[비즈한국] In response to a study by the Korea Chamber of Commerce and Industry (KCCI) citing statistics that 2,400 high-net-worth individuals emigrated overseas due to inheritance taxes, Lim Gwang-hyun, Commissioner of the National Tax Service (NTS), released a rebuttal stating, "The average number of overseas emigrants with assets of 1 billion won or more over the past three years is 139."
On the 8th, NTS Commissioner Lim Gwang-hyun posted on his Facebook, "Are 2,400 millionaires leaving Korea because of inheritance tax?? Let's fact-check," and released a rebuttal based on NTS statistics. According to the data, the average number of reported overseas emigrations by Koreans over the past three years (2022–2024) was 2,904, and among them, the number of individuals with assets of 1 billion won or more averaged 139 per year.
By year, the figures were 102 in 2022, 139 in 2023, and 175 in 2024, showing a significant discrepancy from the 2,400 figure presented by the KCCI. He also noted that the average assets held per person have been on a downward trend, from 9.7 billion won in 2022 to 5.46 billion won in 2023, and 4.65 billion won in 2024.
Commissioner Lim also argued that the claim that wealthy individuals choose emigration to avoid inheritance tax burdens lacks statistical support. Analyzing the average of overseas emigrants over the past three years, while 39% of total emigrants chose countries without inheritance tax, only 25% of those with assets of 1 billion won or more moved to such countries.
By asset scale, 24% of those in the 1 billion to 5 billion won bracket and 21% of those in the 5 billion to 10 billion won bracket headed to countries without inheritance tax. For super-wealthy individuals with assets of 10 billion won or more, the figure was 36%, indicating that the majority of wealthy individuals still relocated to countries that impose inheritance taxes.
Commissioner Lim emphasized, "There is no observable trend that suggests people with more assets move to countries without inheritance tax," adding, "The National Tax Service will continue to strive to provide accurate and timely information to the public by analyzing various data, and we will strictly verify any attempts to illegally leak domestic assets overseas."
On the 3rd, the KCCI released a report titled 'Analysis of Inheritance Tax Revenue Outlook and Diversification of Payment Methods,' which claimed that 2,400 high-net-worth individuals from South Korea had emigrated overseas due to inheritance taxes, ranking 4th globally. The statistics, which cited the 'Henley Wealth Migration Report 2025' by British immigration consultancy Henley & Partners, faced controversy as they were criticized for lacking statistical reliability and being little more than marketing material suspected of data manipulation.
In response, President Lee Jae-myung criticized the report on X (formerly Twitter) on the 7th, stating, "Producing and distributing fake news to promote private interests and attack government policies deserves condemnation," and adding, "Moreover, it is unbelievable that the Korea Chamber of Commerce and Industry, an official organization established by law, would engage in such acts publicly."
Following President Lee's warning, the KCCI issued an apology on the same day, stating, "We deeply apologize for causing unnecessary confusion by citing external statistics regarding the outflow of high-net-worth individuals without sufficient verification." They added, "To prevent any recurrence of such cases, we will verify facts and the accuracy of statistics faithfully when preparing data based on a grave sense of responsibility, and we will pay closer attention, such as by reinforcing internal systems to allow for objective inspection."
Despite the KCCI's apology, the government signaled a strong response. Minister of Trade, Industry and Energy Kim Jung-kwan stated on his Facebook on the 7th, "It is absolutely unacceptable for the KCCI, a statutory organization, to have committed such acts, and the responsibility is very heavy," adding, "The Ministry will immediately conduct an audit into the circumstances behind the creation and distribution of the press release and the overall facts, and we will hold them strictly accountable based on the results."