The founding family of Samsung has completed payment of a record $8 billion inheritance tax, the largest ever recorded in South Korea.

The tax bill, paid in six instalments over five years, followed the death of former chairman Lee Kun-hee in 2020. His estate—valued at roughly 26 trillion won—included company shares, real estate, and a significant art collection.

The payments were made by current chairman Lee Jae-yong and other family members, including Hong Ra-hee, Lee Boo-jin, and Lee Seo-hyun. The total amount is estimated to be about 1.5 times South Korea’s entire inheritance tax revenue for 2024, highlighting its scale.

With inheritance tax rates in South Korea reaching as high as 50%, the settlement had drawn global attention, particularly over concerns about whether the family could retain control of the business empire.

Despite these concerns, Samsung remains one of the world’s most influential conglomerates, with major operations in electronics, construction, finance, and semiconductors—an area currently benefiting from rising demand driven by artificial intelligence technologies.

As part of the estate’s legacy, valuable artworks, including pieces by renowned artists like Pablo Picasso and Salvador Dalí, were donated to national museums and cultural institutions.

The completion of the tax payments marks the end of a closely watched financial process and reinforces Samsung’s continued dominance in both South Korea’s economy and the global technology sector.