Seoul Mayor Oh Se-hoon reported personal assets worth 5.9 billion won ($4.88 million) as of the end of last year, the largest among the 14 heads of metropolitan governments across the country, a government gazette showed Thursday.

According to the Public Service Ethics Committee gazette on the financial statements of high-ranking officials, Oh's net wealth, including those of his direct family members, rose by 1.02 billion won compared to the previous amount reported in July of last year.

Oh's office cited the reduction of debt incurred while running for the Seoul mayoral by-election race in April of last year as the main reason for the net wealth increase. "The 1.08-billion-won debt borrowed to run the race was repaid after election expenditures were later reimbursed," the office said.

Combined building assets were worth 3.6 billion won, while bank savings reached 2.19 billion won. Stock holdings were reported to be worth 241 million won. (Yonhap)