The Korean Singer Who Was So Rich She Earned More Than A Bank

With the global popularity of K-Pop, it is no surprise that idols today are earning at unimaginable levels. But in the early 2000s, it was a ballad singer who could easily put them to shame with her wealth.

Lee Soo Young was the representative face of solo ballad singers in Korea in the 2000s. She was so popular that it would be considered strange if she didn’t appear during any music broadcast, festival, or other entertainment event.

Because of this hypervisibility, people often speculated that Lee made a lot of money, and eventually, her wealth-related rumors almost turned into fables. One such rumor said that she had more money than the Bank of Korea, the central bank of the country.

Later, Lee addressed this particular rumor, clarifying that she never earned as much as the Bank of Korea. Her earnings, however, did cross that of a particular Korean bank. She only partially revealed as the “Cho-X bank,” presumably referring to the Chohung Bank, one of the oldest banks in South Korea.

Lee revealed that had she saved up all the money she earned in her 20s, she could have easily bought multiple buildings. But her financial affluence came crashing down after she was scammed out of all her money as soon as she turned 30.

In a recent variety show appearance, the singer mentioned that she went into debt of ₩3.00 billion KRW (about $2.20 million USD) after falling for a financial scam and even had to sell her house at the end of her marriage.

Being defrauded at this level left Lee in a debilitating mental state as she developed symptoms of depression, panic, insomnia, and OCD. She had to seek psychiatric treatment eventually. When she told her fiance about her financial crisis, he didn’t contact her for five days. But he eventually came around, reassuring her that he could “handle it.” After the two got married, he stuck by her side throughout.

The singer now has a completely different outlook toward money after suffering through such difficult trials at a younger age. The 45-year-old Lee Soo Young now believes that she and her husband should spend all the money they earn instead of hoarding it because “the worst thing you can leave for your children is money.” She even expressed her determination to spend everything they have instead of leaving any inheritance for their only son.