KCCI Apologizes After President Lee Jae-myung Slams Inheritance Tax Report as 'Fake News'

Presidential Rebuke Over 'Fake News' Claims

Seoul, Republic of Korea – The Korea Chamber of Commerce and Industry (KCCI) issued a formal apology on Monday, February 9, 2026, following a sharp rebuke from President Lee Jae-myung. The President had publicly condemned a KCCI press release that suggested South Korea's high inheritance tax was driving a significant exodus of wealthy citizens, labeling it 'fake news' and an 'enemy of democracy.'

President Lee Jae-myung, who assumed the presidency on June 4, 2025, took to social media on Saturday, February 7, 2026, to express his strong disapproval of the report. He stated that it was 'hard to believe an official organization established by law, like the KCCI, would do this openly,' and emphasized that 'deliberate fake news that misleads the public undermines democracy.'

KCCI Report Cites Unverified Data on Wealthy Exodus

The controversy originated from a KCCI press release, reportedly issued on Tuesday, February 3, 2026, titled 'Analysis of Inheritance Tax Revenue Outlook and the Effects of Diversifying Payment Methods.' The report cited data from the British advisory firm Henley & Partners, claiming that approximately 2,400 wealthy individuals left South Korea in 2025, a figure double that of 2024. This placed South Korea as the fourth-largest country globally for the net outflow of affluent residents. The KCCI report suggested that South Korea's inheritance tax rates, which can reach up to 50% and even 60% with surcharges for controlling stakes, could be a primary factor accelerating this capital migration.

Government Officials Join Criticism, Questioning Credibility

President Lee's criticism was echoed by other high-ranking government officials. Deputy Prime Minister and Economy and Finance Minister Koo Yun-cheol publicly questioned the reliability of Henley & Partners' estimates, calling the KCCI's claim 'fake news.' He stressed that the KCCI should be held accountable for distributing a report based on 'flawed statistics.' Similarly, Industry Minister Kim Jung-kwan announced that an audit would be conducted into the process of drafting and distributing the press release, promising 'decisive action' based on the findings.

Furthermore, National Tax Service Commissioner Lim Kwang-hyun countered the KCCI's figures with government data. He revealed that, on average, only 139 individuals per year with assets exceeding 1 billion won reported overseas relocations over the past three years, significantly lower than the KCCI's cited numbers.

KCCI Pledges Overhaul of Verification System

In response to the widespread criticism, the KCCI issued a formal apology, acknowledging that it had cited external statistics 'without sufficient verification' and expressed deep regret for 'causing unnecessary confusion.' The organization committed to a comprehensive overhaul of its internal review procedures, including strengthening fact-checking and analytical standards among its researchers. The KCCI also announced plans to introduce new training programs and safeguards to prevent similar incidents in the future, and has appointed a dedicated executive for fact-checking.