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.”
GEARING UP: An invasion would be difficult and would strain China’s forces, but it has conducted large-scale training supporting an invasion scenario, the report said China increased its military pressure on Taiwan last year and took other steps in preparation for a potential invasion, an annual report published by the US Department of Defense on Wednesday showed. “Throughout 2023, Beijing continued to erode longstanding norms in and around Taiwan by employing a range of pressure tactics against Taiwan,” the report said, which is titled “Military and Security Developments Involving the People’s Republic of China (PRC) 2024.” The Chinese People’s Liberation Army (PLA) “is preparing for a contingency to unify Taiwan with the PRC by force, if perceived as necessary by Beijing, while simultaneously deterring, delaying or denying
PEACEFUL RESOLUTION: A statement issued following a meeting between Australia and Britain reiterated support for Taiwan and opposition to change in the Taiwan Strait Canada should support the peaceful resolution of Taiwan’s destiny according to the will of Taiwanese, Canadian lawmakers said in a resolution marking the second anniversary of that nation’s Indo-Pacific strategy on Monday. The Canadian House of Commons committee on Canada-Chinese relations made the comment as part of 34 recommendations for the new edition of the strategy, adding that Ottawa should back Taiwan’s meaningful participation in international organizations. Canada’s Indo-Pacific Strategy, first published in October 2022, emphasized that the region’s security, trade, human rights, democracy and environmental protection would play a crucial role in shaping Canada’s future. The strategy called for Canada to deepen
QUICK LOOK: The amendments include stricter recall requirements and Constitutional Court procedures, as well as a big increase in local governments’ budgets Portions of controversial amendments to tighten requirements for recalling officials and Constitutional Court procedures were passed by opposition lawmakers yesterday following clashes between lawmakers in the morning, as Democratic Progressive Party (DPP) members tried to block Chinese Nationalist Party (KMT) legislators from entering the chamber. Parts of the Public Officials Election and Recall Act (公職人員選舉罷免法) and Constitutional Court Procedure Act (憲法訴訟法) passed the third reading yesterday. The legislature was still voting on various amendments to the Act Governing the Allocation of Government Revenues and Expenditures (財政收支劃分法) as of press time last night, after the session was extended to midnight. Amendments to Article 4
‘ONE BRIDGE’: The US president-elect met with Akie Abe on Dec. 15 in Florida and the two discussed a potential Taiwan-China conflict’s implications for world peace US president-elect Donald Trump has described Taiwan as “a major issue for world peace” during a meeting with Akie Abe, the widow of late Japanese prime minister Shinzo Abe, Japanese newspaper the Yomiuri Shimbun quoted sources as saying in a report yesterday. Trump met with Akie Abe on Dec. 15 at the Mar-a-Lago estate in Florida, where the two discussed the Russo-Ukrainian war and the situation in the Taiwan Strait. During the meeting, Trump spoke on the implications for world peace of a potential Taiwan-China conflict, which “indicated his administration’s stance of placing importance on dealing with the situation in
RSS