Average assets of Gangwon Province local lawmakers reach W800m, with 3 in 10 holding less than W500m

About 70 percent of municipal and county lawmakers in Gangwon Special Self-Governing Province reported assets of less than 1 billion won ($740,000).

The Gangwon Special Self-Governing Province Public Officials Ethics Committee disclosed the asset registration details of 188 people — those newly appointed or retired following the 9th nationwide simultaneous local elections — through the Gangwon provincial gazette and the Public Ethics System on Tuesday. The disclosure covers 188 lawmakers from 18 municipal and county assemblies across the province, comprising 102 newly elected members and 86 who retired in connection with the June 3 nationwide simultaneous local elections.

The average reported assets of all disclosure subjects — including current and former lawmakers along with their spouses, parents and other direct lineal relatives — stood at 819.54 million won. A total of 131 people, or 69.7 percent of the total, reported assets below 1 billion won.

Among the 102 newly elected municipal and county lawmakers, 70.6 percent, or 72 members, reported holding less than 1 billion won in assets. The largest group, 33.3 percent or 34 members, fell in the 100 million to 500 million won range.

Of the 86 retiring municipal and county lawmakers whose assets could be compared with previous filings, 47, or 54.7 percent, saw their assets increase, while 39, or 45.3 percent, reported a decrease.

Breaking down newly elected lawmakers by asset range: 12 (11.8 percent) held less than 100 million won; 34 (33.3 percent) held between 100 million and 500 million won; 26 (25.5 percent) held between 500 million and 1 billion won; 23 (22.5 percent) held between 1 billion and 2 billion won; and 7 (6.9 percent) held 2 billion won or more. In total, 72 of the newly elected lawmakers, or 70.6 percent, reported assets below 1 billion won.

Among retiring lawmakers, 8 (9.3 percent) held less than 100 million won; 34 (39.5 percent) held between 100 million and 500 million won; 17 (19.8 percent) held between 500 million and 1 billion won; 21 (24.4 percent) held between 1 billion and 2 billion won; and 6 (7 percent) held 2 billion won or more. A total of 59 retiring lawmakers, or 68.6 percent, reported assets below 1 billion won.

The average assets of National Assembly members stand at 2.8 billion won — 3.5 times those of Gangwon Province's local lawmakers — underscoring the relatively modest wealth of the province's municipal and county council members.

The main reasons behind asset increases among retiring lawmakers included real estate acquisitions and inheritances such as buildings and land, as well as growth in salary income, insurance holdings and bank deposits. Decreases were attributed to real estate sales, rising household debt, and the exclusion of previously reported assets due to refusals to disclose or deregistration — for instance, following the death of a relative or the marriage of a daughter who is a direct lineal descendant.

The committee said it plans to strengthen its review of asset registrations and the process by which assets were accumulated, in order to encourage public officials to file accurate disclosures and prevent illicit enrichment.

The committee said it will closely examine the sources and uses of funds in cases where assets have grown or shrunk disproportionately relative to income, or where officials hold excessive real estate outside their registered address. Where there is suspicion of illicit enrichment through the use of confidential or non-public information obtained in the course of official duties, or where violations of other laws are suspected, the committee said it will take necessary measures including referring cases for investigation and notifying relevant authorities.