世紀遺產稅落幕：三星家族財富重組與「新三星」時代的開啟

歷時五年的「世紀遺產稅」繳納，終於在 2026 年 4 月迎來最終章。這不僅是三星李氏家族個人財富的重組，更象徵著整個南韓財閥體制與繼承文化的歷史性轉折。隨著家族成員集體繳清高達 12 兆韓元（約 90 億美元）的遺產稅尾款，背後隱藏著極其精密的權力布局與財務操作。

為了應對這筆天文數字，家族成員採取了截然不同的策略。李氏家族的母女三人，包括李真熙、李富真與李敘顯，多次減持三星電子、三星物產及三星 SDS 的非核心股份，以換取足以支付稅款的巨額現金流。雖然這讓家族整體帳面持股略微下降，但成功解決流動性壓力。而三星電子會長李在鎔則採取不同路線，他盡可能避免出售核心股份，藉由股票質押貸款以及各子公司高額股息來償還稅款。隨著稅務清償與家族內部持股結構優化，李在鎔在關鍵實體如三星物產與三星生命的持股比例反而顯著上升，進一步鞏固了他在家族與企業中的會長地位。

這場遺產稅的落幕，也宣告「新三星」時代的開啟。繳清稅款標誌著三星完成符合法規的代際傳承，徹底告別過去南韓財閥「地下繼承」的負面標籤。同時，過去五年因官司與稅務困擾而相對保守的併購活動，預期將在 2026 年起迎來新一輪擴張，尤其在 AI 晶片、機器人及生物製藥等高科技領域，三星可能展開更為積極的全球併購策略。此外，李在鎔承諾的「新三星」將引入現代化企業治理與社會責任，使三星從傳統家族式統治向更透明、更受投資者信任的國際企業轉型。

從數據上看，這筆稅款的規模驚人，總額 12 兆韓元足以建造多座世界級半導體工廠，分五年分期繳納，自 2021 年起每年支付，而南韓遺產稅率最高達 60%，包含大股東加成，是全球最高之一。歷經這場財務與權力的重整後，李在鎔如今名副其實地成為內外兼修的三星掌舵人。在存儲晶片利潤暴增八倍的東風下，三星的財力與經營控制權達到前所未有的新高。

值得歷史觀察的是，李在鎔曾公開表示不會將經營權傳給子女。這意味著 2026 年開啟的「新三星」，可能也是三星李氏家族最後一次如此大規模的權力交接，其歷史意義不可小覷。

Century-Long Inheritance Tax Concluded: Samsung Family Wealth Restructuring and the Dawn of “New Samsung”

The five-year saga of South Korea’s so-called “century inheritance tax” finally reached its conclusion in April 2026. This event not only represents a major restructuring of the Samsung Lee family’s personal wealth but also marks a historic turning point in South Korea’s chaebol system and inheritance culture. With family members collectively settling the final installment of 12 trillion KRW (approximately 9 billion USD) in inheritance taxes, the process reveals a meticulously orchestrated combination of financial strategy and power consolidation.

To meet this astronomical tax burden, family members adopted markedly different approaches. The three women of the family—Lee Jin-hee, Lee Boo-jin, and Lee Seo-hyun—repeatedly sold non-core shares of Samsung Electronics, Samsung C&T, and Samsung SDS to generate sufficient cash flow for the tax payment. While this slightly reduced the family’s overall equity holdings on paper, it successfully resolved the liquidity challenge. Samsung Electronics Chairman Lee Jae-yong pursued a contrasting strategy. He avoided selling core shares wherever possible to preserve absolute control, instead relying on stock pledge loans and extraordinary dividends from Samsung subsidiaries to fulfill the tax obligation. As a result of tax settlement and internal shareholding optimization, Lee Jae-yong’s ownership stakes in key entities such as Samsung C&T and Samsung Life Insurance actually increased significantly compared to five years ago, further consolidating his leadership position within both the family and the conglomerate.

The conclusion of this inheritance tax also signals the beginning of the “New Samsung” era. Settling the tax debt legally validates Samsung’s intergenerational succession and effectively ends the negative stigma of South Korea’s so-called “underground inheritance” practices. Moreover, with the legal and financial distractions of the past five years behind them, Samsung is now expected to pursue more aggressive mergers and acquisitions, particularly in high-growth sectors such as AI chips, robotics, and biopharmaceuticals. Lee Jae-yong’s vision of “New Samsung” emphasizes modern corporate governance and social responsibility, steering the conglomerate away from traditional family-dominated management toward a more transparent, globally trusted corporate structure.

From a data perspective, the magnitude of this tax settlement is staggering. The total 12 trillion KRW could finance multiple world-class semiconductor plants, paid over a five-year installment plan beginning in 2021. South Korea’s inheritance tax rates can reach up to 60 percent, including surcharges for major shareholders, making it one of the highest inheritance tax burdens worldwide. After this historic financial and power restructuring, Lee Jae-yong emerges as the undisputed, fully empowered leader of Samsung. Combined with the recent eightfold surge in memory chip profits, the company’s financial strength and operational control have reached unprecedented levels.

Historically, Lee Jae-yong has publicly stated that he does not intend to pass management control to his children. This suggests that the “New Samsung” era inaugurated in 2026 may represent the Samsung Lee family’s last large-scale power transfer, underscoring the event’s profound significance in both corporate and national history.