Most Lawmakers Get Richer Despite Runaway Inflation

Nine out of 10 Korean lawmakers' assets increased last year despite soaring inflation.

The average assets of 292 lawmakers excluding three multibillionaires stood at W2.53 billion, which was W144 million more than a year earlier (US$1=W1,299).

People Power Party lawmakers are twice as rich as the opposition with W3.6 billion each versus W1.8 billion for the main opposition Minjoo Party. The figures were unveiled on Friday by the National Assembly Ethics Committee.

Three lawmakers reported assets of over W50 billion and were not counted into the average -- software tycoon Ahn Cheol-soo, Jeon Bong-min and Park Duk-hyum.

New PPP leader Kim Gi-hyeon enjoyed a windfall of W300 million with reported assets totaling W7.5 billion thanks to an increase in the valuation of commercial and residential property he and his wife own in the southeastern port city of Ulsan.

Minjoo Party leader Lee Jae-myung, who has been indicted for corruption, reported W3.4 billion in assets, down around W50 million from a year earlier because he sold his stockholdings in Korea Shipbuilding and Offshore Engineering and Hyundai Heavy Industries when they became a problem due to his membership in the National Assembly Defense Committee.