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South Korea to begin cash handouts to all citizens July 21 - The Korea Timeswww.koreatimes.co.kr/southkorea/society/20250705/south-korea-to-begin-cash-handouts-to-all-citizens-july-21
360 sats \ 12 comments \ @south_korea_ln 5 Jul econ
Quantitative easing is back~~
Under the plan, all South Korean citizens residing in the country as of June 18 will receive a one-time payment of 150,000 won. The government said the broad disbursement is intended to boost consumer spending nationwide.
[...]
A second round of payments, scheduled between Sept. 22 and Oct. 31, will provide an additional 100,000 won to the bottom 90 percent of income earners.
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191 sats \ 2 replies \ @ek 5 Jul
₩150,000 ≡ $110 ≡ €93
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97 sats \ 1 reply \ @Bell_curve 5 Jul
Euro is overvalue
EU is overrated
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32 sats \ 0 replies \ @optimism 5 Jul
All fiat and all states are overrated.
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16 sats \ 1 reply \ @stack_harder 5 Jul
doesn't seem a lot, i'd put it straight in btc though.
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11 sats \ 0 replies \ @south_korea_ln OP 5 Jul
I'd venture quite a few people might do something like this. Lots of shitcoining here though.
Last year, government added extra holidays to boost local spending. Turned out most people just used it to travel abroad. So much for accounting for unexpected side effects.
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16 sats \ 0 replies \ @bitcoingecko 5 Jul
This is definitely good for Bitcoin!
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11 sats \ 5 replies \ @Undisciplined 5 Jul
Wow! That's as inflationary of a policy as there is. Biden did that here and historic CPI rises followed.
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53 sats \ 4 replies \ @south_korea_ln OP 5 Jul
I'd like the krw to weaken a bit. Still a bit far from btc ath due to weakening dollars in last few months.
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11 sats \ 0 replies \ @Undisciplined 5 Jul
Well, you're about to get it. Although, if @ek's right about how much purchasing power that represents, there might not be much impact.
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0 sats \ 2 replies \ @Bell_curve 5 Jul
Millionaires are fleeing South Korea
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0 sats \ 1 reply \ @south_korea_ln OP 6 Jul
Are they?
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0 sats \ 0 replies \ @Bell_curve 6 Jul
ChatGPT…
Yes—data shows a noticeable outflow of millionaires from South Korea:
- According to the Henley Private Wealth Migration Report 2024, around 1,200 millionaires (individuals with ≥ $1 million in investable assets) are projected to leave South Korea in 2024—up from about 800 in 2023—making it the 4th‑largest millionaire exodus globally  . • Reports attribute this trend to a few key drivers: • High inheritance and wealth taxes: South Korea’s inheritance tax can reach up to 50%, prompting affluent individuals to consider emigration to lower‑tax countries like Canada, Australia, Singapore, the U.S., or the UAE . • Economic and geopolitical uncertainty, including regional security issues, are also cited as factors .
🌍 Where Millionaires Are Going
Top destinations for wealthier Koreans include: • United States • Canada • Australia • Singapore • UAE These countries offer more favorable tax regimes, lifestyle benefits, and migration incentives  .
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Is It a “Mass Exodus”?
Compared to global flows, South Korea’s numbers are notable—but modest in absolute terms. For perspective: • China is projected to lose about 15,200 millionaires, • The UK 9,500, • India 4,300, • Russia about 1,000 .
Still, for a country of South Korea’s scale, losing twelve hundred high‑net‑worth individuals is significant.
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🧭 What This Means for South Korea • Tax base erosion: As affluent residents emigrate, the country risks losing a key source of revenue—highlighted by government and tax authorities  . • Policy debate: There’s growing pressure to reform inheritance and wealth tax regimes to stem the outflow.
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✅ Bottom Line • Yes, millionaires are leaving South Korea at an accelerating pace—roughly 1,200 this year. • Factors include high inheritance/wealth taxes and broader economic or geopolitical concerns. • Destination countries often offer tax relief and stability. • It’s not a mass exodus on par with China or the U.K., but the trend is significant and drawing increasing policy attention.
Would you like a deeper dive into how South Korea’s tax system compares internationally, or which destination offers the most advantageous migration options for wealthy individuals?
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