In response to the Korea Chamber of Commerce and Industry's statement that 2,400 South Korean millionaires have left the country due to inheritance tax, the head of the National Tax Service, Lim Kwang-hyun, clarified on social media that the actual average number of such emigrants over the past three years is merely 139. This statistic represents only about 4.8% of the average 2,904 South Koreans who reported moving abroad annually, with the average net worth of these emigrants being approximately 360 million won. The total for 2024 is reported to reach 3,004 emigrants, with only 175 being millionaires, further dispelling the Korea Chamber’s sensational numbers.

Lim emphasized that misinformation regarding the exodus of millionaires has been perpetuated and linked to the inheritance tax system inappropriately, misleading the public. This distortion has sparked controversy, particularly as the Korea Chamber of Commerce related its claims to a report from an overseas consulting firm, which they cited as estimating that the emigration of high-net-worth individuals from Korea is expected to increase significantly over the coming years. However, Lim's data indicates that the flow of wealthy individuals moving to countries without inheritance taxes is not as pronounced as suggested by the Chamber's report.

The implications of incorrect reporting are significant, as they not only affect public perception but also spark governmental scrutiny over tax policies. President Lee Jae-myung's recent remarks questioning the credibility of the data used by the Korea Chamber further highlight the ongoing debate about inheritance tax burdens in South Korea and their impact on wealthy individuals' decisions to emigrate. As the issue of tax policy and wealth migration continues to unfold, accurate discourse based on verified statistics will be crucial.