Lowest Average Recorded, Reveals Wealth Disparities and Disclosure Shortcomings

The average financial and property assets of 465 members of the Lower House were 26.69 million yen ($183,000). This figure represents the lowest average since the asset disclosure system was implemented in 1993 to increase public scrutiny of lawmakers' finances.

These calculations were based on reports filed by those who secured seats in October. The Lower House released these filings on April 7, in accordance with the law requiring disclosure of Diet members' assets. The calculations encompassed land and buildings, time deposits, and securities, excluding stocks. The standard taxable value for property tax was used to assess land and buildings.

The average asset value varied between political parties. Ruling Liberal Democratic Party lawmakers held an average of 41.63 million yen, while lawmakers from the main opposition Constitutional Democratic Party of Japan averaged 15.01 million yen.

Among party leaders, Tetsuo Saito, head of Komeito, the junior coalition partner, had the highest reported assets at 220.44 million yen. Seiji Maehara, co-representative of the Japan Innovation Party, followed with 38.18 million yen, and CDP leader Yoshihiko Noda reported 23.25 million yen. Prime Minister Shigeru Ishiba, the LDP president, reported 15.55 million yen, ranking him fourth among party leaders.

Taro Aso, supreme advisor to the LDP, possessed the largest amount of assets among all Lower House members, totaling 601.53 million yen. His assets included land and buildings in various locations. Aso had also reported the largest amount of assets in the previous disclosure following the 2021 Lower House election.

While the top 20 members held a combined 43 percent of the total assets, 94 Lower House members, approximately 20 percent, reported no assets. This group included about 30 percent of the 92 first-time Lower House members, excluding those who previously served in the Upper House. Former Environment Minister Shinjiro Koizumi of the LDP and Yuichiro Tamaki, head of the Democratic Party for the People, also reported no assets.

However, the disclosed figures only provide a partial view of the financial picture. Assets held in the names of family members are not subject to disclosure. Furthermore, while time deposits must be reported, ordinary and current deposits are not. The system does not require certification documents, and false entries are not penalized. Crypto assets are also excluded from the disclosure requirements.

The law governing the disclosure of Diet members’ assets, established in 1992, covers "securities" as defined by the Financial Instruments and Exchange Law. These securities include stocks and other financial instruments but not crypto assets. Some experts have suggested that the asset disclosure system should be updated to include crypto assets.