The Samsung family paid a record inheritance tax
5 May 03:40
The family that controls South Korean tech giant Samsung has paid the full amount of its inheritance tax, totaling 12 trillion won (approximately $8 billion). This is the largest such payment in South Korean history. The BBC reports this, according to "Komersant Ukrainian"
The tax was related to the estate of the late Samsung chairman Lee Kun-hee, who died in October 2020.
The heirs paid the tax in six installments over five years. Samsung Electronics Chairman Lee Jae-yong, his mother Hong Ra-hee, and his sisters Lee Boo-jin and Lee So-hyun were involved in the payments.
How much did the Samsung family pay?
The total inheritance tax amounted to 12 trillion won, or approximately $8 billion
This is the largest inheritance tax ever paid in South Korea. According to the Korean publication Digital Today, this amount is approximately 50% higher than South Korea’s total inheritance tax revenue for 2024.
The tax was not paid in a single installment but in six installments over five years.
Why the record-breaking tax arose
The tax liabilities arose following the death of former Samsung chairman Lee Kun-hee in October 2020.
He left an estate valued at approximately 26 trillion won, or about $18–20 billion
The estate included:
- shares in Samsung Group companies;
- real estate;
- securities;
- a large art collection.
It was precisely the scale of the assets and the high inheritance tax rate in South Korea that led to the record-breaking amount of payments.
Why is the tax so high?
In South Korea, the inheritance tax rate can reach 50%. This is one of the highest rates among developed economies.
That is why the transfer of large family assets often becomes not only a financial but also a corporate challenge.
Investors closely watched how Samsung’s heirs would pay the tax, as this could affect the family’s ownership structure and control over the company.
Part of the estate was donated to museums
In addition to monetary payments, the Lee family donated part of Lee Kun-hee’s art collection to government and cultural institutions.
The collection included works by renowned artists, including Pablo Picasso and Salvador Dalí. Some of the works were donated to the National Museum of Korea and other cultural institutions.
Previously, the family stated that paying taxes is a “natural duty of citizens.”
How the family retained control of Samsung
Despite the record-breaking tax burden, the family managed to retain control over Samsung’s key assets.
One factor was the positive performance of Samsung Electronics shares, driven by high demand for semiconductors used in artificial intelligence technologies. According to Reuters, as early as 2025, family members planned to sell a portion of their Samsung Electronics shares for approximately $1.22 billion to cover tax liabilities and repay loans.
According to the Bloomberg Billionaires Index, the Lee family’s combined net worth exceeds $45 billion.
What is known about Samsung
Samsung is South Korea’s largest family-owned conglomerate, or chaebol. The company operates in the following sectors:
- electronics;
- semiconductors;
- heavy industry;
- construction;
- finance;
- insurance;
- technology services.
Samsung was founded in 1938 by Lee Byung-chul, the grandfather of the current chairman of Samsung Electronics, Lee Jae-yong.
Today, Samsung Electronics is one of the world’s leading manufacturers of smartphones, televisions, home appliances, memory chips, and artificial intelligence components.
