Samsung family clears record $8 billion inheritance tax in South Korea's biggest-ever case

The settlement is the largest in South Korea’s history and was paid over five years in installments.

Updated on: May 5, 2026, 14:54:37 IST

Edited by Aditi Anand

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The founding family of electronics giant Samsung has fully settled a historic inheritance tax bill of about ₩12 trillion (around $8 billion), the largest in South Korea’s history, linked to the estate of late chairman Lee Kun-hee.

Samsung chairman Lee -Jae yong with PM Modi and South Korea's President Lee (X)

Lee Kun-hee, who passed away in October 2020, left behind assets worth roughly ₩26 trillion, including company shares, real estate, and an extensive art collection. Over the past five years, the tax was paid in installments by family members including Lee Jae-yong, Hong Ra-hee, Lee Boo-jin, and Lee Seo-hyun.

At the time, the family described paying taxes as a civic duty. South Korea’s inheritance tax rate stands at 50 per cent, among the highest globally. The final payment was confirmed this week, with Samsung noting that the total tax equals about 1.5 times the country’s inheritance tax revenue for 2024, according to a BBC report.

The settlement was closely watched because of concerns it could affect the family’s control over Samsung, the country’s largest chaebol. The group itself, Samsung, is not a single company but a sprawling conglomerate that spans multiple industries including electronics, construction, insurance, and shipbuilding. Its most important arm is Samsung Electronics, which produces smartphones, televisions, and advanced semiconductor chips that power global AI and computing systems.

Founded in 1938 by Lee Byung-chul, Samsung grew from a small trading firm into one of the world’s most powerful industrial groups. Its dominance in semiconductors, in particular, has strengthened in recent years as global demand for AI-related chips has surged.

Control of the group remains with the founding family and is currently led by Lee Jae-yong, grandson of the founder. Despite the enormous tax burden, the family’s combined wealth has still risen above $45 billion, driven by the strong performance of Samsung Electronics in global markets.

A portion of Lee Kun-hee’s estate, including artworks by Picasso and Salvador Dalí, was donated to national institutions such as the National Museum of Korea.

Samsung today remains one of the world’s most influential technology groups, competing at the highest level in global consumer electronics and semiconductor manufacturing.

(with inputs from BBC)

ABOUT THE AUTHOR
Aditi Anand
Aditi Anand is an undergraduate student of English at Miranda House, University of Delhi, with an interest in media and the shifting dynamics of public discourse. She is particularly curious about how narratives are shaped, circulated, and received in contemporary spaces. Her work is informed by close observation and an engagement with everyday life, often examining the intersections of personal experience and broader social contexts. She is drawn to questions of voice, representation, and the ways in which perception is influenced by both language and environment. Beyond the newsroom, she is interested in literature and enjoys writing poetry, approaching it as a space for reflection and creative exploration alongside her analytical work. Her writing aims to balance clarity with nuance, focusing on presenting ideas in a way that is accessible while still engaging with their complexity. She approaches writing with intent and attentiveness, aiming to contribute meaningfully to conversations while continuing to develop a voice that is thoughtful and grounded.Read More

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