SEOUL , South Korea ( CNN ) -- Donating to charity itself is a relatively new phenomenon in a society that traditionally values family units . President Lee Myung-Bak is criticized by opposition parties who say he supports policies that favor the rich . So the announcement that South Korean President Lee Myung-Bak will be donating $ 26 million , the bulk of his wealth , to charity , is considered highly unusual . The president 's office said the money will be used to set up a new youth scholarship program . `` My fortune , which I accumulated through hard work during my life , is very precious to me , '' said Lee in a statement . `` I have long thought that it would be good if my wealth was spent for society in a valuable way . '' Lee , who came to office last February , promised to donate his personal wealth to society in late 2007 when he was accused of amassing his fortune through illegal means . He was since been cleared of all charges . But he is now facing criticism from opposition parties who say he supports policies that favor the rich . Lee is a former CEO of Hyundai Construction and the Seoul mayor . But he emphasizes his impoverished beginnings , as a poor young man who had to earn his college tuition cleaning streets . `` Looking back , I realize that all of those who helped me were poor , '' said Lee in the statement . `` I know that the best way for me to pay back such kindness is to give back to society what I earned . '' Analysts say this move will hopefully encourage many others to follow .
President Lee Myung-Bak to donate $ 26 million , the bulk of his wealth , to charity . President 's office says money will be used to set up youth scholarship program . Comment: He was since been cleared of all charges .