Defense Minister Nominee Ahn Kyu-baek Attributes Wealth Increase to Stock Market Surge

On July 15, during a confirmation hearing held by the National Defense Committee in Yeouido, Seoul, Ahn Kyu-baek, the nominee for Minister of National Defense, addressed inquiries regarding a significant increase in his wealth over the past six months, amounting to 640 million KRW. He attributed this growth primarily to the recent bullish trends in the stock market, bringing his family's total assets to approximately 7.2 billion KRW.

During the hearing, Representative Kang Seon-young of the People Power Party raised questions about the rapid accumulation of Ahn's wealth. He pointed out discrepancies between Ahn's asset declarations from June 27, when he was nominated, and the end of 2024, noting a 300 million KRW increase in deposits and a 340 million KRW rise in securities within just six months. Kang expressed skepticism, questioning whether such growth could solely be attributed to savings and bonds, especially considering Ahn's and his spouse's combined earnings over 17 years, which total 3.2 billion KRW. He expressed concern over how Ahn managed to accumulate 7.2 billion KRW while raising three children.

In response, Ahn stated, "I only recently learned about the 300 million KRW increase in deposits. I do not manage investments myself; I rely on investment professionals." He added, "Fortunately, the stock market has been thriving, which has contributed to this increase in deposits over the last six months." Ahn clarified that he has no real estate holdings and only manages bonds, deposits, and funds. He also mentioned that his children have been fortunate enough to receive full scholarships, alleviating any educational expenses.

According to the asset declaration submitted to the National Assembly, Ahn's total wealth, including that of his spouse and three children, amounts to 7.178 billion KRW, primarily composed of deposits and securities, with some real estate.

Ahn reported personal assets of approximately 4.194 billion KRW, including 2.907 billion KRW in deposits and 1.291 billion KRW in securities, alongside a debt of 35 million KRW. His spouse's assets were reported at around 2.78 billion KRW, consisting of 1.999 billion KRW in deposits and an apartment in Dongdaemun-gu, Seoul, valued at 695 million KRW. Their eldest son reported 750 million KRW in deposits, while the second son reported 470 million KRW. The youngest son holds around 200 million KRW in deposits and securities worth 900 million KRW. Ahn, who entered politics as a member of the Peace Democratic Party, has served five consecutive terms as a National Assembly member from the 18th to the 22nd.