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The Korea JoongAng Daily reported that approximately 2,400 Korean millionaires are expected to emigrate in 2025, a sixfold increase over the past three years. The report defines “wealth migration” as cases in which individuals with investable assets exceeding US$1 million relocate and reside in another country for at least six months.

This outflow has contributed to Seoul dropping five spots to 24th place in the global ranking of top cities for millionaires, the largest fall in the latest rankings. The migration also represents a movement of roughly US$15.2 billion in assets abroad.

Ken Lee, a millionaire based in Singapore who operates a service assisting high-net-worth Koreans in relocating overseas, told Channel News Asia that interest in moving abroad has surged. For many emigrating, high taxes, political instability, and lifestyle pressures are key motivators.

According to The Korea HeraldSouth Korea’s inheritance tax rates start at 10% for estates under 100 million won (US$68,170) and climb to 50% for estates exceeding 3 billion won.

“That’s one reason why wealthy individuals are looking abroad,” said Lee Yoonsoo, a professor of economics at Sogang University. “When they get older, they want to pass their assets to their children.”

He added that destinations like Dubai attract millionaires seeking asset protection, citing the city’s safe banking system and zero income tax.

A report by Finews thing confirms that the United Arab Emirates and Bangkok are among the top destinations for South Korean millionaires.

According to the Global Wealth Report 2025South Korea ranked 10th globally in 2024 for the number of millionaires, with 1.3 million individuals holding wealth exceeding US$1 million. Globally, there were roughly 60 million millionaires, controlling a combined wealth of US$226.47 trillion.