Wealth of 58% of Public Officials Increased by 100 Million Won

Last year, the assets of one-in-two high-level government officials increased by more than 100 million won.

The public officials’ ethics commission of the administration, the National Assembly, and the Supreme Court announced the change of assets of public officials in 2007 on Friday.

Among 1,052 public servants, the wealth of 913 or 86.8% increased, while that of 136 people or 12.9% decreased. The wealth of 612 people, or 58.2%, increased by more than 100 million won.

In 2005, the wealth of only one in four people increased.

The reason for the increase is because the commission mandated public servants to report prices according to actual value, although they did not engage in transactions.

In the administration, the wealth of 565 people, or 90.4%, increased, among which 405 people, or 64.8%, had wealth totals that increased by more than 100 million won.

The wealth of President Roh Moo-hyun decreased by 8.66 million won to 820 million won because of the expense of his son studying abroad. Among 293 lawmakers, the assets of 248 people, or 84.6%, increased; 173 of them had wealth totals that increased by more than 100 million won.

When the actual value of assets was reflected, the assets of 31 lawmakers increased by more than 1 billion won.

Among lawmakers, lawmaker Chung Mong-jun was the richest, reporting wealth of 997.4 billion won. Chung’s Hyundai Heavy Industries shares, which were reported to be worth 307.8 billion won in late 2003, were re-evaluated to be worth 1.0344 trillion won at the end of last year.

In the judicature, among 134 judicial officers, the assets of 99 people increased.

Meanwhile, officially announced land prices, which skyrocketed from January 2006, were not reflected in the survey. Therefore, the increase in asset value is expected to be bigger next year.

ruchi@donga.com mhpark@donga.com