Lee was born on 12 February 1910 in Uiryeong County, South Gyeongsang Province, then part of the Korean Empire.

The massive influx of U.S. troops and equipment into Busan over the next year and a half of the war proved to be highly beneficial to Lee's trading company.

[10] In 1961, when Park Chung Hee seized power in the May 16 coup, Lee was in Japan and for some time he did not return to South Korea.

Eventually, a deal was struck and Lee returned but Samsung had to give up control over the banks it acquired and follow economic directives from Park's government.

Later in life, Lee served as chairman of the Federation of Korean Industries and was known as the richest man in Korea.