SEOUL: Lee Kun-hee, South Korea’s richest person and chairman of Samsung Electronics Co, died on Sunday, leaving behind considerable assets subject to be potentially inherited by his surviving family as well as inheritance tax.
Here is a rundown of his net worth, which Forbes says amounts to $21 billion, and expected inheritance tax.
Lee was the wealthiest stock owner in South Korea, and had stakes in four listed Samsung companies valued at about 18.2 trillion won ($16.1 billion) as of Friday’s closing price.
His stock ownership included 4.18% of Samsung Electronics common 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 about 564 billion won; and a 0.01% stake in Samsung SDS worth about 1.67 billion won, according to Reuters calculations based on Fair Trade Commission data.
According to South Korean tax rules, before applying the country’s 50% inheritance tax rate on listed stocks, a 20% premium is added to the appraisal value of the deceased person’s holdings, which will be based on the four-month average of the shares’ closing market price before and after the death.
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October 26, 2020