Discover how Samsung’s Lee Kun-hee and Hyundai’s Chung Ju-yung valued wild ginseng, with Chung’s famous purchase of a 650-year-old root

Samsung’s late chairman, Lee Kun-hee

Hyundai founder, the late Chung Ju-yung, was also famous for his love of wild ginseng. Among the ginseng collectors, numerous stories about him have circulated. One legendary story, shared by former wild ginseng hunter Kim Young-tae, resurfaced recently on media. According to Kim, Chung’s passion for ginseng had been ongoing for many years. He was quoted as saying, “I want to live to be 120,” and in pursuit of longevity, he once spent an extraordinary sum to purchase a single wild ginseng root.

In one instance, Kim harvested a remarkable wild ginseng root, which was 1.3 meters long and had six stems, and it was believed to be over 650 years old. The news of this discovery spread quickly across the country.

Once Kim gained fame for finding such an enormous ginseng root, he received a call from Seoul, informing him that a “high-ranking individual” would be visiting. Kim waited, not knowing who the guest was. To his surprise, the visitor was none other than Hyundai Group’s Chairman, Chung Ju-yung himself. The chairman had traveled all the way to the mountainous region of Inje, Gangwon Province, to see the prized wild ginseng for himself.

A unique aspect of the wild ginseng trade is that the value of the root diminishes each time it is handled. Because of this, wild ginseng hunters often prefer to ensure the buyer is genuine before allowing anyone to touch the root. Despite the long journey, Chung Ju-yung came directly to Kim’s location to confirm the authenticity of the ginseng.

Once there, Chung Ju-yung reportedly took out 78 million won (approximately $78,000) from his briefcase to purchase the root. In the 1980s, this amount was enough to buy four apartments in the Gangnam area of Seoul or a large sum compared to the average salary of a new graduate.

Interestingly, Chung did not need a professional appraiser. He examined the root carefully, even commenting, “Such a product has finally emerged.” Afterward, Kim’s wife cleaned the root with water, and as a token of appreciation, Chung gave her an additional 700,000 won.

Kim shared that wild ginseng should be consumed in one sitting to fully experience its benefits, regardless of its size. Following this advice, Chung Ju-yung consumed the entire root, including the stem and leaves, which took him a solid 3.5 hours to eat thoroughly.

Chung Ju-yung’s dedication to his health and his efforts to live a long life were well-known. Although he did not reach his goal of living to 120, he lived a long and healthy life until his passing at the age of 87 in 2002. Even at 84, his health was reportedly in good condition.

North Korean leader Kim Jong-il also gifted wild ginseng to Chung Ju-yung in 1999 and 2000, and similarly presented it to Lee Kun-hee. Since the Tang Dynasty, wild ginseng has been a special gift for VIPs.

As the popularity and price of wild ginseng increased, many people began harvesting it on weekends, leading to an explosion in the number of ginseng collectors and herb enthusiasts. However, some critics say that large groups, especially those from internet-based herbal clubs, have caused damage to the environment by excessively harvesting ginseng. They emphasize the importance of preserving the small ginseng roots and sowing ginseng seeds, instead of just collecting them.

The price of wild ginseng is determined by the root’s shape and the appearance of its brain tip, which helps assess its age and value. In the past, middlemen often profited greatly from the trade. While finding wild ginseng is important, it was the middlemen who had established relationships with clients that made the most profit. A ginseng collector from a rural area would have a difficult time directly reaching out to a top business executive, which is why middlemen played such a crucial role. According to Park Man-gu, a former president of the Korean Ginseng Association, dealers in the past were categorized into large traders who knew major clients, mid-level traders who knew a range of clients, and general traders who sold to the public.

These major dealers were often well-connected with business tycoons and other influential figures, but with the aging and retirement of these traders, it’s become difficult to find the prominent figures in the ginseng trade that once existed.

There were also stories about top celebrities like K, a famous 1990s star, and singer L, who were regular customers of wild ginseng. K, for example, bought wild ginseng worth 75 million won for his ill mother. Many corporations also purchased wild ginseng, often as gifts for high-ranking officials and executives. This explains why wild ginseng transactions are often discreet. While there is no need to hide them, there are privacy concerns and other barriers that make it uncommon for ginseng collectors to openly discuss their deals.

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