Chung Ju-yung

Chung Ju-yung (November 25, 1915 ’Ŭ March 21, 2001) was born into a large impoverished peasant family, but became a multi-billionaire and founder of Hyundai Group, at one time, the largest international conglomerate in South Korea. Hyundai was one of the largest engineering and construction firms in the world and the largest shipyard in the world. The son of a poor farm family, in 1933, at the age of 18, he walked 300 miles from the homestead to Seoul. With a 3,000 won loan, he began a small automobile repair shop, and eventually expanded into the construction business, and then diversified into building materials, shipyards, ports, military installations, housing projects, merchant banking, petrochemicals, iron, steel, auto manufacturing, and nuclear power plants. Chung created a multinational industrial empire that operated on six continents. His personal philanthropy distinguished him from the other businessmen of his generation. In 1977, Chung founded the Asan Foundation with a scope of activities comparable to those of the Ford or Rockefeller Foundations. The Asan Foundation established nine hospitals throughout South Korea, built Ulsan Medical College, and initiated cooperative arrangements between industry and academic institutions by supporting academic research. Chung was credited with successfully bringing the 1988 Summer Olympics to South Korea. When he participated in the 1982 Achievement Summit in New Orleans, Chung Ju-yung was one of the wealthiest men in the world and creator of the largest philanthropic institution in his country. He spoke to the student delegates, through an interpreter, about his incredible journey from an impoverished peasant to leadership of Asia's most successful and admired businesses.