Samsung family pays off record $8bn inheritance tax bill

The family behind Samsung has completed payment of a record 12 trillion won ($8bn) inheritance tax bill, the largest in South Korea's history, tied to the estate of late chairman Lee Kun-hee [1]. Chairman Lee Jae-yong and other family members, including his mother and sisters, paid the sum in six installments over the last five years [1]. The bill stems from the 26 trillion won fortune left by Lee Kun-hee, who died in October 2020 [1]. Samsung confirmed the final payment, noting the sum is equivalent to roughly one and a half times the country's total inheritance tax revenue for 2024 [1]. South Korea's inheritance tax rate is 50%, among the highest in the world [1]. The Lee family has a combined net worth of more than $45bn, according to the Bloomberg Billionaires Index [1]. Their wealth has more than doubled in the last year as demand for AI chips helped drive up the value of Samsung Electronics [1]. Part of the estate, including art by Picasso and Dali, was donated to the National Museum of Korea and other cultural organisations [1].