Korean Chamber of Commerce Apologizes Over Spreading Disinformation about Inheritance Tax

After President Lee Jae-myung publicly criticized a press release by the Korea Chamber of Commerce and Industry (KCCI) on the alleged outflow of wealthy individuals as “disinformation” on the 7th, the business group issued a belated apology later that day. Choi Tae-won, chairman of the KCCI, also instructed measures to prevent a recurrence.

In its statement, the KCCI said, “We sincerely apologize for causing unnecessary confusion by citing external statistics on the outflow of high-net-worth individuals without sufficient verification.”

On the 3rd, the KCCI had distributed a press release titled “Analysis of Inheritance Tax Revenue Outlook and the Effects of Diversifying Payment Methods.” In the document, the chamber argued that Korea ranks fourth globally in the outflow of wealthy individuals due to the burden of inheritance taxes, calling for improvements in tax payment mechanisms.

In particular, citing data from UK-based immigration consultancy Henley & Partners, the KCCI claimed that the net outflow of high-net-worth individuals from Korea doubled over the past year, from 1,200 people in 2024 to 2,400 in 2025, attributing the increase to excessively high inheritance tax rates. The release suggested that Korea had become one of the countries experiencing the greatest loss of wealthy residents.

However, the statistics cited by the chamber have drawn widespread criticism as unreliable and misleading. President Lee also addressed the issue on X (formerly Twitter), stating, “Producing and spreading disinformation to pursue private interests and attack government policy deserves strong condemnation,” adding that it was “hard to believe that a legally established organization like the Korea Chamber of Commerce would openly engage in such behavior.”

He further said that “deliberate disinformation intended to cloud the judgment of the people—the decision-makers in policymaking—is an enemy of democracy,” and stressed that “those responsible must be held accountable and safeguards put in place to prevent a recurrence.”

In its apology, the KCCI pledged that “to prevent similar incidents in the future, we will thoroughly verify facts and statistical accuracy when preparing materials, with a strong sense of responsibility,” and said it would strengthen internal systems to ensure objective review.

Chairman Choi, who is currently on an overseas business trip, was briefed on the matter and reportedly told KCCI staff that “as a responsible institution, we should have scrutinized the data more carefully,” instructing them to “take every measure to ensure this never happens again.”