When Lee Jae-yong, the chairman of Samsung Electronics, visited a fusion cake shop in a traditional market near Busan Station in late 2023, he sparked an unexpected local phenomenon. The shop, which now prominently displays a promotional sign featuring his visit, has become a must-visit destination for both locals and tourists. “People still ask what Chairman Lee ate in 2023 and tend to order the same cakes,” said Shin Jae-yeon, an employee at the store.
The impact of Lee’s visit goes beyond just a fleeting moment. Choi Hyun-jin, a housewife from Seoul, visited the shop specifically to try the same item that Lee had enjoyed. “I hope I can become wealthier by eating this cake,” she remarked with a smile. Choi’s sentiment reflects a broader trend: many now view Lee not merely as a fortunate heir but as a capable businessman making significant strides in the industry.
As a result of his leadership, Samsung’s affiliates, including the world’s top memory chipmaker and the country’s leading contractor, Samsung C&T, have seen substantial growth. Share prices have surged over the past year, increasing Lee’s personal wealth significantly. He currently holds a 1.45% stake in Samsung Electronics and 20.82% in Samsung C&T. According to the CXO Institute, Lee’s stock values have exceeded $20 billion, making him the first South Korean businessman to surpass this milestone. His father, the late Lee Kun-hee, previously held the record at $15.22 billion.
This remarkable ascent comes amidst a booming demand for semiconductors, driven by advancements in artificial intelligence. Oh Il-sun, the chief of CXO Institute, noted that government initiatives to bolster the stock market have further supported this growth. “More people recognize him as the definitive leader of the country’s No. 1 conglomerate,” he stated.
Lee’s journey has not been without its challenges. Born in 1968, he studied history at Seoul National University and later pursued business administration at Keio University in Japan and Harvard University in the United States. In 2014, his life took a dramatic turn when his father suffered a heart attack, requiring Lee to step in as the de facto leader of the Samsung Group. Following his father’s death in 2020, Lee faced further challenges, particularly during the political corruption scandal that engulfed former President Park Geun-hye.
His imprisonment in 2016 marked a turbulent period, but a presidential pardon in 2022 allowed him to return to management. Despite these setbacks, Samsung Electronics struggled to keep pace with SK hynix in the lucrative high bandwidth memory (HBM) market. However, reports indicate that in 2024 and 2025, Samsung Electronics made significant strides in developing next-generation HBM technologies.
The public perception of Lee has notably shifted as Samsung began to deliver strong profits. Economic commentator Kim Kyeong-joon remarked, “It seems that many people believe Chairman Lee was excessively punished. In business, performance often reshapes reputation.” This shift in sentiment is complemented by the military service of his only son, who renounced his U.S. citizenship to join the South Korean Navy.
Kim noted that this decision has enhanced public respect for both Lee and the Samsung family. “Compared with sons of many Korean business leaders, who allegedly seek to avoid military service, the junior Lee set an example,” he said.
As Samsung continues to thrive under Lee’s leadership, the chairman’s visit to a local cake shop has become emblematic of a larger narrative: his transformation from a figure seen primarily as an heir to a legacy into a recognized and respected leader in the global business arena.
