[Post 848] Seoul Is Losing Millionaires. Why Does It No Longer Attract The Rich? | Insight | South Korea

Summary

This year, Seoul has fallen the furthest in the list of the world's top 50 wealthiest cities, dropping five spots to rank 24th. The South Korean capital lost over 12000 millionaires. The reason is two-fold. On one hand, some have lost their wealth, due to a flagging economy, sluggish investment environment and a declining real estate sector. On the other hand, some of the affluent have simply packed their bags and left, bringing along their spending and investment power. 

While millionaires make up just a small percentage of Seoul's population, the trend could have wider implications for South Korea. Capital-flight is usually an early sign that the economy is in trouble, a reflection of low investor confidence. Has Seoul really lost its appeal to the well-heeled?