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.
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.”
BLUE WAVE: The KMT’s Chiang Wan-an defeated the DPP’s Chen Shih-chung and is to become Taipei mayor, while President Tsai Ing-wen stepped down as DPP chairperson after many of the party’s candidates, handpicked by the leadership, performed poorly The Chinese Nationalist Party (KMT) yesterday flipped key mayoral seats in Taipei, Taoyuan and Keelung, and won control of 13 out of 22 cities and counties in the nine-in-one local elections. President Tsai Ing-wen (蔡英文) last night resigned as Democratic Progressive Party (DPP) chairperson over a poor showing by the party’s candidates, who were handpicked by the DPP leadership rather than chosen through primaries. The Taiwan People’s Party (TPP) won its first high-profile race with Hsinchu mayoral candidate Ann Kao (高虹安) defeating Shen Hui-hung (沈慧虹) of the DPP with 45.02 percent of the vote to Shen’s 35.68 percent. Voters were choosing more than
UNDETERRED: The US chip designer’s plan showed that Taiwan remains attractive for investment by global companies despite cross-strait tensions, Wang Mei-hua said US graphics chip designer Nvidia Corp is planning to relocate its Hong Kong-based logistics center to Taiwan, Minister of Economic Affairs Wang Mei-hua (王美花) said on Wednesday. The government had been in discussions with Nvidia regarding tax incentives to facilitate the move since last year, Wang said in an interview with the Central News Agency, adding that the two sides had reached a consensus. Wang did not provide details about the timetable for the move or the planned tax arrangements for Nvidia. The relocation would boost the local economy, as Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is a major supplier of graphics processing
Kaohsiung police last week busted a money laundering operation suspected of seeking to interfere in tomorrow’s local elections. The operation was allegedly headed by a man surnamed Lee (李), who had received NT$9.5 billion (US$306.18 million) from China over the past six months, Kaohsiung police said yesterday, adding that Lee’s ring is suspected to be part of a larger Chinese effort to interfere in the elections and support pro-China candidates. Officers arrested Lee, 35, and his girlfriend, searched his mansion, and seized the money he had allegedly received from China and three luxury vehicles, police said. The operation was disguised as an online
‘NEWEST’: The company’s Arizona plant is to produce 5-nanometer chips in the initial stage and would later manufacture 3-nanometer chips, Morris Chang said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) founder Morris Chang (張忠謀) yesterday confirmed that the company plans to produce its most advanced 3-nanometer chips in the US as part of the company’s phase 2 plan at its plant in Phoenix, Arizona. The 91-year-old entrepreneur, who has been appointed as Taiwan’s envoy to APEC six times, yesterday morning held a news conference at the Presidential Office Building to discuss his delegation’s accomplishments at this year’s APEC Economic Leaders’ Week in Bangkok, which ended on Saturday. He was asked whether TSMC has plans to build advanced chips in the US. “TSMC’s plant in Arizona is