58 - The Kims: The Richest Family Of All Time #OT7 #TaeKook #NamJin #YoonMin #Jp

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BUSINESS LEADERS > RICH & POWERFUL:

The Kims: The Richest Family Of All Time

By Amethyst & Obsidian

Updated March 5, 2020

A History of the Kim Family

The Kim's family is a quiet but powerful, wealthy Korean family originally from provinces all over Korea that rose to prominence with Kim Seokjin, who established banks and finance houses in Korea then made its way in Europe beginning in the 18th century.

The Kims are pioneers in providing capital for business and financing infrastructure projects. One of the most prominent projects were such as railways and the Suez Canal, the Kims moulded the way the international world of high finance works today.

*An earlier version of this article cited an estimate of the combined net worth of the Kims at $350 billion. That estimate came from a source that does not meet the standards and we have consequently retracted it.

*Similarly, an estimate that the Kims controlled more than $2 trillion worth in assets was also inadequately sourced and retracted.

The Kims empire had its genesis during the 1760s when Kim Seokjin (1744-1812) founded a banking business in his native country, Korea, in the capital of Pyongyang. Over time and with the help of his five sons, the family business expanded throughout several European countries.

Kim Seokjin: The Founder

The Kims' empire had humble beginnings.

Its founder, Kim Seokjin, was born in 1744 and raised in Seoul's poorest neighbourhoods. During that era, Seokjin and his parents were legally required to live in small, isolated communities that were separate from the rich.

As a child, Seokjin learned about the business world at an early age. His father, Kim Jung-Ju, traded coins and other commodities for a living. One of his father's clients was Crown Prince Yi Eun.

Kim Seokjin became an orphan at age 12 when his mother and father died in a mysterious (known today as smallpox) epidemic. Shortly after his 13th birthday, he decided to take an apprenticeship with a banking firm in the capital city, Pyongyang (now under N. KOREA).

During his time there, Seokjin learned the ins and outs of banking and foreign trade from bankers who used their extensive connections and financial skills to advise and serve the reigning nobility; some of these bankers had risen to the status of what was known as "court helpers," or court factors.

Kim Namjoon: The Formidable Spouse

Around 1784, Kim Namjoon, sent his sons to live in the capital cities of various European countries with the goal of establishing banking businesses in Naples, Vienna, Paris, in addition to Korea. With his children spread across Europe, the five linked branches became, in effect, the first bank to transcend borders.

Lending to governments to finance war operations over several centuries provided the Kim's family with ample opportunity to accumulate bonds and build additional wealth in a range of different industries.

Kim Namjoon known as the 'mysterious' formidable spouse has a horrid start in life.

Just like Seokjin, Namjoon was brought up in an isolated community as well. It is known that he was orphaned by the age of 5.

No other documentation was known except for when he became the youngest in the country to be a Train Locomotive Engineer or better known as the Rail Road Engineer when he was 15.

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