When Lee Jae-yong, the Chairman of Samsung Electronics, made an unassuming visit to a fusion cake shop in Busan in late 2023, he inadvertently turned the store into a local sensation. The shop, situated near Busan Station, has since become a popular destination, with a prominent sign at the entrance celebrating his visit. According to employee Shin Jae-yeon, “People still ask what Chairman Lee ate in 2023 and tend to order the same cakes.” The chairman’s presence has noticeably boosted sales, with customers hoping to share in the fortune he represents.
One such customer, Choi Hyun-jin, a housewife from Seoul, expressed her sentiments while purchasing the same cake eaten by Lee. “I hope I can become wealthier by eating this cake,” she remarked with a smile, acknowledging the influence of the chairman on public perception. “I used to think of him as just a lucky heir, but he seems more like a capable businessman now.”
This shift in perception aligns with Lee’s growing status as a prominent figure in the South Korean business landscape, often referred to as Korea Inc. Under his leadership, Samsung affiliates, including the world’s leading memory chipmaker and Samsung C&T, have thrived. Their share prices have risen significantly over the past year, contributing to Lee’s personal wealth, which now surpasses $20 billion, according to the CXO Institute. This marks him as the first South Korean businessman to cross this financial threshold, eclipsing the previous record of $15.22 billion held by his late father, Lee Kun-hee.
The current economic environment also plays a vital role in Lee’s increasing wealth. With the ongoing AI boom driving demand for semiconductors, Oh Il-sun, chief of the CXO Institute, noted that government initiatives to bolster the stock market have further supported Samsung’s performance. “More people recognize him as the definitive leader of the country’s No. 1 conglomerate,” he added.
Lee’s ascent to the top has not come without challenges. Born in 1968, he pursued a history degree at Seoul National University before studying business administration at Keio University in Japan and Harvard University in the United States. His journey took a dramatic turn in 2014 when his father suffered a heart attack, forcing Lee to assume the role of de facto leader of Samsung Group.
His challenges intensified with a political corruption scandal involving former President Park Geun-hye, leading to two imprisonments. In 2022, Lee was granted a presidential pardon, allowing him to resume his leadership role. Yet, his return was marred by Samsung Electronics lagging behind rival SK hynix in the lucrative high bandwidth memory (HBM) market, critical for AI chip production. Observers note that Samsung has been making strides to regain its competitive edge in 2024 and 2025 by developing next-generation HBM technologies.
The public’s perception of Lee seems to be changing as Samsung delivers strong financial results. Economic commentator Kim Kyeong-joon remarked, “It seems that many people believe Chairman Lee was excessively punished. In business, performance often reshapes reputation.”
Another notable factor contributing to Lee’s improved image is the military service of his only son, who recently renounced his U.S. citizenship to join the South Korean Navy. “This decision has helped strengthen public respect for Chairman Lee and the Samsung family,” Kim stated.
As Samsung continues to navigate the rapidly changing tech landscape, Lee Jae-yong’s journey reflects the evolving dynamics of leadership, reputation, and public perception in modern business.
