Korea’s Only FIA F3 Driver Michael Shin on Prejudice Against Fourth-Generation Chaebol Heirs: “I Do Owe a Lot to My Parents, But...”

The home and daily life of FIA Formula 3 Championship (FIA F3) driver Michael Shin, known as the grandson of Hyundai Motor Group (HMG) honorary chair Chung Mong-koo, have been revealed on television.
On the episode of MBC variety show Omniscient Interfering View that aired on the 17th, Michael Shin’s mother and manager, Haevichi Hotel & Resort advisor Chung Yoon-i, appeared as a guest. Chung is the third daughter of honorary chair Chung Mong-koo and the older sister of Hyundai Motor Group (HMG) chair Chung Eui-sun.
Michael Shin said, “During the season, I can hardly ever come back to Korea. I only stay here briefly in the off-season.” He went on, “I fly an incredible amount. Just this year alone, I’ve taken about 120 flights.”
Having returned from France, Michael Shin headed straight into physical conditioning just 13 hours after arriving back in Korea for the shoot. Right after waking up, he weighed himself, then moved to his private training room at home and continued his workout while wearing his helmet.
He also revealed how he prepares separate meals to strictly manage his diet. “Even a 1-kilogram increase can mean a 1–2 second difference by the end of a race,” he said, carefully checking the calories and weight of each food item before eating.
Appearing as her son’s manager, advisor Chung Yoon-i said, “Michael has grown tremendously over the past four years,” adding, “I’m well aware that some people think he’s had a much easier path than others because of his family background.”
She continued, “It is true that he has come this far with help from his parents, but I would be very grateful if people could also recognize the grueling effort he puts in himself.”
Chung, who says she attends all of her son’s races to cheer him on, recalled, “I’ve never once thought I should stop him because it’s dangerous,” and added, “Once I realized how important racing is to him, instead of trying to hold him back, I chose to act as his manager and support him even more from behind.”
Michael Shin is South Korea’s second Formula 3 driver, following Lim Chae-won.
“Worldwide, there are only about 30 drivers in FIA F3, 22 in FIA Formula 2 Championship (F2), and 20 in FIA Formula One World Championship (F1),” Shin explained. “I first got in a kart in 2021, and just eight months later I finished runner-up in my first race. The following year, I won on my FIA Formula 4 (F4) debut, and in the 2025 Euroformula Open Championship I took six wins and finished third overall for the season,” he said.
However, he noted that the only level where drivers are paid to race is F1. The team prize money for winning the F1 title is said to be around 200 billion won, and F1 drivers’ annual salaries are reported to be in the range of 80–90 billion won.
On this, Michael Shin said, “At the lower levels, even if there is prize money, it’s only about 2–3 million won. I’m doing all of this with only F1 in mind,” adding, “Each time you enter a race, it costs about as much as a small car. That money can be covered through sponsors.”
moon@fnnews.com Moon Young-jin Reporter