The founding family of Samsung is the 12th wealthiest in Asia

Like many significant Korean conglomerates headed by the founder’s family, Samsung is a quintessential chaebol. A diversified South Korean conglomerate headed by one individual or family is referred to as a “chaebol.” It should come as no surprise that the executives of these enormous corporations are typically extremely affluent. Therefore, it should come as no surprise that the Lee family, who founded Samsung, is listed as the 12th richest in Asia.

Samsung family has $18.2 billion in assets

Currently, Lee Jae-yong is the head of Samsung Electronics. He is the grandson of Lee Byung-chul, the founder of Samsung. The Samsung family is the only Korean conglomerate listed among the top 20 richest families in Asia, according to a Bloomberg ranking. As per the report, the top 20 wealthiest Asian families possess an astounding $534 billion in combined wealth. It does not include first-generation riches, such as that of Jack Ma of Alibaba, or fortunes held by a single heir. The list primarily highlights the riches possessed by various family lineages.

According to the report, Samsung’s family holds $18.2 billion in assets. With these numbers, they are ranked as the 12th richest in Asia. Last year, they were ranked in the 10th spot since they were holding $18.5 billion in assets. In 2019 and 2020, the family grabbed the fifth position with $28.5 billion and $26.6 billion in assets, respectively. The family’s payment of roughly $11 billion in taxes is most likely the reason for the decline. Reportedly, it was the biggest inheritance tax in South Korean history that was paid by the family to inherit the estate of Lee Kun-hee, the previous chairman and father of Lee Jae-Yong.