South Korea’s inheritance tax sparks millionaire exodus

South China Morning PostCenter-RightEN 1 min read 100% complete by The Korea TimesFebruary 3, 2026 at 01:42 PM

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South Korea is experiencing a significant outflow of wealthy individuals, ranking fourth globally with a net loss of 2,400 millionaires in 2023, double the number from the previous year. This exodus is attributed in part to South Korea's high inheritance tax rate, which can reach up to 60%. The Korea Chamber of Commerce and Industry (KCCI) forecasts that inheritance tax revenue could reach 35.8 trillion won by 2072 due to the increasing number of people subject to these taxes and the lack of legislative revisions. The KCCI also suggests that these high taxes negatively impact corporate investment, stock prices, and ownership stability. Discussions in the National Assembly to ease the inheritance tax rate have been suspended.

Key Entities & Roles

Key Player Opposition Context

National Assembly 60% Korea Chamber of Commerce and Industry ×270% Henley & Partners 80% Kang Seog-gu 90% South Korea ×3100%

Keywords

inheritance tax 100% millionaire exodus 90% south korea 80% wealthy individuals 70% capital outflow 60% tax rate 50% kcci 50% corporate investment 40%