Last year, wealth grew disproportionately and quickly in the US, where more than 379,000 people became new millionaires, or more than 1,000 a day, a report published yesterday showed.
Private individuals’ net worth rose 4.6 percent worldwide, and by more than 11 percent in the Americas, driven by a stable US dollar and upbeat financial markets, the 2025 Global Wealth Report by UBS Group AG found.
The US accounted for almost 40 percent of global millionaires last year.
Photo: Reuters
In 2023, Europe, the Middle East and Africa led a rebound in global wealth after a decline in 2022.
Greater China — which the report defined as China, Hong Kong and Taiwan — led last year for people with a net worth of US$100,000 to US$1 million, accounting for 28.2 percent, followed by Western Europe with 25.4 percent and North America with 20.9 percent.
However, the majority of people worldwide were below that threshold, with more than 80 percent of adults in the UBS sample having a net worth of under US$100,000. Overall, about 1.6 percent registered a net worth of US$1 million or more, the report said.
Over the next five years, the Swiss bank projects average wealth per adult to grow further, led by the US and, to a lesser extent, Greater China.
The domestic unit of the Chinese-owned, Dutch-headquartered chipmaker Nexperia BV will soon be able to produce semiconductors locally within China, according to two company sources. Nexperia is at the center of a global tug-of-war over critical semiconductor technology, with a Dutch court in February ordering a probe into alleged mismanagement at the company. The geopolitical tussle has disrupted supply chains, with some carmakers reportedly forced to cut production due to chip shortages. Local production would allow Nexperia’s domestic arm, Nexperia Semiconductors (China) Ltd (安世半導體中國), to bypass restrictions in place since October on the supply of silicon wafers — etched with tiny components to
Singapore-based ride-hailing and delivery giant Grab Holdings Ltd has applied for regulatory approval to acquire the Taiwan operations of Germany-based Delivery Hero SE's Foodpanda in a deal valued at about US$600 million. Grab submitted the filing to the Fair Trade Commission on Friday last week, with the transaction subject to regulatory review and approval, the company said in a statement yesterday. Its independent governance structure would help foster a healthy and competitive market in Taiwan if the deal is approved, Grab said. Grab, which is listed on the NASDAQ, said in the filing that US-based Uber Technologies Inc holds about 13 percent of
Taiwan is open to joining a global liquefied natural gas (LNG) program if one is created, but on the condition that countries provide delivery even in a scenario where there is a conflict with China, an energy department official said yesterday. While Taiwan’s priority is to have enough LNG at home, the nation is open to exploring potential strategic reserves in other countries such as Japan or South Korea, Energy Administration Deputy Director-General Chen Chung-hsien (陳崇憲) said. While the LNG market does not have a global reserve for emergencies like that of oil, the concept has been raised a few times —
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday received government approval to deploy its advanced 3-nanometer (3nm) process at its second fab currently under construction in Japan, the Ministry of Economic Affairs said in a news release. The ministry green-lit the plan for the facility in Kumamoto, which is scheduled to start installing equipment and come online in 2028 with a monthly production capacity of 15,000 12-inch wafers, the ministry said. The Department of Investment Review in June 2024 authorized a US$5.26 billion investment for the facility, slated to manufacture 6- to 12nm chips, significantly less advanced than 3nm process. At a meeting with
RSS