[Public Officials' Asset Disclosure] Real Estate and Stocks Boost... Last Year's Average Assets 1.62 Billion KRW

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] Last year, the assets of public officials increased by an average of 166.29 million KRW. This was due to the rise in asset values driven by the booming real estate and stock markets.

The Government Public Officials Ethics Committee disclosed the asset declarations of public officials subject to disclosure, including political appointees under the executive branch, senior civil service grade A, national university presidents, heads of public-related organizations, metropolitan and basic local government heads, metropolitan council members, and city/provincial superintendents of education, through the official gazette on the 31st.

The average declared assets of those subject to disclosure were calculated at 1.62145 billion KRW. This represents an increase of 166.29 million KRW compared to the previous average declared assets of the same group, with 83% (1,641 people) showing an increase in their assets.

In particular, the rise in real estate and stock values significantly contributed to the asset increase. The increase in asset value due to changes in housing official prices, individual land official prices, and the composite stock price index amounted to 95.27 million KRW (57.3%).

Over the past year, the composite stock price index rose from 2,873 points to 2,977 points, and individual official land prices increased by 9.95% compared to the previous year.

The net asset increase from salary savings, inheritance, and gifts was limited to 71.01 million KRW (42.7%).

Among those subject to disclosure, 924 people (46.7%) held assets under 1 billion KRW, but 517 public officials (26.1%) were found to possess assets exceeding 2 billion KRW.

By owner, the average declared assets consisted of 824.39 million KRW (50.8%) held by the individual and 637.86 million KRW (39.3%) held by their spouse.

Among central and local government departments and basic local government heads, the person with the highest assets was Lee Kang-seop, Director of the Legislative Office, who declared 35.06767 billion KRW.

In local areas, Park Young-seo, a member of the Gyeongbuk Provincial Assembly, had the highest assets at 16.64665 billion KRW. Among basic local government heads, Jung Soon-gyun, Mayor of Gangnam District, ranked first with 8.62038 billion KRW. Among public-related organizations, Cha Sang-hoon, Chairman of the Osong Advanced Medical Industry Promotion Foundation, had the largest assets at 18.15991 billion KRW.

The Government Public Officials Ethics Committee plans to complete the review of all asset changes of the disclosed public officials by the end of June.

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