Total wealth in the nation increased by US$387 billion from January last year to June this year and Taiwan is among the largest contributors of global wealth growth, a Western bank said on Wednesday.
Average wealth in Taiwan is US$161,000, well above that of even the most successful developing and transitional countries, and it approaches that of some countries in Western Europe, the Credit Suisse Research Institute said.
In its second Global Wealth Report, the institute said that compared with the rest of the world, wealth distribution in Taiwan is skewed toward the high end, with 43.5 percent of adults owning between US$10,000 and US$100,000, double the world average, and 31.5 percent of adults owning more than US$100,000, three times the global average.
The number of millionaires in Taiwan is expected to increase from 343,000 this year to 503,000 in 2016, a 47 percent growth rate, the institute said.
The Asia-Pacific region has emerged as the key contributor of global wealth growth, accounting for 36 percent of all global wealth creation since 2000 and 54 percent since January last year.
Total global wealth has increased 14 percent from US$203 trillion in January last year to US$231 trillion in June this year.
Emerging markets remain the main wealth growth engine, with the fastest growth seen in Latin America, Africa and Asia.
In the next five years, global wealth is expected to rise by 50 percent to US$345 trillion and wealth per adult to increase 40 percent to reach US$70,700, led by growth in emerging markets.
Osama Abbasi, chief executive officer for Asia-Pacific at Credit Suisse, said the Global Wealth Report reconfirms again that these are times of unprecedented economic change and a radical reconfiguration of the world’s economic order is taking shape.
The report, which analyzed the wealth distribution of all the 4.5 billion adults in the world in more than 200 countries, showed that the US stood out as the largest wealth generator in the world over the 18 months, adding US$4.6 trillion to global wealth.
The Asia-Pacific region was the main contributor to the rise in global wealth during the period, with China, Japan, Australia and India among the top six contributors to global wealth accumulation.
Total household wealth in the region increased 23 percent from US$61 trillion in January last year to US$75 trillion in June this year.
That sharply contrasted with the 9.2 percent and 4.8 percent total wealth growth in North America and Europe over the same period respectively, reflective of the global trend of the continued shift of economic power from the developed world to emerging economies.
BYPASSING CHINA TARIFFS: In the first five months of this year, Foxconn sent US$4.4bn of iPhones to the US from India, compared with US$3.7bn in the whole of last year Nearly all the iPhones exported by Foxconn Technology Group (富士康科技集團) from India went to the US between March and last month, customs data showed, far above last year’s average of 50 percent and a clear sign of Apple Inc’s efforts to bypass high US tariffs imposed on China. The numbers, being reported by Reuters for the first time, show that Apple has realigned its India exports to almost exclusively serve the US market, when previously the devices were more widely distributed to nations including the Netherlands and the Czech Republic. During March to last month, Foxconn, known as Hon Hai Precision Industry
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and the University of Tokyo (UTokyo) yesterday announced the launch of the TSMC-UTokyo Lab to promote advanced semiconductor research, education and talent development. The lab is TSMC’s first laboratory collaboration with a university outside Taiwan, the company said in a statement. The lab would leverage “the extensive knowledge, experience, and creativity” of both institutions, the company said. It is located in the Asano Section of UTokyo’s Hongo, Tokyo, campus and would be managed by UTokyo faculty, guided by directors from UTokyo and TSMC, the company said. TSMC began working with UTokyo in 2019, resulting in 21 research projects,
Ashton Hall’s morning routine involves dunking his head in iced Saratoga Spring Water. For the company that sells the bottled water — Hall’s brand of choice for drinking, brushing his teeth and submerging himself — that is fantastic news. “We’re so thankful to this incredible fitness influencer called Ashton Hall,” Saratoga owner Primo Brands Corp’s CEO Robbert Rietbroek said on an earnings call after Hall’s morning routine video went viral. “He really helped put our brand on the map.” Primo Brands, which was not affiliated with Hall when he made his video, is among the increasing number of companies benefiting from influencer
Taiwan’s property market is entering a freeze, with mortgage activity across the nation’s six largest cities plummeting in the first quarter, H&B Realty Co (住商不動產) said yesterday, citing mounting pressure on housing demand amid tighter lending rules and regulatory curbs. Mortgage applications in Taipei, New Taipei City, Taoyuan, Taichung, Tainan and Kaohsiung totaled 28,078 from January to March, a sharp 36.3 percent decline from 44,082 in the same period last year, the nation’s largest real-estate brokerage by franchise said, citing data from the Joint Credit Information Center (JCIC, 聯徵中心). “The simultaneous decline across all six cities reflects just how drastically the market
RSS