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Controversy Over KCCI Citing Manipulated Data in Claim That 2,400 Wealthy Koreans Left the Country

[비즈한국] Following the Korea Chamber of Commerce and Industry's (KCCI) release of an inheritance tax study that cited statistics claiming 2,400 high-net-worth individuals left South Korea last year, dozens of follow-up articles were published. However, the reliability of these statistics has already been questioned since last year, with reports and verifications from the UK suggesting the data is not statistically sound and may even be manipulated. Controversy is expected over the KCCI study, which cited statistics that were not properly verified.

On February 3, 2026, the KCCI released its 'Research on Inheritance Tax Revenue Outlook and Diversification of Payment Methods.' The report included a claim that 2,400 high-net-worth individuals in South Korea had emigrated overseas, making it the 4th highest number in the world. This content cited the 'Henley Centi-Millionaire Report 2025' by the UK-based immigration consulting firm Henley & Partners.

However, this statistic has been questioned for its reliability by tax experts and major media outlets in the UK since its release. The survey is based on a database from New World Wealth, a South African wealth intelligence firm. It has been pointed out that the company is essentially a one-person operation, and it is realistically impossible for one individual to track the assets—including cash, stocks, cryptocurrency, and liabilities—and migration of 150,000 wealthy individuals globally.

Allegations of data manipulation have also been raised. The UK-based non-profit tax policy think tank Tax Policy Associates (TPA), in verifying the report, cited the unusually high number of even numbers, the stagnant ratio of high-net-worth individuals, and the lack of fluctuation even after excluding real estate assets as grounds for suspicion.

An analysis of the report's data from 2022 to 2025 by TPA revealed an abnormal frequency of even numbers. While renowned wealth reports from sources like Knight Frank, Forbes, and UBS show a balanced ratio of odd and even numbers, the ratio of odd numbers (excluding zero) in the Henley & Partners report was only 41.5%. TPA pointed out that the probability of such a result occurring by chance is only 2%. This method is a standard technique for detecting statistical manipulation, taking advantage of the subconscious human tendency to prefer even numbers.

Furthermore, the fact that the ratio of millionaires and centi-millionaires (those with assets of $100 million or more) in major global cities remained almost unchanged between 2023 and 2025 is another basis for suspicion. In the report, 14 cities (38%) had a change rate of less than 1% in their high-net-worth individual population, and 5 cities saw a change of less than 0.1%. TPA analyzed that the probability of such small changes occurring is only 0.03%.

The Henley & Partners report included real estate in its assets until 2023. In 2024, it restricted the definition to debt-free residential property, and in 2025, it excluded real estate entirely. TPA questioned the study's reliability, noting that the number of high-net-worth individuals barely changed despite these shifts. In response, Andrew Amoils, founder of New World Wealth, admitted in an interview with the 'Financial Times' that the methodology description in the past was inaccurate, claiming, "We never included real estate in the figures from the beginning."

The data collection method is also criticized for lacking statistical reliability. Although Henley & Partners stated that they utilize LinkedIn work location data to track residency, experts pointed out that LinkedIn profiles do not reflect actual tax residency and are inappropriate for identifying net worth. Ultimately, in August of last year, Henley & Partners decided to undergo a third-party independent audit and review of New World Wealth's methodology and data.

The KCCI's inheritance tax study is facing questions regarding its credibility for citing the Henley & Partners report, which is currently under scrutiny for data manipulation. There is a growing demand for more rigorous research and investigation into the migration of high-net-worth individuals due to inheritance taxes.

A KCCI official stated, "We are aware that the statistics lack reliability and are requesting corrections from the media."