The Hoam Foundation announced Wednesday that it will raise the prize money awarded to each Samsung Hoam Prize laureate from 300 million won ($210,000) to 500 million won. The decision aims to elevate the standing of the Samsung Hoam Prize — widely regarded as South Korea's most prestigious award — and strengthen support for outstanding talent. The increase takes effect starting with next year's ceremony, which marks the 40th anniversary of the death of Ho-am Lee Byung-chull, founder of Samsung Group.
With the increase, the total purse across the prize's six categories will grow from 1.8 billion won to 3 billion won. The Hoam Foundation said the change positions the award to stand alongside internationally recognized prizes in terms of the caliber of its laureates and the recognition they receive.
The foundation expressed hope that the higher prize money will motivate Korean scientists and engineers to pursue more ambitious research, while also drawing greater public attention and support to the fields of fine arts and community service.
"We hope this increase in prize money will encourage the active nomination of outstanding candidates who are achieving world-class results across all sectors of society," Hoam Foundation Chairman Kim Hwang-sik said. "We also hope that more talented individuals — those quietly devoted to research and creative work at home and abroad, and those practicing a noble spirit of service — will become better known to our society."
The Samsung Hoam Prize was established in 1990 by late Samsung Chairman Lee Kun-hee to honor the legacy of Ho-am Lee Byung-chull's philosophy of "business for national development" and "people first." The award was created to recognize individuals who have achieved outstanding accomplishments in science, engineering, medicine, the arts and community service. The first ceremony was held in 1991.
Lee Kun-hee once said: "Finding and supporting those who serve as the driving force behind human progress and as role models for our time is a precious mission that companies must fulfill."
Samsung Electronics Chairman Lee Jae-yong has also taken a keen interest in the Samsung Hoam Prize, carrying forward the founding philosophy of business for national development and people first. Lee has attended the Samsung Hoam Prize ceremony for five consecutive years since 2022, personally congratulating and encouraging laureates and their families.
The science category was also expanded and restructured at Lee's suggestion. Seeking to broaden support for fundamental science in South Korea, Lee proposed splitting the science prize — previously awarded to a single recipient — into two separate tracks beginning in 2021: physics and mathematics, and chemistry and life sciences. His aim was to strengthen the foundations of the technology and industrial ecosystem and ultimately contribute to national competitiveness.
Now in its 36th year, the Samsung Hoam Prize has cemented its standing as South Korea's foremost academic award. The foundation has drawn attention for its foresight, as a number of past laureates have gone on to receive some of the world's most prestigious honors.
Jun-Yi Huh, a professor at Princeton University who received the 2021 Samsung Hoam Prize in the physics and mathematics category, became the first Korean to win the Fields Medal — often called the Nobel Prize of mathematics — in 2022. Author Han Kang, after receiving the 2024 Samsung Hoam Prize in the arts category, became the first Korean to win the Nobel Prize in Literature that October.
The Hoam Foundation will accept nominations for the 37th Samsung Hoam Prize, to be held next year, through October. Candidates will undergo a multi-stage review by experts at home and abroad, with winners to be announced in April next year. The award ceremony is scheduled for June of the same year. The Samsung Hoam Prize has produced 188 laureates to date, with cumulative prize money reaching 37.9 billion won.
jeongwan@heraldcorp.com
