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Korean family business lessons for Africa
As generational wealth transfer accelerates, families must learn to separate wealth management from business operations, plan for liquidity in succession and embrace transparency.
A chaebol is a large, family-owned business conglomerate in South Korea, typically made up of many affiliated companies across different industries. The word comes from the Korean terms chae (wealth) and bol (clan), reflecting the idea of a wealthy family group controlling diverse enterprises.
South Korea’s chaebol families, specifically Samsung, LG, SK Group, and Hyundai, have built global empires that dominate electronics, automobiles, telecoms, energy, semiconductors, and heavy industry.
