7 in 10 senior officials report rise in wealth in 2015

Government data showed Friday that close to 70 percent of high-ranking government officials and lawmakers saw their wealth grow from a year earlier, mainly due to hikes in their real estate assets.

According to the report by the Government Public Ethics Committee, 74.6 percent of senior government officials reported an increase in their wealth in 2015. The average assets of those surveyed was 1.31 billion won ($1.12 million) last year, up 55 million won from 2014.

Under the country’s public service ethics act, 1,813 senior officials, including high-ranking government officials, lawmakers, senior judges, heads of municipalities and chiefs of universities, are required to report their personal assets every year. 

A rise in the value of real estate, stocks and personal savings contributed to the wealth gains, the committee said.

President Park Geun-hye had assets of 3.5 billion won, up 349 million won from the previous year. The jump was attributed to royalties from her autobiography and the rise in value of her house in Samseong-dong in southern Seoul. Her book was published in 2013 in China, and more than 150,000 copies were sold.

The richest government official was Woo Byung-woo, a senior official at Cheong Wa Dae, for the second consecutive year. He recorded personal wealth of 39.3 billion won.

Seoul Mayor Park Won-soon had the least wealth among 17 heads of municipalities for the fifth straight year, reporting a debt of 680 million won.

By party, ruling Saenuri Party lawmakers were found to be wealthier than those in the opposition parties in general.

When three lawmakers with over 50 million in wealth are excluded from the calculations, Saenuri lawmakers had an average of 2.33 billion won, while those from the main opposition The Minjoo Party of Korea had an average of 1.3 billion won. Those from the minor opposition People’s Party had an average of 1.9 billion won.

The wealthiest lawmaker was entrepreneur-turned-politician Ahn Cheol-soo, cochairman of People’s Party, with his wealth of 162.9 billion won. His assets shrank by 78.1 billion won as he donated half of his shares in AhnLab to a charity last year. But the value of the remaining shares increased by 85.1 billion won.

Six lawmakers from the ruling Saenuri Party, two from People’s Party and two independent lawmakers comprised the top 10 richest lawmakers.

The poorest lawmaker was Rep. Jin Seon-mi, reporting debt of 1.4 billion won.

Meanwhile, three in 10 senior officials refused to disclose the wealth of their families. They are allowed to decline to reveal their family’s wealth when their family members are able to make a living independently.

The committee also found that about 13 percent of the 3,147 senior officials falsely reported their wealth. It took disciplinary action against one official, imposed financial penalties on 10 and cautioned 400.

By Ock Hyun-ju (laeticia.ock@heraldcorp.com)