A former senior South Korean government official who holds more than 840,000 Samsung Electronics (005930.KS) shares saw his reported wealth grow by more than 117.2 billion won ($81 million) in just seven months. That works out to an average gain of 16.7 billion won a month, or roughly 550 million won a day.
Lee Se-woong, former governor of North Pyongan Province, declared total assets of 275.95 billion won in a filing tied to his departure from office, according to disclosures of senior officials' asset holdings published in the official gazette by the Government Public Ethics Committee on the 23rd. The figure is up 117.23 billion won, or 73.9%, from the 158.72 billion won he reported in March. Both his total assets and the size of the increase were the largest among the 82 officials covered in this round of disclosures.
Stocks drove nearly all of the gain. The appraised value of listed shares held in Lee's own name rose by 115.94 billion won to 219.13 billion won from 103.19 billion won. That accounts for about 99% of his total asset increase.
Samsung Electronics shares stand out. Lee reported holding 840,500 shares of the chipmaker. His holdings fell by 10,600 shares from his previous filing, but he kept most of the stake intact, allowing the stock's rise to flow through to his declared wealth.
He also reported 18,469 shares of Korean Air (003490.KS), 2,845 shares of LG Electronics (066570.KS), 1,907 shares of Hanjin KAL (180640.KS), 1,321 shares of Kia (000270.KS) and 308 shares of LG. In unlisted stock, he declared 7,768 shares of Shinil Enterprise, valued at 2.4 billion won.
His spouse holds listed shares worth a combined 1.04 billion won, including 3,585 shares of Daewoo Engineering & Construction (047040.KS), 2,060 shares of POSCO International (047050.KS) and 4,966 shares of KB Financial Group (105560.KS).
Lee also holds real estate worth tens of billions of won. His declared land holdings totaled 38.2 billion won, up 843 million won from the previous filing. The most valuable is a stake in forest land in Bangbae-dong, Seocho-gu, Seoul, covering 125,237 square meters and declared at 14.09 billion won. He also owns forest land in Beon-dong, Gangbuk-gu, Seoul, valued at 4.45 billion won, forest land in Siheung-dong, Geumcheon-gu, and several lots of building land in the Jangchung-dong 1-ga area of Jung-gu.
Among buildings, he declared a detached house in Jangchung-dong 1-ga, Jung-gu, Seoul, with a lot area of 1,491.10 square meters and a floor area of 908.18 square meters, at 9.52 billion won. Rising government-assessed prices lifted that value by 389 million won from his previous filing.
Bank deposits held in his and his spouse's names total 5.14 billion won. He has no debt after repaying a 500 million won loan from Mirae Asset Securities (006800.KS). He owns two vehicles: a 2025 Genesis G90 long-wheelbase sedan valued at 140.6 million won and a 2015 Mercedes-Benz S500. His spouse holds golf club memberships at Yongpyong, Oak Valley and New Korea worth a combined 301.3 million won, along with a condominium membership at Oak Valley Resort worth 31 million won. His two sons and a granddaughter declined to disclose their assets, citing financially independent households.
The post Lee held, governor of North Pyongan Province, is a vice-ministerial political appointment under the Committee for the Five Northern Korean Provinces, which operates under the Ministry of the Interior and Safety. The five northern provinces are Hwanghae, South Pyongan, North Pyongan, South Hamgyong and North Hamgyong. The positions are seen as symbolic, covering areas that South Korea's constitution defines as its territory but where it exercises no actual administrative authority. The committee supports organizations of displaced residents from those provinces and handles preservation of local culture and exchange programs.
Lee's successor as North Pyongan governor, Song Nam-soo, declared assets of 2.11 billion won in a first filing. Song was reported to own nine small mixed-use residential and retail buildings of 24 to 30 square meters each in Nongseo-dong, Giheung-gu, Yongin, Gyeonggi Province, all in his own name.
This round of disclosures covers 82 officials, including 23 newly appointed, 17 promoted and 37 who left office. After Lee, the highest total assets were reported by Kim Tae-won, secretary to the president for youth and the future at the Presidential Office, at 16.14 billion won, and Oh Seok-geun, Busan's vice mayor for future innovation, at 8.0 billion won.