Taiwan’s average net wealth per household reached a record NT$18.89 million (US$589,999) at the end of 2023, an annual gain of NT$1.16 million, or 6.56 percent, the Directorate-General of Budget, Accounting and Statistics (DGBAS) said on Tuesday.
The 2023 number, adjusted after re-evaluating land at the market price, included NT$5.76 million in real estate, NT$3.41 million in securities, NT$2.38 million in time deposits and foreign currency deposits, NT$4.11 million in life insurance and pension fund reserves, and NT$2.56 million in cash and demand deposits, the agency said in a report.
The rise in the average household wealth in 2023 was mainly due to a 26.83 percent increase in the TAIEX, which contributed to an increase of NT$610,000 in the value of securities, while the effect of interest rate hikes helped boost the value of time deposits and foreign currency deposits by NT$160,000, the agency said.
Photo: I-Hwa Cheng, AFP
However, soaring housing prices and rising mortgage rates pushed average household debt to a new high of NT$2.42 million in 2023, up NT$110,000 from the previous year, the report said.
In 2023, real estate remained the largest asset category for Taiwanese households, accounting for 30.49 percent of the average household wealth, followed by life insurance and pension fund reserves at 21.76 percent, and securities at 18.05 percent, the report showed.
The continued rise in life insurance and pension fund reserves reflects the increase in the average life expectancy of people in Taiwan, as well as the growth in the income of the labor retirement fund, the report said.
Excluding those, average net household wealth stood at NT$14.77 million in 2023, a gain of NT$1.05 million, or 7.65 percent, from the previous year, it added.
Overall, Taiwan’s gross national wealth was NT$320.48 trillion in 2023, an increase of NT$9.89 trillion, or 3.18 percent, from the previous year, while net national wealth was NT$252.82 trillion, also a gain of NT$5.81 trillion, or 2.35 percent, from a year earlier, the report said.
National wealth statistics represent the current value of all goods owned by households, nonprofit groups, nonfinancial businesses, financial institutions and the government in a nation at the end of a year, the report said.
Gross national wealth is the total value of net assets on current prices owned by the five sectors, while net national wealth represents the assets’ value of gross national wealth with depreciation and liabilities deducted, it said.
After several years flying high as Asia’s best Nvidia Corp proxy, Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is increasingly vying with other artificial intelligence (AI) stocks for investor attention. Stock traders are chasing a wider array of beneficiaries as mainstream usage of AI creates demand for hardware beyond the most-advanced chips TSMC makes for Nvidia. Subthemes from the deepening memory crunch to advances in robotics are also luring bids. At the same time, investment caps on single stocks are pushing funds to diversify, while retail investors long familiar with TSMC through its US depositary receipts are being offered a broader set of
UNDER MICROSCOPE: Taiwan detained three people who allegedly conspired to buy servers in Taiwan and export them using fraudulent documentation, prosecutors said Nvidia Corp chief executive officer Jensen Huang (黃仁勳) on Saturday urged Super Micro Computer Inc to tighten up on compliance after Taiwan detained three people this week for allegedly making fraudulent declarations about artificial intelligence (AI) servers made by its US partner. The development marked the nation’s first crackdown on semiconductor smuggling, which grew after the US slapped restrictions on exports of high-end chips such as Nvidia AI accelerators to China. Nvidia is “rigorous” in explaining regulations to all of its partners, Huang told reporters after arriving in Taipei. “Ultimately Super Micro has to run their own company,” he said in response to
TECH RELIANCE: Growth is increasingly reflecting an unequal K-shaped distribution, where technology sectors outperform and other industries struggle, an expert said Standard Chartered Bank has significantly raised its forecast for Taiwan’s economic growth to 9.5 percent this year, up from 7.6 percent previously, citing surging artificial intelligence (AI) demand driving exports, semiconductor production and investment. The upgrade reflects a sustained AI supercycle that continues to fuel demand for advanced chips and technology infrastructure, which form the backbone of Taiwan’s exports, the bank said in a report this week. “We raise our 2026 growth forecast to reflect a much stronger-than-expected first-quarter GDP figure,” Standard Chartered senior economist for greater China and Asia Tommy Wu (胡東安) said in the report. Driven largely by a 35.3 percent
Two of Taiwan’s international carriers, Starlux Airlines Co (星宇航空) and EVA Airways Corp (長榮航空), have retained the five-star airline rating awarded by international airline review organization Skytrax. Starlux was awarded the distinction for a second consecutive year, while EVA Air received it for the 11th straight year, Skytrax said in statements released yesterday and on Thursday last week, respectively. The five-star rating is considered one of the airline industry's highest honors and is awarded following professional audits of airline product and frontline service standards, Skytrax said. The ratings are based on in-depth assessments using unified global quality standards rather than customer review scores
RSS