In this news, we discuss the FACTBOX-Samsung’s Lee leaves behind $21 billion wealth for inheritance.
Lee Kun-hee, South Korea’s richest person and chairman of Samsung Electronics Co, passed away on Sunday, leaving behind considerable assets that could be inherited by his surviving family as well as inheritance rights.
Here’s a look at his net worth, which Forbes says is $ 20.9 billion, and expected inheritance taxes. STOCKS
Lee was South Korea’s richest stock owner and held stakes in four listed Samsung companies valued at around 18.2 trillion won ($ 16.1 billion) as of Friday’s closing price. Its shareholding included 4.18% of the common stock of Samsung Electronics and 0.08% of the preferred stock, with a total value of about 15 trillion won; a 20.76% stake in Samsung Life Insurance valued at approximately 2.6 trillion won; 2.88% stake in Samsung C&T worth approximately 564 billion won; and a 0.01% stake in Samsung SDS worth around 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-family homes in the country, with an area of 1,245.1 and 3,422.9 square meters, respectively. They were valued at around 40.9 billion won and 34.2 billion won, Yonhap News Agency reported earlier this year.
HEAVY ESTATE TAX According to South Korean tax rules, before applying the 50% rate of the country’s inheritance tax on listed shares, a 20% premium is added to the appraised value of the person’s holdings deceased, which will be based on the four-month average of the closing share price before and after death.
According to current estimates, the inheritance tax for the above shares alone is expected to be around 10.6 trillion won, according to a Reuters calculation. CHILDREN’S WEALTH
Jay Y. Lee, de facto heir to Elder Lee, had stakes totaling around 7.2 trillion won in six of the Samsung Group’s listed subsidiaries as of Friday’s close, according to a Reuters calculation . The young Lee owns 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 Engineering and less than 0.1% in Samsung Life Insurance and Samsung Fire & Marine Insurance each, according to regulatory documents.
Daughters Lee Boo-jin, CEO of the Shilla Hotel, and Lee Seo-hyun, who heads the Samsung Foundation, each own stakes in Samsung C&T and Samsung SDS worth around 1.6 trillion won. ($ 1 = 1,127.9500 won)
- Lee, the de facto heir to Elder Lee, had stakes totaling about 7.2 trillion won in six of the Samsung Group’s listed subsidiaries as of Friday’s close, according to a Reuters calculation.
- FACTBOX-Samsung’s Lee Leaves $ 21 Billion In Wealth For Legacy