According to the statement by the tech giant Samsung, Mr Lee died on Sunday with family by his side, but did not state the exact cause of death. A heart attack in 2014 had left him living in care.
“All of us at Samsung will cherish his memory and are grateful for the journey we shared with him,” the firm said in a statement.
Being the third son of Lee Byung-chul who founded Samsung Group in 1938, Mr Lee the family business in 1968 and ever since then Samsung has never remained the same.
Mr Lee took over as chairman in 1987 after his father’s death and he successfully transformed his father’s small trading business into an economic powerhouse, diversifying into areas like insurance and shipping.
During his lifetime, Samsung Electronics also became one of the world’s biggest tech firms.
He was the richest person in South Korea, according to Forbes, with a net worth of nearly $21bn (£16bn).
He is survived by his wife Hong Ra-hee, his four children, Lee Jae-yong, Lee Boo-Jin, Lee Yoon-hyung, Lee Seo-hyun, his only sister Lee Myung-Hee and grandchildren.
