The family behind South Korean conglomerate Samsung has fully paid a 12 trillion won (about £6bn or $8bn) inheritance tax bill, marking the largest such settlement in the country’s history.
The payment, completed in six instalments over five years, was made by Samsung Chairman Lee Jae-yong and other family members, including his mother Hong Ra-hee and sisters Lee Boo-jin and Lee Seo-hyun. The tax obligation stems from the estate of the late Samsung chairman Lee Kun-hee, who died in October 2020.
Lee Kun-hee left behind an estimated fortune of 26 trillion won, which included company shares, real estate, and valuable art collections. Samsung confirmed on Sunday that the final payment had been settled, noting that the total tax paid is equivalent to about one and a half times South Korea’s total inheritance tax revenue for 2024.
At 50 per cent, South Korea’s inheritance tax rate is among the highest globally. The scale of the payment was closely watched by investors, as it raised questions over whether the Lee family could maintain control of Samsung, the country’s largest chaebol.
Samsung is a sprawling business empire with interests in electronics, heavy industry, construction, and financial services. Its technology arm includes one of the world’s largest smartphone manufacturers and a leading producer of semiconductor chips, a sector that has recently benefited from rising global demand driven by artificial intelligence growth.
Part of Lee Kun-hee’s estate, including artworks by Pablo Picasso and Salvador Dalí, was donated to the National Museum of Korea and other cultural institutions.
The Lee family’s combined wealth is estimated at over $45bn according to the Bloomberg Billionaires Index, with their fortunes more than doubling in the past year amid a surge in Samsung Electronics’ market value.
Founded in 1938 by Lee Byung-chul, Samsung remains one of the most influential corporate groups in South Korea, with Lee Jae-yong now at its helm.
Melissa Enoch
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