South Korea’s new president, Lee Myung-Bak, promised on Sunday to donate his salary to the poor, reports CNN.com.

Mr. Lee is the former chief executive of an engineering and construction company and has a large personal fortune. While serving as the mayor of Seoul from 2002 to 2004, he donated his salary to the children of street cleaners and firefighters.

During the election campaign, Mr. Lee said he would donate his entire personal fortune of more than $30.2-million to the poor, and he said he would keep only a retirement house in Seoul.