The conglomerate confirmed Sunday that the payment, made over five years, was equal to about 50% of South Korea's total inheritance tax revenue for 2024, according to Korea Herald.

Samsung, South Korea's largest chaebol, or family-owned conglomerate, was founded in 1938 and remains the country’s biggest business group.

Chairman Lee Jae-yong, along with his mother Hong Ra-hee and sisters Lee Boo-jin and Lee Seo-hyun, paid the tax in six installments under a deferred payment program after filing in April 2021.

The bill came from the estate of late chairman Lee, valued at around 26 trillion won, including shares, real estate and art collections.

Samsung Electronics chairman Lee Jae-yong leaves after a court ruling on the controversial 2015 merger case, at the Seoul High Court in Seoul on Feb. 3, 2025. Photo by AFP

Alongside the tax payments, the family also launched several philanthropic initiatives, including a 1 trillion won donation in 2021 to support infectious disease response and treatment for children with cancer and rare diseases, according to Korea JoongAng Daily.

That same year, the family donated more than 23,000 artworks, including national treasures and designated cultural properties valued at around 3 trillion won based on appraisal. Known as the "Lee Kun-hee collection," the works have been credited with raising the profile of Korean culture both at home and abroad.

The settlement comes as the group’s valuation has risen sharply, driven by strong demand for AI memory chips.

According to the Bloomberg Billionaires Index, the Lee family’s combined net worth reached about $45.5 billion as of March, more than doubling from roughly $20.1 billion a year earlier.

The increase made the family Asia’s third richest, up from 10th place, while Jae-yong’s personal fortune climbed to $26.9 billion.