Half of high-ranking officials own multiple homes

SEOUL, November 18 (AJP) - Nearly half of high-ranking government officials including lawmakers own two or more homes, a recent analysis shows.

The analysis of some 2,581 senior officials, released by corporate tracker Leaders Index on Tuesday, found that 48.8 percent hold multiple homes, with 17.8 percent owning at least three.

Real estate accounts for 58.7 percent of their total assets estimated at 5.71 trillion won. Apartments make up 58.9 percent, followed by sprawling private residences at 16.6 percent, multi-unit buildings at 8.6 percent, and others.

Government officials own an average of 1.89 homes each, local government heads 1.87, and lawmakers 1.41. Nearly 30 percent of these properties, worth 1.33 trillion won, are concentrated in Seoul's affluent districts of Gangnam, Seocho and Songpa, south of the Han River.

Cho Sung-myung, a district chief of Gangnam, owns the most properties, with 42 residential units and buildings.

Among lawmakers, Park Min-kyu of the ruling Democratic Party (DP) owns the most, with more than a dozen properties including an apartment in Seocho and 11 studios in Gwanak, southwestern Seoul.

* This article, published by Aju Business Daily, was translated by AI and edited by AJP.