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SEOUL – Lee Kun-hee, South Korea’s richest person and chairman of Samsung Electronics Co, died Sunday, leaving considerable assets subject to potentially inheritance by his surviving family, as well as inheritance tax.
Here’s a summary of her net worth, which according to Forbes amounts to $ 20.9 billion (S $ 28 billion), and the expected inheritance tax.
Stocks
Lee was South Korea’s wealthiest stock owner and had stakes in four publicly traded Samsung companies valued at about 18.2 trillion won ($ 21 billion) at Friday’s closing price.
Its shareholding included 4.18 percent of Samsung Electronics common stock and 0.08 percent of preferred stock, worth about 15 trillion won in total; a 20.76 percent 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 percent stake in Samsung SDS worth about 1.67 billion won, according to Reuters calculations based on data from the Fair Trade Commission.
ALSO READ: Samsung Chairman Lee Kun-hee, head of South Korea’s largest conglomerate, dies at 78
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.
Strong inheritance tax
According to South Korean tax rules, before applying the country’s 50 percent inheritance tax rate to listed shares, a 20 percent premium is added to the appraised value of the deceased person’s property. , which will be based on the four-month average of the closing price of the stock 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.
ALSO READ: Samsung’s Lee Kun-hee: The Tainted Titan Who Built A Global Tech Giant
Children’s wealth
Jay Y. Lee, de facto heir to Major Lee, has stakes totaling about 7.2 trillion won in six of Samsung Group’s publicly traded subsidiaries as of Friday’s close, according to a Reuters calculation.
The young Lee has a 0.7 percent stake in Samsung Electronics and a 17.3 percent stake in Samsung C&T, the group’s de facto holding company. It also owns a 9.2 percent stake in Samsung SDS, 1.5 percent in Samsung Engineering and less than 0.1 percent in Samsung Life Insurance and Samsung Fire & Marine Insurance each, according to regulatory documents.
Daughters Lee Boo-jin, CEO of Hotel Shilla, and Lee Seo-hyun, who heads the Samsung Foundation, own stakes in Samsung C&T and Samsung SDS worth 1.6 trillion won.
