SEOUL: Lee Kun-hee, The richest person in South Korea and president of Samsung Electronics Co, died Sunday, leaving considerable assets subject to potentially being inherited by his surviving family, as well as inheritance tax.
Here’s a summary of his net worth, which according to Forbes amounts to $ 20.9 billion, and the expected inheritance tax.
STOCKS
Lee was South Korea’s richest shareholder and had stakes in four publicly traded Samsung companies valued at about 18.2 trillion won ($ 16.1 billion) at Friday’s closing price.
His shareholding included 4.18% of Samsung Electronics ordinary shares and 0.08% of preferred shares, worth about 15 trillion won in total; a 20.76% stake in Samsung Life Insurance worth about 2.6 trillion won; a 2.88% stake in Samsung C&T worth 564 billion won; and a 0.01% stake in Samsung SDS worth about 1.67 billion won, according to Reuters calculations based on data from the Fair Trade Commission.
REAL ESTATE
Its two well-known houses in central Seoul are the most expensive single houses in the country, measuring 1,245.1 and 3,422.9 square meters, respectively. They were valued at around 40.9 billion won and 34.2 billion won, the Yonhap news agency reported earlier this year.
HEFTY INHERITANCE TAX
According to South Korean tax rules, before applying the country’s 50% inheritance tax rate on listed shares, a 20% premium is added to the appraised value of the deceased person’s shares, That will be based on the four-month average of the shares. market closing price before and after death.
Based on current estimates, the inheritance tax for the mentioned stocks alone is expected to be around 10.6 trillion won, based on a Reuters calculation.
CHILDREN’S WEALTH
Jay Y. Lee, elder Lee’s de facto heir, has bets totaling approximately 7.2 trillion won on six of Samsung GroupListed subsidiaries at the close of Friday, according to a Reuters calculation.
Young Lee has a 0.7% stake in Samsung Electronics and a 17.3% stake in Samsung C&T, the group’s de facto holding company. It also owns a 9.2% stake in Samsung SDS, 1.5% in Samsung Engineeringand less than 0.1% of Samsung Life Insurance and Samsung Fire & Marine Insurance each, according to regulatory filings.
Daughters Lee Boo-jin, CEO of Hotel Shilla, and Lee Seo-hyun, who heads the Samsung Foundation, each have stakes in Samsung C&T and Samsung SDS worth approximately 1.6 trillion won.
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