Samsung family pays $8B in inheritance tax
What's the story
The family behind South Korean conglomerate Samsung has paid 12 trillion won ($8 billion) inheritance tax bill. The payment, the largest of its kind in South Korea's history, was made in six installments over five years by Chairman Lee Jae-yong and other family members. The tax is associated with the estate of the late chairman Lee Kun-hee, who died in October 2020.
Business empire
Samsung's operations and late chairman's estate
Samsung, South Korea's largest chaebol or family-owned business, has a wide range of operations from electronics to heavy industry, construction, and financial services. The late Lee Kun-hee left behind a 26 trillion won fortune comprising shares, property, and art collections. The final payment of the inheritance tax was confirmed by Samsung on Sunday. It is roughly one-and-a-half times South Korea's total inheritance tax revenue for 2024.
Tax commitment
Lee family's wealth surges amid global AI boom
In a statement, the Lee family stressed that "paying taxes is a natural duty of citizens." Their combined net worth exceeds $45 billion, according to the Bloomberg Billionaires Index. The family's wealth has more than doubled in the last year as global AI industry demand for computer chips has boosted Samsung Electronics' stock market value.