[Edaily Reporter Nam Soyeon ] Kim Sang-wook, Mayor of Ulsan Metropolitan City, was found to have the highest total assets among the 13 new metropolitan-level government heads subject to this year’s asset disclosure.

According to asset registration records released by the Government Ethics Committee for Public Officials in the Official Gazette on the 29th, Mayor Kim’s total assets were reported at 5.02459 billion won. Deposits accounted for the majority of his assets, totaling 4.58045 billion won, of which approximately 4.53571 billion won were held in Mayor Kim’s own name.
When Mayor Kim resigned from his seat in the National Assembly to run for mayor (as of the end of April), his reported assets totaled 3.7585 billion won; compared to his previous declaration, this represents an increase of approximately 1.26609 billion won over the course of four months.
The majority of the increase in Mayor Kim’s assets came from bank deposits, which rose by 1.21847 billion won from the previous figure of 3.36197 billion won to 4.58045 billion won. The reason for the change was listed as “fluctuations in fund valuation.”
Coincidentally, Mayor Kim, who appeared on “Minti 07”—the Democratic Party of Korea’s YouTube channel—that same day, found himself having to offer a half-hearted explanation in response to skepticism from some quarters regarding the increase in his assets.
Mayor Kim described the awkward situation, saying, “At midnight tonight, the rankings of metropolitan government heads’ assets were announced, and since I came in first, controversy erupted immediately. I’ve been getting calls since the early hours of the morning asking, ‘Why did your assets suddenly increase?’”
He continued, “I’d like to take this opportunity to address all public officials nationwide. If you want to make money, invest in mutual funds. Don’t accept under-the-table payments; just do as the President instructs.” He added, “Last year, after the President took office, he said, ‘Even members of the National Assembly should invest in mutual funds,’ so I put my entire fortune into a fund.”
Mayor Kim smiled and said, “But the value has dropped quite a bit since then,” while emphasizing, “It’s a fair market value increase resulting from the fund.”
Meanwhile, the scope of this asset disclosure includes 563 newly elected public officials—such as heads of local governments under the committee’s jurisdiction, city and provincial superintendents of education, and members of metropolitan assemblies—as well as 586 retired elected officials and 110 public officials in non-elected positions. Those who retained their positions through re-election and were elected in the local elections are excluded, and the assets of local council members will be disclosed separately by the relevant city or provincial Public Officials’ Ethics Committee.
Looking at the average assets of newly elected officials by position, the figures were as follows: △Heads of metropolitan governments: 1.99339 billion won △Superintendents of education: 2.10152 billion won △Heads of local governments: 1.69738 billion won △Members of metropolitan assemblies: 1.24434 billion won.
In terms of total assets, Choi Ki-young, County Governor of Bonghwa County, North Gyeongsang Province, had the highest amount at 34.92176 billion won.