South Korean Lawmakers’ Average Wealth Drops Slightly, But Remains High
Seoul, August 29, 2024 – The average personalwealth of newly elected members of the 22nd National Assembly of South Korea has been revealed, showing a slight decrease compared to the previous assembly, but stillremaining at a substantial level. According to data released by the National Assembly Ethics Committee on Wednesday, the average personal wealth of the 147 newly elected lawmakersis approximately 2.681 billion won (approximately 14.32 million yuan).
This figure represents a decrease of 130 million won (approximately 690,000 yuan) compared tothe average wealth of the 21st National Assembly, which stood at 2.814 billion won. However, the average wealth of the new lawmakers remains significantly higher than the average South Korean citizen.
The Ethics Committee’s data revealed a wide range of wealth distribution among the newly elected lawmakers. Seventeen lawmakers (11.6%) declared assets exceeding 5 billion won, while 43 lawmakers (29.3%) declared assets between 2 billion and 5 billion won. A further 38 lawmakers (25.9%) declared assets between 1 billion and 2 billion won, 17 lawmakers (11.6%) declared assets between 500 million and 1 billion won, and 32 lawmakers (21.8%) declared assets below 500 million won.
The data highlights thesignificant wealth disparity within South Korea’s political landscape. While the average wealth of the newly elected lawmakers has decreased slightly, it remains significantly higher than the average South Korean citizen, raising concerns about the potential for wealth influencing political decisions.
The Ethics Committee’s data also reveals that the average wealth of the new lawmakers issignificantly higher than the average wealth of high-ranking government officials. In 2023, the average wealth of South Korea’s high-ranking government officials was reported to be 1.022 billion won (approximately 5.45 million yuan).
The disparity in wealth between elected officials andthe general public has been a subject of debate in South Korea for many years. Critics argue that the high level of wealth among lawmakers creates a disconnect between them and the average citizen, potentially leading to policies that favor the wealthy.
The Ethics Committee’s data also raises questions about the potential for corruption within South Korea’s political system. Critics argue that the high level of wealth among lawmakers creates an incentive for them to engage in corrupt practices to protect their own financial interests.
The Ethics Committee’s data is based on the self-reported wealth declarations of the newly elected lawmakers. The data does not include any information about the source ofthe lawmakers’ wealth, which makes it difficult to assess the potential for corruption.
The Ethics Committee is required to publish the wealth declarations of all newly elected lawmakers within one month of the end of the declaration period, which is two months after the start of the new term. The data is made public to ensure transparency andaccountability within the political system.
The release of the Ethics Committee’s data has reignited the debate about wealth and politics in South Korea. While the average wealth of the newly elected lawmakers has decreased slightly, it remains significantly higher than the average South Korean citizen, raising concerns about the potential for wealth influencing political decisions.
The data also highlights the need for greater transparency and accountability within South Korea’s political system. Critics argue that the high level of wealth among lawmakers creates an incentive for them to engage in corrupt practices to protect their own financial interests.
The Ethics Committee’s data provides valuable insights into the wealth distribution within South Korea’s political landscape. However, further investigation is needed to understand the source of the lawmakers’ wealth and the potential for corruption within the political system.
【source】https://cn.yna.co.kr/view/ACK20240828004800881?section=news&input=rss
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