Source of Wealth:Amorepacific and Inheritance
Occupation:President and CEO of Amorepacific Corporation
Education:Yonsei University and Cornell University
South Korean businessman Suh Kyung-Bae is the President and Chief Executive Officer of Amorepacific Corporation and has an estimated net worth of $8.17 billion in February 2018.
Mr. Suh earned his net worth from the leading chemical and cosmetics company in South Korea. Based in Yongsan-gu in Seoul, South Korea, Amorepacific was established in 1945 by his father, Suh Sung-Wan. He started the business in the town of Gaesong which was nicknamed “Ginseng City.” Since then, it has expanded into China, Singapore, Hong Kong, Indonesia, and the Philippines. It also markets its products under the name Etude (French word for Study).
Among its most notable brands are Laneige (French word for Snow), a cosmetic line that is endorsed by famous Korean actress Song Hye Kyo, and Sulwhaso, a product that incorporates ginseng and other Asian herbs.
Suh Kyung-Bae inherited the company from his father in 1997. He then took over the French perfume company, Annick Goutal, and has been targeting the Chinese market in an effort to become the global cosmetics player. With his dedication at work, he received the Ernst & Young Award for Korea’s best CEO in 2010.
Aside from its cosmetics business, his Amorepacific has launched a breast cancer foundation. It has offered full support to the nation’s Pink Ribbon Love Marathon over the last decade in order to help breast cancer victims.