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?
For greater INSIGHT into issues affecting Asia:
00:00 Introduction
01:10 From Seoul to Singapore
02:51 Seoul's rank in Top Cities for Millionaires list falls
04:26 Why the rich are leaving Seoul
07:07 What happens if the wealthy migrate?
09:00 Luxury businesses feel the pinch
10:51 Seoul was once attractive to the wealthy
14:15 Headwinds after the COVID-19 pandemic
20:09 What the rich want in quality of life
22:19 A family's expenses
25:35 Why more of the middle class feel lower-class
28:55 Young Koreans struggle to climb social ladder
33:28 How South Korea's new President hope to revive the economy
35:53 Why does an ageing population deter the rich?
39:07 Asia's race for the world's wealthy
43:26 Will South Korea continue to lose the rich?