• Samsung family fully settles massive inheritance tax after Lee Kun-hee’s death
• Payment spread over five years and involving key family members to close tax obligation

The founding family of Samsung has completed the payment of a record inheritance tax worth 12 trillion won (around $8 billion), marking the largest settlement of its kind in South Korea’s history.

The tax was paid in installments over five years by group chairman Lee Jae-yong and other senior family members, including his mother Hong Ra-hee and sisters Lee Boo-jin and Lee Seo-hyun, following the estate of late chairman Lee Kun-hee, who died in October 2020.

Samsung is South Korea’s largest family-controlled conglomerate, with business interests spanning electronics, heavy industry, construction, and financial services.

Lee Kun-hee left behind an estimated fortune of about 26 trillion won, including shares, real estate, and rare art collections. The family had previously stated that “paying taxes is a natural duty of citizens.”

The company confirmed that the full amount has now been paid, noting that the figure is equivalent to roughly 1.5 times South Korea’s total inheritance tax revenue in 2024.

The country’s inheritance tax rate stands at 50%, among the highest in the world, making the case closely watched by investors due to concerns over its potential impact on the family’s control of the group.

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.

According to the Bloomberg Billionaires Index, the Lee family’s combined wealth exceeds $45 billion, having risen over the past year amid a surge in Samsung Electronics shares driven by strong global demand for artificial intelligence chips.

Samsung also operates in smartphones and television manufacturing, ranking among the world’s largest producers in the sector.

The Samsung Group was founded in 1938 by Lee Byung-chul, grandfather of current chairman Lee Jae-yong, who now leads the conglomerate.