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Samsung family clears record $8 billion inheritance tax in South Korea's biggest-ever case
Samsung's founding family has fully settled a historic inheritance tax bill of about ₩12 trillion, the largest in South Korea's history, linked to the estate of late chairman Lee Kun-hee. The final payment was confirmed in May 2026 after years of installments by family members, amid questions about Samsung's control and the family's wealth growth.
Why It Matters
The settlement marks a historic tax payment linked to Korea's leading chaebol and could influence discussions about corporate control and wealth among the Samsung family.
Timeline
7 Events
Estate donations to national institutions
May 5, 2026
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.
Family wealth remains substantial despite tax burden
May 5, 2026
Despite the sizeable tax burden, the family’s combined wealth has risen above $45 billion, driven by Samsung Electronics’ performance in global markets.
South Korea's inheritance tax rate noted
May 5, 2026
The article notes that South Korea’s inheritance tax rate stands at 50 percent, among the highest globally.
Settlement watched for potential impact on Samsung control
May 5, 2026
The settlement drew close attention because of concerns it could affect the family’s control over Samsung, the country’s largest chaebol.
Final payment confirmed; total tax amount and BBC reference
May 5, 2026
The final payment of about ₩12 trillion was confirmed this week. Samsung noted that the total tax equals about 1.5 times South Korea's 2024 inheritance tax revenue, as reported by the BBC.
Inheritance tax installments begin as part of the settlement
2021
Over the five-year period leading up to the settlement, the inheritance tax was paid in installments by family members including Lee Jae-yong, Hong Ra-hee, Lee Boo-jin, and Lee Seo-hyun.
Lee Kun-hee dies; estate valued at about ₩26 trillion
October 2020
Lee Kun-hee, founder and late chairman of Samsung, died in October 2020. His estate was reported to be worth roughly ₩26 trillion at the time, including company shares, real estate, and an extensive art collection.