Average Assets of Lawmakers Grow 180 Million Won

Lawmakers saw their personal wealth grow an average of 180 million won year-on-year in 2007. The average value of assets of top government officials also increased 160 million won over the same period.

According to the Public Service Ethics Committee on Friday, 80 percent or 1,737 of 2,170 public servants, who are subject to disclosure of their assets, saw an increase in their household wealth.

The main reason for their asset growth was the rise in value of their properties.

Average value of assets for 1,739 senior central and local government officials stood at 1.2 billion won, which was an increase of 158.5 million won or 14.2 percent year-on-year.

79.1 percent or 1,374 government officials saw their personal wealth increase: 43.8 percent saw an increase of 100 to 500 million won; 9.2 percent an increase of 0.5 to 1 billion won; and 2.5 percent saw an increase of more than one billion won.

Among central government officials, Shin Cheol-shik, former vice minister for public policy coordination, saw the greatest increase in the value of personal assets as his real estate value rose 3.6 billion won. Shin was also the wealthiest central government official for two consecutive years with household assets valued at 22.8 billion won.

About 79 percent, or 235, of the 298 lawmakers subject to disclosure also saw a rise in their asset value with an average increase of 179 million won. The value of Grand National Party lawmaker Chung Mong-joon’s shares of Hyundai Heavy Industries, valued at 2.6 trillion won, was not included in the accounting.

Some 15 percent, or 46, of the lawmakers enjoyed asset growth of more than 500 million won. Excluding Chung’s wealth, per capita asset value of lawmakers stood at 2.2 billion won.

The average wealth of 197 judiciary figures, such as senior judges and high-ranking officials of the Ministry of Justice and Prosecutor’s Office, stood at 2.1 billion won, up 387 million won.

Former President Roh Moo-hyun and top officials in his administration were excluded from this report. Changes in their assets will be disclosed at the end of April, a month after their official retirement.