Korean entrepreneurs in the past were highly regarded as role models of success -- responsible for the nation’s rapid economic growth and a rising middle class -- but today they receive both praise and criticism.

As Korean society developed, they were also criticized for causing social inequality such as unequal wealth distribution and passing down of wealth. No longer are the superrich given respect simply because they have accumulated riches.

Nevertheless, there are billionaire entrepreneurs who are still respected, represented by key words such as “challenge”, “endurance” and “inspiration”, and recently, “giving”, as seen by the actions of respected superrich entrepreneurs around the world.

The examples of respected entrepreneurs slightly differ based on their country of origin as well as their historical and financial situation.

The United States and Europe, for instance, spent a much longer time living in an industrial society compared to Korea, and thus the people do not give respect to entrepreneurs just for being successful.

The type of entrepreneurs who garner respect in the West are those who also give back to society in the form of donations, social philanthropy, community development and leading change in improving economic situations. Some notable examples include Microsoft founder Bill Gates, Berkshire Hathaway chairman and CEO Warren Buffett and Facebook cofounder and CEO Mark Zuckerberg.

In Europe, the owner families of companies, who only usually have a say in major management decisions as a voting stockholder, also receive respect even if their companies are run by professional managers.

For instance, Germany’s BMW is currently owned by the Quandt family, which holds about 50 percent of the company’s shares. The Quandts are credited with having saved the then-ailing company during the late 1950s.

Despite their pivotal role in turning the company around, the family does not actively intervene in company management and tends to stay private, stating that the company belongs to the people of Germany as well.

Meanwhile, rising countries such as China, Russia and India tend to give much respect towards entrepreneurs who have overcome adversaries and are making global strides. In China, Alibaba Group chairman Jack Ma receives much support from Chinese youths. Ma, who became a rising billionaire with his business endeavors, has said in media interviews that he wished to create a wholly Chinese-grown company that fellow Chinese could feel proud of.

In India, superrich who break old traditions and improve people’s lives appear to gain a lot of respect, while Russians give the highest respect to entrepreneurs who run their business freely outside of government control.

In Korea, according to a recent survey carried out by the Superrich Team, the public tends to give the highest respect to those who have laid the foundation for Korea to become an industrial powerhouse -- such as Hyundai Group founder late Chung Ju-yung, or Samsung Group chairman Lee Kun-hee who nurtured world-class companies.

At the same time, Koreans also give a lot of respect to the newer, younger billionaires who have paved the way for new IT business models, such as Kakao chairman Kim Beom-soo.

The simultaneous respect given to old corporate founders and up-and-coming entrepreneurs seems to reflect that Korean society is on the brink of change. While there is nostalgia toward the entrepreneurial pioneers who contributed to making Korea an advanced economy and an acknowledgement of those who managed to raise world-class businesses, there is also a newfound aspiration towards a newer society with a new industry and a new type of organizational culture.

Of course, criticism toward superrich entrepreneurs remain. In the recent Superrich Team survey, 40 percent replied that they do not respect any Korean superrich, showing the need for improvement in the entrepreneurs’ ethical standards despite Korea’s position as one of the top eight trading countries of the world.

According to Ford Motor Company founder Henry Ford, “A business that makes nothing but money is a poor business”. World-renowned leadership coach, professor and author Marshall Goldsmith has also added his two cents to the quote in his book “1000 CEOs”, saying that “a CEO who improves only the bottom line is a poor CEO.” A good CEO, he said, should also consider “soft issues” such as personal growth or relationships as well as business management.

By The Korea Herald Superrich Team (sangyj@heraldcorp.com)

Hong Seung-wan, Cheon Ye-seon, Bae Ji-sook, Yoon Hyun-jong, Min Sang-seek, Kim Hyun-il, Sang Youn-joo