More Assets for Assembly v More Debts for Public

Korean lawmakers have 2.9 billion won (approx. 2.6 million USD) on average

Every two out of three Members of the National Assembly of Korea have increased wealth over the past three years and especially nineteen (6.7%) of them have increased twofold.

AsiaN investigated asset changes of 266 Members (except by-election winners) as of 17 February 2012 and 182 (68.4%) of them increased wealth whereas 84 (31.6%) of them decreased.  

Apart from Chung Mong-joon(3671 billion won), the son of the founder of Hyundai, an average asset of Members in 2011 is 2.9 billion won. This is 16% increase compared to the average asset of 2.5 billion won in 2008.   

16% increase for Assembly v 32% decrease for Public

Then, what has happened to the assets of the public? According to the government’s data (Statistics Korea), a net asset for ordinary people for 2011 is 246 million won, which is only 1.63% increase of 242 million won in 2006.

Besides, an average household debt is 52 million won, which means 22% increase compared to last year (43 million won) and 32% increase compared to 5 years ago (395 million won).

In other words, the public increased 32% debts over the last 5 years but the Members of the National Assembly increased 16% assets over the last 3 years. 

16 Members increased more than a billion won

Chung Mong-joon has reported the biggest asset change, 67 billion won increase. Other Members who reported asset increases include Kim Se-yeon with 39 billion won increase, Yoon Sang-hyun with 16 billion won increase, and Cho Jin-hyung with 13 billion increase.  

Special investigative team of the AsiaN news@theasian.asia