80% of Gangwon Province Asset Disclosure Targets Show Asset Increase... Governor Choi Moon-soon Holds 1.632 Billion Won

Average Wealth of 170 Public Figures Approximately 681 Million KRW
46 Provincial Assembly Members Average Wealth Per Person Approximately 554.62 Million KRW

Choi Moon-soon, Governor of Gangwon Province [Gangwon Province]

[Asia Economy Reporter Ra Young-cheol] The average assets of public officials subject to asset disclosure in Gangwon Province amounted to 681 million KRW, an increase of 30.6 million KRW compared to the previously reported asset amount.

According to the '2022 Regular Asset Change Report of Public Officials' released on the 31st by the Government Public Officials Ethics Committee, among the 170 disclosed individuals, 136 (80%) saw an increase in assets, while 34 (20%) experienced a decrease.

The asset size per household shows that 136 individuals (80%) of the total disclosed subjects have assets under 1 billion KRW. Among them, 45 (26.5%) have assets between 100 million KRW and less than 300 million KRW.

The factors contributing to asset increases include real estate purchases (including inheritance), rises in individual publicly announced land prices compared to the previous year, increases in public housing and detached house prices, salary income, and growth in insurance and deposits.

Factors causing decreases include building and land purchases and increased debt due to household loans, living expenses, refusal to disclose previously reported assets, and exclusion from registration (due to death or marriage of direct descendants such as daughters), leading to a reduction in reported assets.

Meanwhile, Governor Choi Moon-soon of Gangwon Province reported assets of 1.63297 billion KRW, an increase of 186.443 million KRW compared to the previous year.

Governor Choi's assets increased due to the transfer of apartment ownership to his spouse and inheritance following his father's death, while deposits and insurance amounts slightly decreased.

Executive Vice Governor Choi Bok-su and Economic Vice Governor Kim Myung-jung reported assets of 1.852509 billion KRW and 1.15764 billion KRW, respectively.

Chairman Kwak Do-young of the Gangwon Provincial Council reported assets of 83.249 million KRW, an increase of 22.27 million KRW compared to the previous year.

The average assets per Gangwon Provincial Council member among 46 members is approximately 554.62 million KRW, an increase of about 36.75 million KRW from the previous year's 517.87 million KRW.

Eight council members reported assets exceeding 1 billion KRW; 36 members saw an increase in assets, while 10 experienced a decrease.

Among them, Council Member Jo Seong-ho reported the highest assets at 2.6308 billion KRW. The member with the least assets is Council Member Jeong Su-jin (174.4 million KRW).

Following are Council Members Choi Jong-hee (1.74848 billion KRW), Shim Sang-hwa (1.28204 billion KRW), Shim Young-seop (1.26466 billion KRW), Shim Young-mi (1.21065 billion KRW), Joo Dae-ha (1.18928 billion KRW), Yoon Ji-young (1.12486 billion KRW), and Kim Hyuk-dong (1.0478 billion KRW).

Gangwon Provincial Superintendent of Education Min Byung-hee reported assets of 739.382 million KRW, an increase of 134.947 million KRW compared to the previous year.

The disclosure subjects under the jurisdiction of the Gangwon Province Public Officials Ethics Committee include 165 members of the 18 city and county councils within the province and 5 heads of related public organizations in Gangwon Province.