The family controlling Samsung has finalized payment of an inheritance tax bill totaling about $8 billion, marking the largest such settlement ever recorded in South Korea, the BBC reported.
The payments were made over five years in six installments by Chairman Lee Jae-yong and his family members, including his mother Hong Ra-hee and sisters Lee Boo-jin and Lee Seo-hyun.
This tax obligation stemmed from the estate of the late chairman Lee Kun-hee, who passed away in October 2020. His assets were valued at around $17.6 billion and included company shares, real estate and an extensive art collection.
Against the backdrop of South Korea’s inheritance tax — at up to 50%, among the highest globally — the family stated that fulfilling tax obligations is a basic responsibility of citizens. In addition, they donated portions of the estate — including artworks by Pablo Picasso and Salvador Dalí — to the National Museum of Korea and other cultural organizations.
The scale of the inheritance tax drew significant attention in Korea, partly due to concerns about how it might affect the family’s control of the group.
According to the Bloomberg Billionaires Index, the family’s combined net worth exceeds $45 billion. Their wealth has grown significantly over the past year, supported by rising demand for semiconductor chips driven by the global artificial intelligence industry, thereby boosting the company’s value.
Samsung, the country’s largest family-run conglomerate, operates across multiple sectors, including electronics, construction, heavy industry and financial services. It was established by Lee Byung-chul, the grandfather of the current chairman.
