The philanthropist who shuns law or medicine majors

Lee Chong-hwan, 89, chairman of Samyoung Chemical and the founder of the Gwanjeong Lee Chong-hwan Education Foundation, has pledged a donation of 60 billion won (52 million U.S. dollars) to renovate the Central Library of Seoul National University. His pledge stems from his belief that the development of Korean universities can help reduce the outflow of national wealth due to overseas study. Having given away most of what he has earned from running his company for more than 60 years as well as his own home to fund scholarships, he is delivering on his promise to himself of dying "empty handed.”

The education foundation has the most operational assets and scholarship funds in Korea. Since launching the organization with 1 billion won (870,000 dollars) of his own wealth, Lee has contributed to the organ every year and increased the fund to nearly 800 billion won (700 million dollars). The foundation has awarded more than 80 billion won (70 million dollars) in scholarships to more than 4,000 students. Lee is so frugal that he flies economy class when traveling overseas, but says, “I don’t feel I`m wasting anything when spending money to nurture human resources.” Even when his company saw profit fall in recessions and financial crises, he never failed to make scholarship payments. Even when the Korean won plummeted in value, he continued to send scholarships in the same dollar amount to Koreans studying overseas.

The philanthropist has a clear-cut philosophy when selecting whom to give scholarships to. He supports those pursuing basic subjects rather than professional majors like law and medicine. When selecting recipients of scholarships for overseas study, he follows the principle of awarding 80 percent to science and engineering majors and 20 percent to those studying humanities and social sciences. This strategy suggests that students who target success through career and job security as their study goals must use their own money, amid the trend that gifted science students unconditionally pursue medicine and those excelling in humanities flock to law schools. Lee thus aims to foster those who can contribute to the nation with their dreams and passion into great human resources. Since he has cultivated a solid company through management focused on human resources, he has directly experienced the importance of quality human resources in national development better than anyone else.

Kim Byung-ho, who owns Seojeon Farm, and his wife both live in a housing unit measuring 60 square meters in a silver town. They moved to such a home after donating their entire wealth from real estate worth 35 billion won (30.5 million dollars) to the Korea Advanced Institute of Science and Technology. Kim said, “Earning money is technique and spending it is art.” On the homepage of his education foundation, Lee said, “I was no angel when making money, but I will act like an angel when spending it.” Looking at Lee`s life, this comment holds implicit meaning. Korea needs more entrepreneurs, who typically have gone anywhere in the world to earn a profit, to transform the value of their hard-earned money into mastering “the art of being an angel.” Lee’s donations are seen as water from a drinking fountain for the thirsty Korean people.