Former President Kim Young-sam said Wednesday that he will donate all of his personal property worth over 5 billion won (US$4.44 million).
"I'll give back all my property to society, including land on Geoje Island. I'll donate this (Seoul) house as well, and nothing will go to my children," Kim, who served as president from 1993 to 1998, said when receiving a New Year's visit from ruling Grand National Party chairman Ahn Sang-soo at his home in southern Seoul.
According to Kim's aides, his house in Seoul and real estate in his hometown of Geoje, off the country's southern coast, will be contributed to a foundation named after him, and his birthplace home will be donated to the city of Geoje.
Kim's wealth is estimated to be valued at 5 billion won in total.
Incumbent President Lee Myung-bak donated the bulk of his lifetime savings of over 33.2 billion won (US$26.2 million) in 2009, fulfilling a campaign pledge to use his personal wealth not for his family, but for those who are in need.