Samsung’s Lee Kun-hee heirs have paid a record-breaking inheritance tax, fulfilling their civic duty by paying 12 trillion won or 7 billion euros over five years after the patriarch’s death in 2020. The family received 26 trillion won (15 billion euros) in inheritance and stated that paying taxes is a natural citizen duty.
The widow, Hong Ra-hee, and children, including current Samsung president Lee Jae-yong, completed the payment in five years. The media highlighted that this hefty sum could prompt a review of South Korea’s inheritance tax system, one of the highest in the OECD at 50%, potentially reaching up to 60% for major shareholders. The tax revenue from inheritance and donations is six times more than the OECD average, with France leading in this aspect.
Samsung claims the amount paid equals 1.5 times the total inheritance tax revenue for the country in 2024, per the BBC. Investor interest was keen on whether the Lee family could retain control of Samsung, given their wealth exceeding $45 billion (52.7 billion euros), as AI semiconductor demand grew.
