Korean Businessman Gives $70,000 To Each Household In His Hometown

July 4, 2023

A Korean businessman has gifted over $70,000 to every household in his hometown of Unpyeong-ri, a village in South Jeolla.

Lee Joong Keun (left) / Credit: Jerre Mae Tamanal on Facebook

Lee Joong-keun, the 82-year-old founder of property developer Booyoung Group, said he wanted to express his "thanks to the support of villagers".

All 280 households in Unpyeong-ri were wired cash, ranging from a minimum 26 million won to a maximum 90.2 million won after tax deduction. The amount varied depending on the number of years the householders resided in the village.

"The chairman didn't intend for this to be publicly disclosed. His sole purpose was to express gratitude to those who have preserved his hometown throughout the years," the Booyoung Group said in a statement.

Lee also donated gifts, books and other items worth a total 240 billion won to his hometown.

The Booyoung chairman came from humble beginnings. He was born in 1941 to a poor family in Unpyeong-ri. He eventually moved to Seoul and dropped out of Konkuk University due to financial difficulties.

In 1972, he founded the Woojin Construction Co. and in 1976 Samjin Engineering, which eventually became today's Booyoung Group.

Today, he has a net worth of nearly 20 trillion won.