The Dynasty's Crossroads

When Lee Kun-hee, the patriarch behind Samsung Electronics, died in 2020, his dynasty soon faced a crisis on two fronts: first, a multibillion-dollar inheritance tax. The following year, his son Jay Y. Lee was jailed after being convicted of bribing South Korea's former president Park Geun-hye to win support for his succession, as reported by both BBC and the South China Morning Post.

At the time, some observers speculated that the sheer scale of one of the world's largest death levies could threaten the family's control over the conglomerate, according to the South China Morning Post. Instead, more than five years later, an AI-driven upswing in semiconductor valuations has helped the family cement its grip and grow richer than ever. The Lees' combined wealth climbed to about US$45.5 billion as of March, from roughly US$20.1 billion a year earlier, according to the Bloomberg Billionaires Index, as cited by the South China Morning Post. They are now Asia's third-richest family, up from 10th last year, the Post reported.

The heirs are set to complete the final instalment of their 12 trillion won (US$8.1 billion) inheritance tax due this month, wrapping up about five years of payments, according to the South China Morning Post. A spokesperson for the National Tax Service declined to comment, the Post added.

Coverage Comparison

The BBC's reporting centers on the complexities of the Lee family's dynasty and succession, with a focus on the challenges and controversies surrounding Lee Jae-yong's leadership. It traces the corruption scandal that brought down President Park Geun-hye and examines the history of the Lee family's succession struggles, including a feud between Lee Kun-hee and his elder brother.

The South China Morning Post takes a more financial and current-angle approach, highlighting the Lee family's wealth and control over Samsung. It emphasizes the family's ability to maintain control despite challenges, attributing their recent fortune to the AI-driven upswing in semiconductor valuations. The Post also notes Jay Y. Lee's recent public appearances, including a selfie with South Korea's President Lee Jae Myung and India's Prime Minister Narendra Modi during a visit to New Delhi, and his inclusion in presidential trips to India, Vietnam, China, the United Arab Emirates, and the US.

Key Claims

  • Death of the patriarch: Lee Kun-hee, the patriarch behind Samsung Electronics, died in 2020, as reported by both BBC and the South China Morning Post.
  • Jailing of the heir: Jay Y. Lee was jailed after being convicted of bribing South Korea's former president Park Geun-hye to win support for his succession, a claim carried by both BBC and the South China Morning Post.
  • Inheritance tax bill: The Lee family's inheritance tax bill was 12 trillion won (US$8.1 billion), a figure reported by the South China Morning Post.
  • Family wealth: The Lee family's combined wealth climbed to about US$45.5 billion as of March, according to the South China Morning Post, which cited the Bloomberg Billionaires Index.
  • Public reappearance: Jay Y. Lee appeared in a selfie with South Korea's President Lee Jae Myung and India's Prime Minister Narendra Modi during a visit to New Delhi, as reported by the South China Morning Post.
  • Acquittal in 2025: Lee Jae-yong was acquitted in July 2025 over alleged fraud related to the merger deal, a claim carried by the BBC.
  • Statement on succession: Lee Jae-yong stated that he will not hand over managerial rights to his children, a claim carried by the BBC.
The BBC's detailed account describes how Lee Jae-yong, also known as JY Lee, was jailed in 2017 for his part in a corruption scandal that also brought down the country's president. The 57-year-old is the grandson of Samsung's founder. He had been accused of giving money to foundations run by Choi Soon-sil – a close friend and confidant of Park Geun-hye – in return for political support for a merger that would strengthen his grip on the conglomerate. He was also accused of using stock and accounting fraud in that merger – between Samsung C&T and Cheil Industries. Prosecutors said he did so to take control of the biggest possible chunk of the newly merged entity and, by extension, assume control of Samsung Electronics.

Lee Jae-yong has always denied the fraud charges but was found guilty of bribery in 2017. When the huge corruption scandal broke in 2016, it sparked weeks of protests by millions of people on the streets of Seoul and eventually led to the country's president being impeached, as noted by the BBC.