[Public Officials' Assets] Average Wealth 1.33 Billion KRW... 80% Increase in Assets

On the 25th, employees at the Ministry of Personnel Management in Sejong City are reviewing the '2020 Regular Asset Change Disclosure List.' (Photo by Ministry of Personnel Management)

[Asia Economy Reporter Son Sun-hee] As of the end of last year, the average assets of high-ranking public officials in South Korea were recorded at 1.03 billion KRW. This is an increase of 86 million KRW compared to the end of the previous year. It was found that 44.1% of them, or about 4 out of 10, possessed assets worth 1 billion KRW or more.

The Public Service Ethics Committee disclosed the '2020 Regular Asset Disclosure List' containing these asset changes through the official gazette on the 26th. The disclosure subjects include 1,865 individuals such as political appointees under the executive branch, senior public officials ('Grade A'), presidents of national universities, heads of public-related organizations, metropolitan and basic local government heads, metropolitan council members, and city/provincial superintendents of education.

Among those subject to asset disclosure, 77.5% (1,446 people) reported an increase in assets compared to the previous report, while 22.5% (419 people) reported a decrease. The reasons for asset changes included an increase of 44 million KRW (51.2%) due to changes in land individual official prices and public prices of apartments and detached houses, and a net asset increase of 42 million KRW (48.8%) due to salary savings, inheritance, or gifts.

By asset size, the largest group was those with assets between 1 billion and 2 billion KRW, numbering 489 (26.2%), followed by 5 billion to 1 billion KRW with 461 (24.7%), 100 million to 500 million KRW with 453 (24.3%), over 2 billion KRW with 334 (17.9%), and under 100 million KRW with 128 (6.9%).

Among key figures, President Moon Jae-in reported assets of 1.949 billion KRW, down 66 million KRW from before. Although real estate and deposits held by President Moon and his immediate family slightly increased, the assets of his late mother, Kang Han-ok, who passed away last year, amounting to 151.48 million KRW, were excluded from the registration.

Chief Presidential Secretary for Policy Noh Young-min reported assets of 2.419 billion KRW. Secretary Noh still appeared as a multi-homeowner, reporting an apartment worth 156 million KRW jointly owned with his spouse in Heungdeok-gu, Cheongju-si, Chungbuk, and an apartment worth 461 million KRW in Banpo-dong, Seocho-gu, Seoul.

Among the Blue House staff, the public official with the highest assets was Kim Hyun-jong, the 2nd Deputy Director of the National Security Office, who reported assets of 5.851 billion KRW, an increase of about 550 million KRW from before.

The public official with the largest asset increase was Yoon Do-han, Senior Secretary for Public Communication, whose assets increased by 443.35 million KRW over one year, totaling 1.389 billion KRW. Kim Jo-won, Senior Secretary for Civil Affairs, also reported an increase of 361.97 million KRW over one year, with total assets of 3.349 billion KRW.

Among cabinet members, Minister of Science and ICT Choi Ki-young had the highest assets at 10.763 billion KRW, and among metropolitan local government heads, Busan Mayor Oh Geo-don reported 6.447 billion KRW, ranking at the top in assets.

Among all asset disclosure subjects, the public official with the highest assets was Joo Jin-sook, Director of the Korean Film Archive, who reported assets of 17.931 billion KRW. Following were Kim Jong-gap, President of Korea Electric Power Corporation (13.729 billion KRW), Kim Chang-yong, Director of the Information and Communication Industry Promotion Agency under the Ministry of Science and ICT (13.309 billion KRW), and Seong Jung-gi, Seoul Metropolitan Council member (13.231 billion KRW).

Those obligated to register assets must report any changes in assets from January 1 to December 31 each year by the end of February of the following year, according to Article 6 of the Public Service Ethics Act. The Public Service Ethics Committee is required to disclose the details within one month after the reporting period ends.

Additionally, an examination of the reported asset changes will be conducted by the end of June. If false entries, significant omissions or errors due to gross negligence, or acquisition of financial benefits using confidential information obtained through duties are found, measures such as warnings and corrective actions, fines, dismissal, or disciplinary requests will be taken.

The Public Service Ethics Committee stated, "We will continue to strictly operate the asset registration and review system to realize a public service society trusted by the people."

This content was produced with the assistance of AI translation services.