On July 7th, President Yoon Suk-yeol publicly criticized the Korean Chamber of Commerce for their press release concerning the outflow of wealthy individuals, calling it 'fake news'. This came after the chamber released data suggesting that South Korea ranked fourth in the world for the outflow of affluent individuals due to high inheritance tax burdens. In response to the criticism, the chamber issued an apology acknowledging that their references to external statistics were not adequately verified, leading to unnecessary confusion.

The chamber's report, released on July 3rd, claimed that the outflow of high-net-worth individuals from South Korea is projected to double from 1,200 in 2024 to 2,400 by 2025, citing data from a UK immigration consultancy. The assertion indicated a trend where South Korea has been labeled as the country from which the wealthiest individuals are leaving the most, attributing this to the steep inheritance tax rates. However, many criticized the sources and reliability of the statistics employed by the chamber, leading to a broad discussion about the credibility of such claims.

In light of the backlash, President Yoon emphasized the need for accountability and the importance of factual reporting to protect public understanding and democratic processes. He expressed surprise that an official institution like the Korean Chamber of Commerce could disseminate what he referred to as deliberate misinformation. Following the incident, the chamber assured that it would enhance its internal verification processes to prevent similar issues from arising in the future and emphasized stronger responsibility in their reporting endeavors.