Former President Yoon Leads Surge in High-Ranking Official Wealth Disclosures
A recent review of financial disclosures reveals a significant increase in the reported wealth of departing South Korean officials, with former President Yoon Seok-yeol and his wife, Kim Kun-hee, leading the way. The disclosures, published in July by the Government Officer Ethics Committee, cover 54 high-ranking officials who left office between April 2 and May 1, and collectively represent an increase of over 500 million won in assets compared to the end of 2023.
Wealth Reports Reflect Post-Presidency Transition
The data emerges following former President Yoon’s retirement in early April due to a Constitutional Court impeachment decision. According to the filings, the former president and his wife reported a combined 79.915 million won in assets. This represents a substantial increase of 5.133 billion won from December 31, 2023.
Notably, the former president’s reported assets consist solely of deposits, which grew from 632.28 million won to 663,694,000 won, attributed to former presidential salary income. However, the majority of the couple’s wealth is held in the name of Mrs. Kim Kun-hee, whose deposits increased by approximately 94.4 million won, rising from 498.414 million won to 578.555 million won.
Mrs. Kim also owns land valued at 3.902 billion won, encompassing forests, warehouses, land, and roads located in Byeongsan-ri, Gangsang-myeon, Yangpyeong-gun, Gyeonggi-do. The valuation of this real estate increased by approximately 5.2 million won from its previous assessment of 295.689 million won. Former President Yoon declined to register his property for maintaining an independent living.
Former Ministers Report Substantial Assets
Following former President Yoon, former Minister of Strategy and Finance Choi Sang-mok reported the second-highest level of assets, totaling 4.548 billion won in the names of himself, his spouse, and his children. This figure represents an increase of 494.33 million won compared to the previous report. A significant portion of this increase is attributed to a rise in the spouse’s stock holdings, which grew from 338.4 million won to 605.45 million won.
Former Daegu Mayor Hong Joon-pyo disclosed assets of 4.263 billion won, held jointly with his spouse, sons, grandson, and granddaughter. This represents an increase of 448.9 million won from the previous valuation. Former Minister of Employment and Labor Kim Moon-soo reported 1.090 billion won in assets, held with his spouse, an increase of 198.17 million won from the previous report.
These disclosures offer a glimpse into the financial holdings of South Korea’s departing leadership, highlighting a period of significant asset growth during their tenures. The data underscores the importance of transparency and accountability in public office, as well as the ongoing public interest in the financial affairs of high-ranking officials.
