.

As of the end of last year, 41 out of 582 owner-family members (7%) at 62 large business groups held foreign citizenship, based on data released on January 7 by corporate research firm CEO Score. This figure marks a significant generational shift: while only 1.7% of first- and second-generation members held foreign nationality, the ratio jumps to 9.4% among third- and fourth-generation heirs — more than five times higher.

The vast majority of foreign-national heirs are U.S. citizens. Of the 41 individuals with non-Korean citizenship, 39 hold U.S. passports, while one each holds Japanese and Singaporean nationality. Among them, 11 individuals (26.8%) are currently involved in management as registered executives.

By group, Korea Zinc recorded the highest number of foreign-national owner-family members. Thirteen of the 47 members of the Choi family who hold shares in the company are U.S. citizens, although only one is engaged in overseas affiliate operations and none participate directly in domestic management. Other groups with notable numbers include SK (five), LS (four), and Hyosung (three), followed by CJ, Samchully, and SeAH with two each.

CEO Score noted that the actual number of foreign-national chaebol heirs may be higher, as the analysis only covered individuals whose nationality information was disclosed and who hold stakes in listed affiliates.

The findings come amid ongoing debate in South Korea over governance transparency and regulatory oversight of foreign-national business leaders, raising fresh questions about disclosure requirements, controlling shareholder designation, and the future policy framework surrounding multinational ownership of domestic conglomerates.