Shin family

The Shin family is one of South Korea’s wealthiest due to their ownership stake in the Lotte Group, one of the country’s five largest conglomerates. The Lotte Group has several interests, the primary being confectionary manufacturing and department stores. The Lotte Group was founded in 1948 in Tokyo by Japanese-Korean entrepreneur and family patriarch Shin Kyuk-ho. Shin married Noh Soon-hwa, with whom he had a daughter, Shin Young-ja in 1942. After his first wife passed away, Shin married Hatsuko Shigemitsu in 1952. Together, they had two sons, Shin Dong-joo and Shin Dong-bin. In 2012, Shin Dong-bin took over from his father as CEO of the Lotte Group. Previously, he was educated at Aoyama Gakuin University and Columbia University. Shin Dong-bin is estimated to have a personal net worth of $1.5 billion, while his brother is said to be worth $1.3 billion. Collectively, the family is estimated to be worth $4.5 billion, according to Forbes. In 2017, the family ran into legal trouble when Shin Kyuk-ho and three members of his family were indicted for fraud and embezzlement charges. The 95-year-old Shin Kyuk-ho was sentenced to four years in prison.