Taiwan is to see a surge in millionaires by 2028, outgrowing the rest of the world, a UBS report published on Wednesday said.
The number of adults worth more than US$1 million would have risen in 52 of 56 markets by 2028, UBS said in its UBS Global Wealth Report 2024. The fastest growth in millionaires — 47 percent — was expected to be in Taiwan, driven by the country’s microchip industry.
Overall, in dollar terms, global wealth grew by 4.2 percent last year, after a decline of 3 percent in 2022, the study said.
Photo: Aly Song, Reuters
UBS said that over the 15 years it has published its report, the Asia-Pacific region has posted the biggest growth in wealth, up almost 177 percent, followed by the Americas at about 146 percent, while Europe, the Middle East and Africa (EMEA) was up 44 percent.
However, Asia-Pacific had also seen the sharpest increase in debt, the report said. Total debt in the region was up by more 192 percent since 2008, more than 20 times the growth in EMEA and almost four times the rise for the Americas.
The UK is likely to lose about one in six of its US dollar millionaires by 2028, but their number is set to grow in other countries, including the US, and surge in Taiwan, it said.
The number of US dollar millionaires in the UK would fall by 17 percent from 3,061,553 last year to 2,542,464 in 2028. It also forecast a 4 percent fall in the Netherlands from 1,231,625 to 1,179,328.
The shift away from the UK partly reflected the fact that, with the third-highest number of millionaires, its figure was currently “disproportionately high,” UBS Global Wealth Management chief economist Paul Donovan said.
“You have obviously seen in the UK, over the last few years, as you have seen in other countries, implications arising from sanctions against Russia,” Donovan told a press conference.
Elon Musk’s lieutenants have reached out to chip industry suppliers, including Applied Materials Inc, Tokyo Electron Ltd and Lam Research Corp, for his envisioned Terafab, early steps in an audacious and likely arduous attempt to break into the production of cutting-edge chips. Staff working for the joint venture between Tesla Inc and Space Exploration Technologies Corp (SpaceX) have sought price quotes and delivery times for an array of chipmaking gear, people familiar with the matter said. In past weeks, they’ve contacted makers of photomasks, substrates, etchers, depositors, cleaning devices, testers and other tools, according to the people, who asked not to
Taichung reported the steepest fall in completed home prices among the six special municipalities in the first quarter of this year, data compiled by Taiwan Realty Co (台灣房屋) showed yesterday. From January through last month, the average transaction price for completed homes in Taichung fell 8 percent from a year earlier to NT$299,000 (US$9,483) per ping (3.3m²), said Taiwan Realty, which compiled the data based on the government’s price registration platform. The decline could be attributed to many home buyers choosing relatively affordable used homes to live in themselves, instead of newly built homes in the city’s prime property market, Taiwan Realty
JET JUICE: The war on Iran’s secondary effects have seen fuel prices skyrocket, knocking flight schedules down to earth in return as airlines struggle with costs Airline passengers should brace for more irritation in the next few months as carriers worldwide cancel flights and ground planes to cope with stratospheric increases in jet-fuel prices. Dutch flag carrier KLM is the latest company to cut its schedule, saying on Thursday that it would scrap 80 return flights at Amsterdam’s Schiphol Airport in the coming month. That puts it in the same league as United Airlines Holdings Inc, Deutsche Lufthansa AG and Cathay Pacific Airways Ltd, which have all pruned itineraries to mitigate costs. Global capacity for next month has been reduced by about 3 percentage points, with all
Taiwan is attracting a growing number of foreign jobseekers as companies increasingly recruit overseas talent to ease labor shortages and expand global reach, recruitment platform 104 Job Bank (104人力銀行) said yesterday. More than 40,000 foreign nationals searched for jobs in Taiwan through the platform last year, a 28 percent increase from a year earlier, the company said. Malaysians accounted for the largest share of overseas jobseekers at 12.2 percent, followed by Indonesians at 11.9 percent and Vietnamese at 10.8 percent. Indonesian applicants surged more than 50 percent year-on-year, while Vietnamese jobseekers rose by more than 30 percent. Applicants from the
RSS