Samsung Heirs Finish Paying an Eye-Popping Tax Bill

Samsung's ruling family just wrapped up what amounts to the tax bill of a lifetime. Samsung said Sunday that former chairman Lee Kun-hee's heirs have finished paying a 12 trillion won ($8 billion) inheritance tax, settling South Korea's largest-ever such tab over six installments across five years. The bill stemmed from Lee's 26 trillion won estate, which the BBC reports included major shareholdings, real estate, and a blue-chip art trove featuring works by Pablo Picasso and Salvador Dali.

The payment was closely tracked by investors concerned about whether the Lees could keep their grip on the country's biggest conglomerate, but the AI-fueled demand for memory chips has pushed up Samsung Electronics' share price. The Lee family's combined net worth has more than doubled in the past year to $45 billion, per Bloomberg, "allowing it to meet the tax burden without large-scale disposals of core holdings," as the Korea Herald reports. The Lees are currently Asia's third-wealthiest family. Samsung Group, founded in 1938, remains under the leadership of Lee's grandson, chairman Lee Jae-yong.