Henley Partners Defends Wealth Migration Report Amid Korean Criticism
British investment migration consultancy Henley & Partners has defended its private wealth migration report following criticism in Korea regarding its credibility. The report, which was cited by the Korea Chamber of Commerce and Industry (KCCI), projected a net outflow of 2,400 millionaires from Korea in 2025, a significant increase from 1,200 in 2024. This projection placed Korea as the fourth-largest source of millionaire outflow globally, behind the UK, China, and India. The report's figures, attributed to New World Wealth, an independent data firm, were labeled as unreliable by President Lee Jae Myung and other senior officials, who accused the KCCI of using the data to push for inheritance tax reforms. In response, KCCI's Executive Vice Chairman Park Il-jun apologized and promised to reform the chamber's research team. Henley & Partners emphasized that the figures are modeled estimates and not precise counts, and criticized the politicization of the data.