[FOUNTAIN]Richest living north of river

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[FOUNTAIN]Richest living north of river

It is commonly believed that most of the nation’s rich people live in the glittering southern half of Seoul, but the notion is misguided, according to an online economic journal’s survey.
Equitable magazine says that 54 of the nation’s 100 richest people live north of the Han River, with 26 of them in the Yongsan district, 15 in Seongbuk and 10 in Jongno. Their wealth was calculated on the value of their shareholdings in companies listed on Seoul stock markets.
In particular, seven people on the top 10 richest list, including Samsung Group leader Lee Kun-hee, live in Hannam-dong, Yongsan district.
Just 29 of the top 100 by the measure of holdings in equities live south of the Han River, with 19 in Gangnam, five in Seocho and five in Songpa. The other 17 people either live outside Seoul or their permanent residence could not be determined.
“Considering that the companies owned by those people have huge real estate holdings in Seoul, we can say that a majority of those who worry about a new administrative capital are living in the northern part of Seoul,” the magazine said.
Speaking about the new capital, President Roh Moo-hyun recently remarked “the people south of the Han River thinking about the interest of Seoul everyday” are obstructing policies for balanced regional development.

by Moon So-young
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