He is the executive chairman and CEO of Hyundai Motor Group and the only son and "heir apparent" of Hyundai Motor Group honorary chairman Chung Mong-koo.

In December 2024, Forbes estimated his net wealth as US$3.3 billion and ranked him 10th richest in the country.

[2] Chung was educated in Whimoon High School and received a bachelor's degree in business management administration from Korea University in 1993.

According to Forbes, Chung is credited with the success of the Kia Cee'd in Europe along with the Soul and the Forte.

[7] Chung is married, with two children, and lives in Seoul, South Korea.