Sangwook Kim's Assets Soar from 3.75 Billion to 5 Billion Won: "Invested All My Assets in Funds on President Lee's Advice"

From 3.76 Billion Won at the Time of the Election to 5 Billion Won Now
"Public Officials, Invest in Funds"

Sangwook Kim, Mayor of Ulsan Metropolitan City, whose assets increased by more than 1.2 billion won just four months after the June 3 local elections, explained the background for the surge by stating, "I put all my assets into funds."

Sangwook Kim, Mayor of Ulsan Metropolitan City. Democratic Party YouTube channel 'Minty07'

On the 29th, appearing on the Democratic Party's YouTube channel 'Minty07,' Mayor Kim addressed being reported as the metropolitan mayor with the largest declared assets after the property disclosure, saying, "I've been getting calls since early morning with people asking, 'Why did your assets suddenly increase?'" He continued, "I want to take this opportunity to tell public officials across the country, 'If you want to make money, invest in funds.' I put all my assets into funds."

Mayor Kim shared, "Last year, President Lee Jaemyung also told members of the National Assembly to invest in funds. At that time, I put all my assets into funds." However, he added, "Now, the value has fallen quite a bit."

Regarding the appearance that his assets increased significantly over a short period, he clarified that the change was not due to new income but rather the result of fluctuations in the valuation of the funds he holds. Mayor Kim stated, "Since the article is out, I have to explain," emphasizing, "It is a legitimate increase in valuation through funds."

According to the property registration details disclosed on the government Public Official Ethics System and in the official gazette by the Government Public Official Ethics Committee under the Ministry of Personnel Management, Mayor Kim’s total assets were recorded at 5,024,590,000 won. This is an increase of approximately 1,266,090,000 won compared to the 3,758,500,000 won he reported when running for the local election.

The majority of this increase came from financial assets. Mayor Kim’s deposits were recorded at 4,580,450,000 won, up 1,218,470,000 won from the previous period. The reason for this increase was noted as "fund valuation change."

Among the 13 newly appointed metropolitan mayors subject to this round of property disclosure, Mayor Kim reported the largest amount of assets.

The average assets for all 563 newly elected officials were 1,354,200,000 won. By position, the 9 city and provincial superintendents of education had the highest average assets at 2,101,520,000 won; the 13 metropolitan mayors had an average of 1,993,390,000 won; the 98 basic government officials had an average of 1,697,380,000 won; and the 443 metropolitan council members had an average of 1,244,340,000 won.

The individual with the highest declared assets among all newly elected officials was Ki Young Choi, head of Bonghwa County, who reported a total of 34,921,760,000 won.

This content was produced with the assistance of AI translation services.