Samsung Heirs Owe Billions in Taxes. Here’s How They Might Pay
- Lee’s family faces inheritance levy of some $10 billion
- Speculation is rising of higher Samsung Group dividends
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The heirs of Samsung Electronics Co. Chairman Lee Kun-hee, who died Sunday, could face billions of dollars in inheritance taxes. But that doesn’t necessarily mean they’ll have to cede control over the group by selling shares.
South Korea’s richest man had an estimated fortune of $20.7 billion, with the bulk of it comprised of his stakes in four Samsung units, according to the Bloomberg Billionaires Index. With the country’s levy of as much as 60% on inherited shares for large shareholders and 50% on real estate and other assets, Lee’s family could owe a tax bill of about $10 billion -- which could be Korea’s largest -- based on Friday’s closing prices.