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Yes—data shows a noticeable outflow of millionaires from South Korea:

- According to the Henley Private Wealth Migration Report 2024, around 1,200 millionaires (individuals with ≥ $1 million in investable assets) are projected to leave South Korea in 2024—up from about 800 in 2023—making it the 4th‑largest millionaire exodus globally  . • Reports attribute this trend to a few key drivers: • High inheritance and wealth taxes: South Korea’s inheritance tax can reach up to 50%, prompting affluent individuals to consider emigration to lower‑tax countries like Canada, Australia, Singapore, the U.S., or the UAE . • Economic and geopolitical uncertainty, including regional security issues, are also cited as factors .

🌍 Where Millionaires Are Going

Top destinations for wealthier Koreans include: • United States • Canada • Australia • Singapore • UAE These countries offer more favorable tax regimes, lifestyle benefits, and migration incentives  .

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Is It a “Mass Exodus”?

Compared to global flows, South Korea’s numbers are notable—but modest in absolute terms. For perspective: • China is projected to lose about 15,200 millionaires, • The UK 9,500, • India 4,300, • Russia about 1,000 .

Still, for a country of South Korea’s scale, losing twelve hundred high‑net‑worth individuals is significant.

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🧭 What This Means for South Korea • Tax base erosion: As affluent residents emigrate, the country risks losing a key source of revenue—highlighted by government and tax authorities  . • Policy debate: There’s growing pressure to reform inheritance and wealth tax regimes to stem the outflow.

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✅ Bottom Line • Yes, millionaires are leaving South Korea at an accelerating pace—roughly 1,200 this year. • Factors include high inheritance/wealth taxes and broader economic or geopolitical concerns. • Destination countries often offer tax relief and stability. • It’s not a mass exodus on par with China or the U.K., but the trend is significant and drawing increasing policy attention.

Would you like a deeper dive into how South Korea’s tax system compares internationally, or which destination offers the most advantageous migration options for wealthy individuals?