With just ten families controlling 60 percent of GDP, Korea’s family-owned “chaebol” conglomerates have enjoyed their privileges for decades—that may be about to end.
For decades, a small circle of powerful family-controlled conglomerates has stood at the center of South Korea’s economy. Commonly known as the chaebol, these business empires — including Samsung, Hyundai, and LG — were instrumental in transforming Korea into a major industrial power. Yet the very dominance that once fuelled national growth is now raising serious questions about fairness, accountability, and the future of corporate power in the country.
One of the clearest symbols of this tension is Lee Jae-yong, heir to Samsung. After being convicted on charges including bribery, fraud, and embezzlement connected to a major political scandal, Lee was sent to prison. Nevertheless, in August 2022, he received a special presidential pardon before completing his sentence. Authorities defended the move by arguing that Samsung, as one of Korea’s most important corporations, needed his leadership to remain globally competitive. Soon after his release, he returned to a senior leadership role.


