The average reported wealth of ten cabinet ministers serving under the current administration is ₩7.49574 billion (approximately $5.7 million USD), according to a recent disclosure by the Public Officials Ethics Committee. The report, released on January 30th, also revealed that four of those ten ministers hold real estate holdings within Seoul’s affluent Gangnam district – Gangnam, Seocho, and Songpa.
Wealth Disparities Among Top Officials
The data stems from the ‘First Regular Asset Registration Report of 2026,’ which includes 362 high-ranking public officials who experienced a change in status between July 2, 2025, and November 1, 2025. This group includes 71 newly appointed officials, 80 who were promoted, and 173 who retired. Currently, South Korea’s government organization consists of 19 ministries, with ten ministers’ assets included in this particular report. The remaining ministers were either not subject to this disclosure or are currently serving members of the National Assembly.
Minister of Culture, Sports and Tourism, Choi Hui-young, reported the highest individual wealth with a total of ₩23.87283 billion, largely comprised of stocks valued at ₩15.04162 billion. Han Seong-sook, Minister of SMEs and Startups, a former CEO of Naver, reported ₩22.11571 billion. In contrast, Minister of Patriots and Veterans Affairs, Kwon Oh-eul, reported the lowest wealth among the ministers at ₩1.08539 billion.
Four ministers – Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol, Deputy Prime Minister and Minister of Science and ICT Bae Kyung-hoon, Minister of Trade, Industry and Energy Kim Jung-kwan, and Minister Han Seong-sook – all possess apartments (including those under construction) in the Gangnam, Seocho, or Songpa districts, either in their own names or those of their spouses.
Financial Services Commission Chairman Lee Won-geun (ministerial level) reported total assets of ₩2.01476 billion, including an apartment in the Gangnam district of Gaepo-dong, which has been the subject of controversy regarding “gap investment” (purchasing a property with a small down payment using existing rental income). He originally purchased the property in 2013 before its redevelopment and currently resides there, with its current market value estimated at over ₩4 billion.
The highest reported wealth among all those disclosing assets was ₩53.04462 billion, reported by Noh Jae-heon, the South Korean Ambassador to China and the eldest son of former President Roh Tae-woo. This includes buildings valued at ₩13.2388 billion, deposits of ₩12.61859 billion, and stocks worth ₩21.32247 billion. Lee Chan-jin, head of the Financial Supervisory Service, reported the second-highest wealth at ₩38.48875 billion.
Delays in Reporting
The disclosure was delayed due to a fire at the National Information Resource Management Service’s Daejeon headquarters in September 2025, which disrupted the operation of the Public Ethics System (PETI). As a result, four months of asset registration data were released simultaneously.
Frequently Asked Questions
What is the average wealth of the reported ministers?
The average wealth of the ten ministers included in the report is ₩7.49574 billion.
How many ministers own property in the Gangnam area?
Four of the ten ministers reported owning property, either in their own names or those of their spouses, in the Gangnam, Seocho, or Songpa districts.
Why was the release of this information delayed?
The release was delayed due to a fire at the National Information Resource Management Service headquarters that disrupted the Public Ethics System.
As more officials are required to disclose their assets in the coming months, will this increased transparency lead to greater public scrutiny of potential conflicts of interest within the government?
