Samsung founding family pays mammoth inheritance bill that wipes out almost 50% of their wealth
Although some disagree with the idea that the rich are getting richer and the poor are getting poorer, you only have to look at the wealth being thrown around the Met Gala to see why there are continued supporters of that argument.
Even though Sarah Paulson appeared to call out billionaires with her grey tulle gown from Matières Fécales's and a shocking dollar bill blindfold for the 2026 Met, the millionaire was slammed as 'tone-deaf' for making the supposed statement at an event where tickets have reached a record-breaking $100,000. There have been further complaints about the Met Gala being rebranded as the 'Tech Gala' as Jeff Bezos and his wife Lauren Sanchez became the new honorary chairs of the event.
This is something New York City Mayor Zohran Mamdani has highlighted with his endeavors to tax the rich, arguing that billionaires shouldn't exist due to the extreme inequality. While Bezos was once considered the world's richest man, he's currently in fourth place and some stretch away from Elon Musk's reported $789.9 billion net worth.
Samsung family's mega inheritance tax bill
Like we've seen with Mamdani waging war on New York's second home loophole, billionaires continue to come up with clever ways to keep their earnings up. We could sit here all day and rant about how various megacorporations are accused of not paying their way in terms of taxes, but setting a precedent for how things are done, the founding family behind Samsung has just paid a record-breaking bill.
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As reported by the BBC, the family has paid a 12 trillion won inheritance tax bill, which marks the largest settlement in South Korea's history. Following the death of Samsung chairman Lee Kun-hee in October 2020, the family has been paying in installments. Chairman Lee Jae-yong, his mother (Hong Ra-hee), and his sisters (Lee Boo-jin and Lee Seo-hyun) have been paying the princely sum over the past five years, totalling $8 billion.
It's noted that Samsung is South Korea's biggest family-owned business, with the company expanding from electronics into heavy industry, construction, and even financial services.
When Lee Kun-hee passed, he left behind a 26 trillion won fortune that included shares, property, and an impressive collection of art. Still, with South Korea's inheritance tax sitting at 50%, it's one of the highest in the world. Only Japan surpasses South Korea, so the Samsung dynasty should count themselves lucky they aren't paying Japan's 55%.
His family reiterated that "paying taxes is a natural duty of citizens," and while that bill wiped out 50% of their inheritance, they don't seem to be losing any sleep over it.
Samsung confirmed that as of the start of May 2026, the final payment has been made. What's even more wild is that it's around one and a half times South Korea's entire inheritance tax revenue from 2024.
Don't feel too bad for the Lee family because the Bloomberg Billionaires Index lists their combined wealth at more than $45 billion. Unsurprisingly, AI has seen its wealth more than double in the past 12 months, all thanks to Samsung Electronics' stock market value booming due to demand for computer chips.
Then again, with $8 billion not exactly being pocket change for any of us, many are praising the Lees for paying their dues.