[Public Officials' Asset Disclosure] Average Net Worth of National Assembly Members 2.38254 Billion KRW... 83% Increased Their Assets

Average Wealth of 283 Individuals Excluding Those Owning Over 50 Billion KRW
17% Reported a Decrease in Assets

[Image source=Yonhap News]

[Asia Economy Reporter Naju-seok] Last year, out of 289 members of the National Assembly, 240 reported an increase in their assets. Excluding members whose assets exceeded 50 billion KRW, the declared assets of 286 members were reported to be approximately 2.38 billion KRW.

According to the National Assembly Public Officials Ethics Committee's disclosure of National Assembly members' asset declarations through the National Assembly Gazette on the 31st, excluding three members with assets over 50 billion KRW?Jeon Bong-min of the People Power Party (106.55579 billion KRW), Park Deok-heum of the People Power Party (67.23846 billion KRW), and Yoon Sang-hyun of the People Power Party (57.79296 billion KRW)?the average declared assets of the National Assembly members were reported as 2.38254 billion KRW.

Looking at the total declared assets by scale, 28 members (9.7%) declared assets of 5 billion KRW or more, 76 members (26.3%) declared between 2 billion KRW and less than 5 billion KRW, 94 members (32.5%) declared between 1 billion KRW and less than 2 billion KRW, 60 members (20.8%) declared between 500 million KRW and less than 1 billion KRW, and 31 members (10.7%) declared less than 500 million KRW.

Among those subject to this declaration, 240 members (83.0%) reported an increase in their assets. Six members (2.0%) reported an increase of 1 billion KRW or more, 23 members (8.0%) reported an increase between 500 million KRW and less than 1 billion KRW, 147 members (50.9%) reported an increase between 100 million KRW and less than 500 million KRW, 33 members (11.4%) reported an increase between 50 million KRW and less than 100 million KRW, and 31 members (10.7%) reported an increase of less than 50 million KRW.

Conversely, 49 members (17.0%) reported a decrease in their assets. By scale, 17 members (6.0%) reported a decrease of less than 50 million KRW, 14 members (4.8%) reported a decrease between 50 million KRW and less than 100 million KRW, 14 members (4.8%) reported a decrease between 100 million KRW and less than 500 million KRW, no members reported a decrease between 500 million KRW and less than 1 billion KRW, and 4 members (1.4%) reported a decrease of 1 billion KRW or more.

As of the end of last year, ministers concurrently serving as cabinet members?Jeon Hae-cheol, Minister of the Interior and Safety; Lee In-young, Minister of Unification; Park Beom-gye, Minister of Justice; Han Jeong-ae, Minister of Environment; Kwon Chil-seung, Minister of SMEs and Startups; and Hwang Hee, Minister of Culture, Sports and Tourism?disclosed their assets as members of the executive branch instead of through the National Assembly Gazette. Former members such as Lee Nak-yeon, Kwak Sang-do, Yoon Hee-sook, Lee Kyu-min, and Jung Jung-soon, who resigned or were disqualified due to election invalidation or resignation, were also excluded from disclosure.

Additionally, five newly elected members of the National Assembly through the March 9 by-elections (Kim Hak-yong, Lim Byung-heon, Jung Woo-taek, Cho Eun-hee, Choi Jae-hyung) were also excluded.