Industry Minister Kim Jeonggwan Vows Stern Response to KCCI Fake News...Administrative Measures Forthcoming

Controversy Over Statistics on Overseas Outflow of High-Net-Worth Individuals Spreads
"Unverified Information Distribution Will Be Dealt with Firmly, Including Administrative Measures"

Kim Jeonggwan, Minister of Trade, Industry and Energy, attended the Economic Ministers' Meeting, which also served as the Growth Strategy Task Force, held at the Government Complex Seoul in Jongno-gu, Seoul on Feb. 4, 2026, and spoke about measures to reform the KS certification system to support commercialization of advanced industries. Photo by Cho Yongjun

Minister of Trade, Industry and Energy Kim Jeonggwan announced that he would take strict action, including administrative measures, against the Korea Chamber of Commerce and Industry, which has sparked a fake news controversy with a press release on the "overseas outflow of high-net-worth individuals in Korea."

In a post uploaded to Facebook on Feb. 7, 2026, Minister Kim stated, "The Korea Chamber of Commerce and Industry distributed information that lacked credibility and had not even undergone basic fact-checking, causing serious confusion among the public, in the market, and across government policies," adding, "In particular, given that this unverified information spread maliciously, it clearly constitutes fake news."

He went on to stress, "It is absolutely unacceptable that the Korea Chamber of Commerce and Industry, which is a statutory organization, has engaged in such conduct, and its responsibility is extremely grave."

Minister Kim added, "In cooperation with relevant agencies and major economic organizations, we will block the very structure through which unverified information or fake news is distributed," and continued, "We will also actively pursue institutional and administrative measures."

The controversy began with a press release titled "Analysis of Inheritance Tax Revenue Outlook and Study on the Effects of Diversifying Payment Methods," which the Korea Chamber of Commerce and Industry distributed on Feb. 3, 2026. The release cited a survey by Henley & Partners, a UK-based immigration advisory firm, and claimed that 2,400 high-net-worth individuals left Korea last year, double the number from the previous year, making it the fourth-highest figure in the world. However, as criticism mounted that the survey criteria and methodology were unclear, questions were raised about its reliability.

As the controversy grew, President Lee Jaemyung posted on X (formerly Twitter) the same day, emphasizing the need for strict accountability and measures to prevent recurrence, saying, "Deliberate fake news aimed at clouding the judgment of the sovereign people who make policy decisions is an enemy of democracy."

The Korea Chamber of Commerce and Industry later issued a statement, offering an official apology and acknowledging that it had failed to sufficiently verify external statistics.