Taiwan ranked first in Asia and fifth globally in terms of net financial assets per capita, the Allianz Global Wealth Report 2022 said.
With net financial assets per capita of 138,220 euros (US$134,364) by the end of last year, the report classified Taiwan as one of 30 advanced economies out of 57 surveyed, according to the report released by Germany-based Allianz SE on Wednesday.
“In terms of net financial assets, Asia [excluding] Japan has seen important developments in the past two decades, moving from 1,070 euros per capita back in 2000 to 8,710 euros (end-2021),” the report said.
Photo: CNA
While Singapore has increased its net wealth per capita by two-fold in the past decade to 134,150 euros, Taiwan surpassed the city-state to become the richest Asian country in terms of net financial assets per capita, the report said
The US, Switzerland, Denmark and Sweden were the only countries that had higher financial assets per capita than Taiwan, at 259,780 euros, 237,110 euros, 183,610 euros and 146,510 euros respectively.
In terms of gross financial assets per capita, Taiwan ranked ninth in the world with 164,610 euros, after Switzerland, the US, Denmark, Sweden, the Netherlands, Canada, Singapore and Australia.
In the report, Allianz mentioned the ballooning debt ratio in some Asian countries due to booms in the auto and housing industries.
In South Korea, household debt as a percentage of GDP stood at 109.1 percent last year, followed by 90 percent for Thailand and Taiwan.
“For the whole region, the ratio reached 60.6 percent in 2021, making it the only one where liabilities are considerably higher today than a decade ago,” the report said.
Allianz said the global economy prospered last year, with “bullish stock markets powered by monetary policy,” adding that that global financial assets grew by double digits for the third year in a row, reaching 233 trillion euros (an increase of 10.4 percent).
However, it forecast that global financial assets are set to decline this year due to Russia’s war in Ukraine, as “inflation is rampant, energy and food are scarce and monetary tightening is squeezing economies and markets.”
Nvidia Corp yesterday unveiled its new high-speed interconnect technology, NVLink Fusion, with Taiwanese application-specific IC (ASIC) designers Alchip Technologies Ltd (世芯) and MediaTek Inc (聯發科) among the first to adopt the technology to help build semi-custom artificial intelligence (AI) infrastructure for hyperscalers. Nvidia has opened its technology to outside users, as hyperscalers and cloud service providers are building their own cost-effective AI chips, or accelerators, used in AI servers by leveraging ASIC firms’ designing capabilities to reduce their dependence on Nvidia. Previously, NVLink technology was only available for Nvidia’s own AI platform. “NVLink Fusion opens Nvidia’s AI platform and rich ecosystem for
WARNING: From Jan. 1 last year to the end of last month, 89 Taiwanese have gone missing or been detained in China, the MAC said, urging people to carefully consider travel to China Lax enforcement had made virtually moot regulations banning civil servants from making unauthorized visits to China, the Control Yuan said yesterday. Several agencies allowed personnel to travel to China after they submitted explanations for the trip written using artificial intelligence or provided no reason at all, the Control Yuan said in a statement, following an investigation headed by Control Yuan member Lin Wen-cheng (林文程). The probe identified 318 civil servants who traveled to China without permission in the past 10 years, but the true number could be close to 1,000, the Control Yuan said. The public employees investigated were not engaged in national
ALL TOGETHER: Only by including Taiwan can the WHA fully exemplify its commitment to ‘One World for Health,’ the representative offices of eight nations in Taiwan said The representative offices in Taiwan of eight nations yesterday issued a joint statement reiterating their support for Taiwan’s meaningful engagement with the WHO and for Taipei’s participation as an observer at the World Health Assembly (WHA). The joint statement came as Taiwan has not received an invitation to this year’s WHA, which started yesterday and runs until Tuesday next week. This year’s meeting of the decisionmaking body of the WHO in Geneva, Switzerland, would be the ninth consecutive year Taiwan has been excluded. The eight offices, which reaffirmed their support for Taiwan, are the British Office Taipei, the Australian Office Taipei, the
CAUSE AND EFFECT: China’s policies prompted the US to increase its presence in the Indo-Pacific, and Beijing should consider if this outcome is in its best interests, Lai said China has been escalating its military and political pressure on Taiwan for many years, but should reflect on this strategy and think about what is really in its best interest, President William Lai (賴清德) said. Lai made the remark in a YouTube interview with Mindi World News that was broadcast on Saturday, ahead of the first anniversary of his presidential inauguration tomorrow. The US has clearly stated that China is its biggest challenge and threat, with US President Donald Trump and US Secretary of Defense Pete Hegseth repeatedly saying that the US should increase its forces in the Indo-Pacific region