Samsung Family Completes Payment of Record 12 Trillion Won Inheritance Tax Bill

The family behind South Korean conglomerate Samsung has completed payment of a 12 trillion won inheritance tax bill, equivalent to $8 billion and marking the largest such settlement in the country's history. The bill stems from the estate of Lee Kun-hee, the late chairman who died in October 2020, leaving behind a 26 trillion won fortune that includes shares, property and art collections.

Chairman Lee Jae-yong, along with his mother Hong Ra-hee and sisters Lee Boo-jin and Lee Seo-hyun, paid the tax in six installments over the last five years.

Samsung confirmed the final payment on Sunday, stating that the sum is equivalent to roughly one and a half times South Korea's total inheritance tax revenue for 2024. South Korea's inheritance tax rate stands at 50%. Part of Lee Kun-hee's estate, including his collection of art by Pablo Picasso and Salvador Dali, was donated to the National Museum of Korea and other cultural organisations.

The Lee family has a combined net worth of more than $45 billion, according to the Bloomberg Billionaires Index.