Average Real Estate Holdings of Yoon Government Ministers and Vice Ministers 2.13 Billion KRW... Half Subject to Comprehensive Real Estate Tax

Kyungsillyeon Analyzes Asset Declarations of 41 Vice Ministers from 17 Ministries
Average Assets 3.26 Billion KRW with Over Two-Thirds in Real Estate
Minister Lee Jong-ho of Ministry of Science and ICT Has Highest at 16 Billion KRW
Cases of Underreporting Using Officially Announced Prices Instead of Market Prices Also Found

[Asia Economy Reporter Lee Ji-eun] The average wealth of 41 ministers and vice ministers appointed since President Yoon Seok-yeol's inauguration reached 3.2 billion KRW, with real estate assets accounting for more than two-thirds of this amount. One in two is subject to the comprehensive real estate holding tax, and 16 (39%) hold stocks worth more than 30 million KRW.

The Citizens' Coalition for Economic Justice (CCEJ) announced on the 6th that after analyzing the asset declarations of 41 ministers and vice ministers from 17 ministries appointed by the Yoon administration, the average wealth per minister or vice minister was 3.26 billion KRW, of which real estate assets amounted to 2.13 billion KRW. This is 8 times and 5.5 times the average wealth and real estate assets of the general public, respectively.

Looking at ministers alone, the average wealth per person is 3.88 billion KRW, with real estate assets of 2.05 billion KRW. For vice ministers, the average wealth per person is 2.86 billion KRW, with real estate assets of 2.18 billion KRW. The wealthiest were Minister of Science and ICT Lee Jong-ho (16.04 billion KRW), Vice Minister of Justice Ino Gong (6.42 billion KRW), and Second Vice Minister of Foreign Affairs Lee Do-hoon (5.98 billion KRW). In terms of real estate assets alone, Vice Minister of Justice Ino Gong (6.31 billion KRW), Minister of Justice Han Dong-hoon (5.31 billion KRW), and First Vice Minister of Strategy and Finance Bang Ki-seon (4.62 billion KRW) ranked highest.

Many reported real estate assets at official assessed values or public prices rather than market prices. Investigating the market prices of 43 apartments owned by 36 ministers and vice ministers, the total declared value was 57.32 billion KRW, but the market price total was 83.54 billion KRW, reflecting only 69% of the market value. Sixteen ministers and vice ministers were suspected of rental activities, owning more than two houses, non-residential buildings, or land.

Among ministers and vice ministers, 21 out of 41 (51.2%) are currently subject to the comprehensive real estate holding tax based on current criteria (over 1.1 billion KRW for single-homeowners, over 600 million KRW for multi-homeowners). However, CCEJ predicted that "as the government has proposed a bill to ease the comprehensive real estate holding tax, the number of taxpayers will decrease further following legal amendments." Regarding stocks, 16 ministers and vice ministers were found to hold stocks worth more than 30 million KRW under the names of their immediate family members.

CCEJ stated, "There is growing skepticism about whether they can fully devote themselves to public office due to excessive real estate and stock holdings, and conflicts of interest may arise from such excessive holdings." They urged the disposal of real estate not used for actual residence or use and the sale of stocks by those holding excessive shares.

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