Educational news: Samsung Founding Family Completes Record $8 Billion Inheritance Tax Payment
The founding Lee family behind Samsung has officially completed payment of a record-breaking inheritance tax bill worth approximately 12 trillion South Korean won (around $8–9 billion USD), making it the largest inheritance tax settlement in South Korean history.
The tax bill followed the death of former Samsung chairman Lee Kun-hee in 2020, whose estate including company shares, real estate, and valuable art collections was estimated at nearly 26 trillion won. The family paid the amount over five years through six installments, with the final payment completed in 2026.
When the inheritance plan was first announced in 2021, the family stated:
> “Paying taxes is a natural duty of citizens.”
The statement has since gained global attention as the family fulfilled the entire payment despite the unprecedented scale of the tax burden.
Reports indicate the amount paid exceeded South Korea’s total inheritance tax revenue collected in 2024 by roughly 50%, highlighting the extraordinary size of the settlement. The inheritance included stakes in Samsung affiliates, luxury properties, and one of Asia’s most significant private art collections.
Alongside the tax payments, the family also donated thousands of artworks and pledged major contributions toward healthcare and medical research initiatives in South Korea.
Source: Korea Economic Daily, The Korea Herald, Seoul Economic Daily