Taiwan has overtaken South Korea this year in per capita income for the first time in 23 years, IMF data showed.
Per capita income is a nation’s GDP divided by the total population, used to compare average wealth levels across countries.
Taiwan also beat Japan this year on per capita income, after surpassing it for the first time last year, US magazine Newsweek reported yesterday.
Photo: EPA-EFE
Across Asia, Taiwan ranked fourth for per capita income at US$37,827 this year due to sustained economic growth, the report said.
In the top three spots were Singapore, Macau and Hong Kong, it said.
South Korea ranked fifth at US$35,960, while Japan was in sixth place at US$34,720, it said.
Taiwan’s improved per capita income could be attributed to Taiwan Semiconductor Manufacturing Co as the world’s largest contract producer of microchips, the rise of artificial intelligence and its reputation as the “Silicon Island,” National Development Council Minister Yeh Chun-hsien (葉俊顯) was quoted as saying in the article.
China’s per capita income was US$13,810 this year, ranked in ninth place after South Korea, Japan, Brunei and Malaysia, the report said.
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