SEOUL - North Korea`s ailing leader Kim Jong-Il is transferring his secret personal wealth to his youngest son and likely successor, a Seoul-based radio station said Wednesday.

The transfer of money has been managed by Ri Chol, who stepped down in April as the communist country`s ambassador to Switzerland, said Open Radio for North Korea, which specialises in North Korean news.

Ri has been considered one of Kim`s closest aides and looks after his secret funds abroad, it said.

Analysts say Kim`s personal funds have been dwindling because of economic difficulties and tightened international sanctions on the reclusive communist state.

There have been widespread reports that Kim Jong-Un, 27, is being groomed to take over from his 68-year-old father, who suffered a stroke in August 2008.

Some analysts say the North is likely to designate Kim Jong-Un as the leader`s political heir when it convenes a rare meeting of key communist party delegates in September.

South Korea`s spy chief Won Sei-Hoon said last month that Kim Jong-Il`s poor health was driving him to speed up preparations to transfer power to his son, who has been taking a greater role in policy-making.

Kim Jong-Il took over from his own father, founding president Kim Il-Sung who died in 1994, in the communist world`s only dynastic succession.

BDST: 1201 HRS, July 29, 2010