NEW YORK (May 16, 2013) — Hankook Tire Co. Inc. Chairman Cho Yang-Rai has joined the ranks of the world's billionaires club, according to Forbes Magazine's annual ranking of the world's richest individuals.
Mr. Cho, 75, owns just shy of 16 percent of Hankook Tire, which trades on the South Korean stock exchange, according to Forbes. The magazine estimated his net worth at slightly more than $1 billion based on his stake in the company, together with a shareholding in a Hankook holding company and accumulated dividends.
Hankook Tire was founded by Mr. Cho's father, Cho Hong-Je, in 1941. It reported sales of $6.44 billion last year.
Mr. Cho's four children also own stakes in the company, Forbes said, but their holdings are not included in his net worth.
One son, Cho Hyun-Bum, 41, oversees marketing for the Seoul, South Korea-based tire maker, while another, Cho Yang-Rai, is listed as president of Hankook Tire Worldwide, the holding company, Forbes said.