According to the news on Wednesday night, Former President Kim Young Sam will donate his wealth to the society. He was the president of South Korea from 1993 to 1998, succeeded by Kim Dae Jung.
The former president’s wealth is said to be worth 5 billion won (about 4.4 million USD or 195 million PHP). In the article by Korea Times, he was quoted “Everything ends when we die, and we don’t live infinitely. I don’t see the need to pass on what I have to my children and I think it’s best to donate to society.” He surely reminds me of someone I know very well who donated part of his wealth to a university almost two years ago (and yet he wouldn’t even use the heater at his home in the winter!)
The current president, Lee Myung Bak also donated about 33 billion won (about 29 million USD or 1.3 billion PHP) to society. South Korean presidents are provided with lifetime pension upon retirement. The state also provides them with a home of their choice.