Cover Dense residential neighbourhoods at dusk in Seoul, where 94 per cent of South Korea’s major chaebols reside within just three elite districts (Photo: Getty)
Dense residential neighbourhoods at dusk in Seoul, where 94 per cent of South Korea’s major chaebols reside within just three elite districts (Photo: Getty)
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New data reveals the extraordinary geographic concentration of South Korea’s most powerful business dynasties, with the majority residing in just a handful of Seoul neighbourhoods
Nearly all of South Korea’s chaebols live within a small cluster of Seoul neighbourhoods, according to an analysis by corporate tracker CEO Score. The Seoul-based firm, which specialises in tracking corporate governance and ownership structures, compiled the data using officially registered residential addresses.
The data examined 436 members from families controlling 62 major conglomerates with assets exceeding 11.6 trillion won. Of these, 409 people reside in Seoul, representing 94 per cent of the surveyed population. Another 17 live in neighbouring Gyeonggi Province.
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Above Seoul’s residential landscape contrasts luxury high-rises and hillside neighbourhoods across the Han River, where South Korea’s chaebols cluster in elite districts (Photo: Getty)
Seoul’s residential landscape contrasts luxury high-rises and hillside neighbourhoods across the Han River, where South Korea’s chaebols cluster in elite districts (Photo: Getty)
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Even within Seoul, the geography is stark. Two districts account for more than half of South Korea’s chaebols. Yongsan-gu houses 127 people, while Gangnam-gu is home to 113. Combined with Seocho-gu’s 65 residents, the three districts contain the majority of Korea’s most prominent business families.
Hannam-dong and Itaewon-dong, both in Yongsan-gu, form the single largest cluster. These adjacent neighbourhoods house 100 members of South Korea’s chaebols, more than any other area nationwide. The Itaewon-ro corridor is home to several of Korea’s most recognisable business figures. Samsung Electronics Chairman Lee Jae-yong lives there, as do his sisters Lee Boo-jin, CEO of Hotel Shilla, and Lee Seo-hyun, president of Samsung C&T. Hyundai Motor Group Chair Chung Eui-sun also maintains a residence in the area, alongside his uncle, Asan Foundation Chair Chung Mong-joon.
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Above Night view of Seoul’s dense residential districts, where property prices in elite areas like Gangnam and Yongsan exceed 30 million won per square metre (Photo: Getty)
Night view of Seoul’s dense residential districts, where property prices in elite areas like Gangnam and Yongsan exceed 30 million won per square metre (Photo: Getty)
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Property prices match the concentration of wealth. A unit in Nine One Hannam, one of the area’s luxury complexes, sold for 25 billion won in July, setting a South Korean record. The previous record was set by Hannam The Hill, where a 243-square-metre apartment sold for 17.5 billion won in March. Of the 12 apartment transactions exceeding 10 billion won recorded this year, eight occurred in Hannam-dong.
Hannam-dong sits between Mount Namsan and the Han River, near international schools and foreign embassies. Average property prices in Yongsan range from 20 million to 25 million won per square metre. In Gangnam, where many of South Korea’s chaebols also maintain residences, prices often exceed 30 million won per square metre, roughly double Seoul’s average.
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Above Modern high-rise architecture in Seoul's business districts, where South Korea's chaebols maintain corporate headquarters alongside their residential enclaves in neighbouring Gangnam and Yongsan (Photo: Getty)
Modern high-rise architecture in Seoul's business districts, where South Korea's chaebols maintain corporate headquarters alongside their residential enclaves in neighbouring Gangnam and Yongsan (Photo: Getty)
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Seongbuk-dong in northern Seoul houses 37 members, while Bundang-gu in Seongnam, Gyeonggi Province, has 10. Outside these areas, residences are scarce. Two members live in Busan, four overseas, and one each in Incheon, Daejeon, North Jeolla Province and North Chungcheong Province.
The data excluded spouses and family members under 30. The tight clustering shows how economic power in South Korea remains concentrated within a limited geographic area, where business centres, educational institutions and cultural infrastructure converge with the country’s most expensive real estate.
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Jennifer Choo is Regional Managing Editor of Tatler Homes, covering architecture, interior design, and art across Asia. Based in Malaysia, she oversees regional content on luxury residential design and contemporary art collections. Legally trained but choosing to pursue her passion for design, she previously led notable design publications and worked as an interior stylist and art consultant for property developers, design firms, and private clients.
