The founding family behind Samsung Group has completed a record-breaking inheritance tax payment, closing out a five-year process that has reshaped both its finances and its grip on the conglomerate.

The total tax bill reached around A$12 billion, making it the largest inheritance settlement ever recorded in South Korea. The final instalment was confirmed over the weekend, with the overall payment representing roughly 50 per cent of the country’s total inheritance tax revenue for 2024.

The obligation arose following the death of former chairman Lee Kun-hee, whose estate was valued at approximately A$26 trillion and included shares, property and a significant art collection. Chairman Lee Jae-yong, along with his mother and two sisters, opted to pay the tax through a deferred scheme spread across six instalments after filing in 2021.

Despite the scale of the liability, the family has managed to meet the payments without selling down major stakes in key businesses. This has largely been made possible by a sharp increase in Samsung’s market value, driven by strong global demand for artificial intelligence-related semiconductors.

Over the past year, the family’s combined wealth has surged, more than doubling to about A$69 billion. Lee Jae-yong’s personal fortune has also climbed significantly, supported by a strong rally in Samsung Electronics shares, which have risen 126 per cent in the same period.

The semiconductor boom has played a central role in boosting Samsung’s position within South Korea’s economy. Revenue from several of its main affiliates now accounts for nearly one-fifth of the country’s gross domestic product, highlighting the group’s expanding influence.

To manage the tax payments, some family members sold smaller stakes in certain subsidiaries and used financial arrangements such as stock trusts. However, Lee Jae-yong largely retained his holdings in core businesses, instead relying on dividends and borrowing while increasing his influence within key entities.

His ownership stakes have grown across several major units, including Samsung Electronics, Samsung C&T and Samsung Life Insurance, further consolidating his leadership position within the group.

Alongside these financial moves, the family has continued philanthropic efforts tied to Lee Kun-hee’s legacy. Large donations have been made to healthcare initiatives, including funding for a new infectious disease hospital in Seoul and support for paediatric care programmes.

The family has also contributed a vast collection of artworks to the state, one of the largest cultural donations in the country’s history. The pieces have since been displayed in major exhibitions, attracting millions of visitors and adding to the public cultural landscape.

The completion of the tax payments marks a significant milestone for the Samsung dynasty, reinforcing both its financial resilience and its long-term control over one of the world’s largest technology groups.