Taiwanese wealth & Taiwan Economy
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        Taiwan Economy

economically, Taiwan is dependent on Beijing.   tech. & science rely on the US


Credit Suisse, Research Institute, Global Wealth Report (July 2024)


average wealth (USD) Rank median wealth
Swiss 709,612 1 Luxembourg 371,258
Luxembourg 607,524 2 Australia 261,805
Hong Kong 582,000 3 Belgium 256,185
USA 563,862 4 Hong Kong 206,859
Australia 546,184 5 New Zealand 202,525
Denmark 448,802 6 Denmark 193,669
New Zealand 408,231 7 Swiss 171,035
Singapore 397,708 8 UK 163,515
Norway 382,575 9 Norway 152,233
Canada 375,800 10 Canada 142,587


Taiwan 302,511 16 Taiwan 110,521


Wall Street Journal, 2024-4-30: Taiwan's economy got off to a strong start this year, boosted by strong exports as global demand for electronics picks up, benefiting the producer of high-end chips. The research firm projects Taiwan's economic growth at 5.5% this year, well above consensus views.  msn.com/en-us/money/other/taiwan-s-economic-growth-beats-expectations-in-strong-start-to-year/ar-AA1nV5vC   Tracy Qu, Fabiana Negrin Ochoa, Sherry Qin


CSIS.org, 2024-1-19: Relative to other economies in the region and elsewhere, Taiwan’s economy has good fundamentals and fared relatively well There is also concern about overdependence on economic ties with China. That said, there has been a relative decrease in dependence, partly as a result of Taiwan's New Southbound Policy and partly as a result of adaptations to growing U.S.-China tensions.  Another broad concern is the composition of Taiwan's economy.  Yet there are worries that the dominance of semiconductors leaves Taiwan putting its economic eggs in one basket while crowding out opportunities for other industries. However, the overall situation has remained steady.   csis.org/analysis/taiwans-2024-elections-results-and-implications   Brian HartScott Kennedy Jude Blanchette and Bonny Lin


Washington Post, 2024-1-10: Of course Taiwanese people care about the economy,” Lev Nachman said. “But you can't talk about the economy in Taiwan without also talking about how it will navigate economic growth vis-à-vis China, because so much of Taiwan's economy is still tied up with the People's Republic of China.  msn.com/en-us/news/world/taiwan-s-election-explained-what-s-at-stake-and-how-will-china-react/ar-AA1mKepf    Lev Nachman -  a political science scholar at National Chengchi University in Taipei, a former Taiwan Studies Postdoctoral Research Fellow at the Harvard Fairbank Center for China Studies


   Lowy Institute Asia Power Index, 2023 Edition

  Taiwan China Japan Korea Singapore
Economic capability 8th, 13.0 2nd  87.0 3rd   5th 6th
Economic Relationships 12th, 11.1 1st   98.3 3rd 5th 4th
Asia's Comprehensive Power rankings:  1.US 2.Chn 3.Japan 4.India 5. Rus 6. Aus 7. S. Korea 8. Singapore 9.Indonesia
10.Thailand  11.Malaysia 12. Vietnam 13. NZ 14. Taiwan (ROC)


 Country Reports on Human Rights Practices - Taiwan , 2024-4-22  state.gov/reports/2023-country-reports-on-human-rights-practices/taiwan/  :  

n rights of strike   Large enterprises frequently made it difficult for employees to organize an enterprise union; they used methods such as blacklisting union organizers from promotion or relocating them to other divisions. These methods were most common in the technology sector. The right to strike remained highly restricted. Teachers, civil servants, and defense industry employees did not have the right to strike. Workers in industries such as utilities, hospital services, and telecommunication service providers were allowed to strike only if they maintained basic services during the strike. Authorities could prohibit, limit, or break up a strike during a disaster. Workers were allowed to strike only in “adjustment” disputes such as compensation and working schedules, and only after mediation.

n  wage and overtime   Wage and overtime violations were most common in the manufacturing, domestic car, and fisheries sectors employing migrant laborers; however, white-collar workers also faced overtime violations. The most common violation was urging employees to accept extra leave time instead of overtime pay.  Employers were subject to civil but not criminal charges when their employees were involved in fatal accidents due to unsafe working conditions.


TIME, 2023-11-20: Taiwan is the world's 16th-largest trading economy, exchanging $907 billion in goods and services in 2022. It produces 90% of the world's advanced semiconductor chips, which are vital for every industry but especially to the artificial intelligence boomGrowth in Taiwan for 2023 is projected to be 1.61%—its slowest pace in eight years. Beijing only has to lift a ban on Chinese tourists to boost Taiwan's GDP by over 1%, according to Capital Economics.

Fox News, 2024-1-6: The value of Taiwan-China trade in 2022 was worth some $205 billion, despite the DPP ("anti-China" party) being the ruling party.  SCMP (Hong Kong), 2024-1-5: In the first nine months of 2023, mainland China accounted for 35.3 per cent of Taiwan's exports.


At the end of 2022, Taiwan's per capita GDP amounted to $32,756 while Singapore's was $82,808, Japan and South Korea were at $33,815 and $32,255, respectively, according to the World Bank.


Hong Kong


Median wealth per adult (Credit Suisse, Research Institute, 2023 ) US$ 202,410 (world No.3) US$ 108,250
Mean wealth per adult (Credit Suisse, Research Institute, 2023 ) US$ 551,190 US$ 273,790
The average salary (Morgan McKinley, Business Insider, 2023) HK$ 36,583 (about TWD147,204) TWD 48,032 (plus overtime etc TWD 57,045) - storm.mg/lifestyle/4851897
Median salary (UDN, 2023-12-14) about TWD 84,000 about TWD 43,000
Market Capitalization  (UDN, 2023-12-14) more than double of Taiwan's about USD 1.7 trillion


According to Credit Suisse, Research Institute (2023), Taiwanese' "Median wealth per adult", USD 108,250, is higher than Americans' USD107,740 (ubs.com/global/en/family-office-uhnw/reports/global-wealth-report-2023.html)




tbl.: Median wealth per adult (USD), Mean wealth per adult, Credit Suisse, Research Institute (2023)


WSWS.org, 2023-11-29:  low economic growth rates, rising unemployment and social distress will also have a marked impact (on presidential election). Taiwan entered recession in the first quarter of 2023 as GDP contracted by 3.02 percent compared to the same period last year. The economy is expected to grow by just 1.61 percent for the year.  Real estate speculation is fuelling a growing housing crisis. While official unemployment figures remain relatively low overall, youth unemployment for those between 20 and 24 is more than 11 percent.  wsws.org/en/articles/2023/11/29/cjie-n29.html  Peter Symonds


United Daily (Taiwan, 聯合報), 2023-12-16: Taiwan's overall trade surplus in 20222 is US$51.9 billion, but its surplus with China (mainland) is as high as US$156.5 billion. 


ResponsibleStateCraft.org, 2023-7-3: Taiwan's total trade increased to $907 billion in 2022 from $508.4 billion in 2016. While 39 percent of Taiwanese exports went to China and Hong Kong last year, the value of Taipei’s exports to the United States jumped to $74.9 billion — $45 billion more than in 2016.   responsiblestatecraft.org/2023/07/03/taiwan-boosts-economic-diplomacy-despite-chinese-pressure/


Forbes, 2023-5-8: Like The United States, Taiwan Is making efforts to de-couple its economy from China's It is Taiwanese business that is taking the lead,  Taiwanese direct investment into China has plummeted some 81% from the equivalent of $9.0 billion in 2017 to under $1.7 billion last year forbes.com/sites/miltonezrati/2023/05/08/like-the-united-states-taiwan-is-de-coupling-from-china/?sh=2b537deb62c0  Milton Ezrati


Brookings, 2023-4-17: Taiwan is the 21st largest economy in the world and the eighth largest trading partner of the United States.   China accounts for around 23% of Taiwan's overall trade, whereas the United States is around 13%.  brookings.edu/podcast-episode/how-serious-is-the-risk-of-war-over-taiwan/    Richard C Bush  Ryan Hass David Dollar


Denmark's Democracy Perception Index 2023: Government Priorities should be promote economic growth ?  -  Taiwan ranks world No. 5  (Indonesia, Iran, Venezuela, Malaysia, Taiwan, Ukraine, Kenya, Peru, Argentina, Algeria) ; Government Priorities should be reduce income inequality?  Taiwan ranks No.1 (40%), Japan, france, Singapore, S Korea, China   6389062.fs1.hubspotusercontent-na1.net/hubfs/6389062/Canva%20images/Democracy%20Perception%20Index%202023.pdf


Washington Post, 2022-10-2142 percent of Taiwan's exports — and 60 percent of its chip exports — go to China.  Taiwan, a major producer of semiconductors, says it will abide by U.S. rules   msn.com/en-us/news/politics/taiwan-a-major-producer-of-semiconductors-says-it-will-abide-by-us-rules/ar-AA13dM8W


Global Times, 2023-2-4The latest Taiwan economic data is chilling. The economic growth rate in the fourth quarter of 2022 was -0.86 percent. The electronics and communications industry, always a pillar for Taiwan's exports, is facing particularly severe challenges. The sharp reduction in overseas orders has directly led to the rare scenario of negative growth in Taiwan's exports.  In December 2022, Taiwan's Manufacturing Purchasing Managers' Index (PMI) fell by 0.2 percentage points to only 43.7 percent. It has been in a state of contraction for six consecutive months, showing that Taiwan's manufacturing industry is struggling.  At the same time, deep-seated contradictions in Taiwan's economy are emerging one after another. The industrial structure tends to become rigid due to long-term and severe unevenness, the high-tech industry has too little coverage in terms of employment, and the traditional manufacturing and service industries have a large number of employees but are continuing to decline. This has caused long-term wage stagnation for ordinary workers on the island.  In 2022, due to high imported inflation and the CPI reaching nearly 3 percent, the actual wages of workers in Taiwan experienced negative growth for the second year in a row, and the gap between rich and poor is widening. Dissatisfaction among the middle and lower class and youth groups on the island is gradually rising  globaltimes.cn/page/202302/1284807.shtml 


Global Times, 2022-12-9:  the volume of cross-Straits trade was only $46 million in 1978. It rose to $328.34 billion in 2021. The mainland has been Taiwan's largest export market for the last 21 years, generating a large annual surplus for the island. The mainland is also the largest destination for Taiwan's off-island investment. By the end of 2021, Taiwan businesses had invested a total of $71.34 billion in the mainland.   globaltimes.cn/page/202212/1281532.shtml


●  Bloomberg, Finance Yahoo, 2022-9-5:   The Taiwan dollar's fortunes look set to take a turn for the worse as slowing export growth (Chip Downturn) and a resurgent greenback weigh on the currency. Equity outflows and tensions in the Taiwan Strait are also ...finance.yahoo.com/news/chip-downturn-fuel-more-taiwan-000000880.html?fr=sycsrp_catchall


● Australian Institute of International Affairs   2022-12-23Taiwan faces two great and interrelated economic challenges. First, its lack of official recognition by the vast majority of states puts obstacles in the way of the island's economic empowerment.  Second, Taiwan's economy is heavily reliant on the mainland.   internationalaffairs.org.au/australianoutlook/bargaining-chips-taiwans-economy-may-be-its-best-defence/


●  Finance Yahoo, 2022-8-13: 92% of the most advanced semiconductors are made by TSMC in Taiwan, If Taiwanese semiconductor supply were disrupted for a prolonged period, electronics and automotive manufacturers would struggle to find alternative suppliers. This would lead to many firms having to halt production.  finance.yahoo.com/news/taiwan-world-economy-economist-explains-123545383.html


Credit Suisse Global Wealth Databook 2022

Median wealth per adult (USD)

world rank

country 2021 change 2021
1 Australia 273,900 28,450
2 Belgium 267,890 -3,730
3 NZ 231,260 57,920
4 Hong Kong 202,380 8,250
5 Denmark 171,170 10,790
6 Swiss 168,080 14,170
7 Canada 151,250 16,240
8 Nederland 142,990 -600
9 UK 141,550 9,610
10 France 139,170 -3,670
11 Norway 132,480 -1,620
12 Japan 120,000 -8,740
13 Taiwan 113,940 18,050
14 Italy 112,140 -10,100
15 Spain 104,160 -640
16 Qatar 100,010 20,160
17 Sweden 95,050 -100
18 US 93,270 13,840
19 S. Korea 93,140 1,910
20 Singapore 93,130 2,980


●  Washington Examiner, 2022-8-26: China and Taiwan did $166 billion in trade with each other in 2020.  Taiwan is one of the largest investors in China, at almost $200 billion since 1991.  washingtonexaminer.com/opinion/op-eds/seventy-year-lie-china-has-never-had-a-serious-claim-to-taiwan


●  Brookings, New York Times, 2022-7-26: Any further downturn in China's economy would have an outsized effect on Taiwan, whose exports to China hit a record.   nytimes.com/2022/07/26/business/dealbook/chinese-aggression-taiwan.html    ●  L.A. Times, 2022-7-29:The country's economy relies on China, its largest trading partner.

Brookings, 2022-7-13: The European Union is Taiwan'largest foreign investor. More than 25% of the island's foreign direct investments came from EU countries in 2020 and 15 of 27 EU member states have representative offices in Taipei. The volume of bilateral trade has risen to more than 68 billion dollars in 2021. While this is much less trade than with China...  brookings.edu/blog/order-from-chaos/2022/07/13/how-covid-19-and-the-war-in-ukraine-could-change-eu-taiwan-relations


●  New York Times, 2022-6-22:  To Pressure Taiwan, China Flexes Economic MuscleChina abruptly banned all imports of grouper from the island, in an apparent attempt at turning the economic screws on Taiwan...has also increasingly sought to restrict the island’s access to China’s vast consumer market, banning Taiwanese pineapples, then wax apples, last year after it said the fruits brought in pests.   nytimes.com/2022/06/22/business/china-taiwan-grouper-ban.html




No.1 "Taiwanese wealth" on Yandex, 2023-11-21







pic.:  top ranking  "Taiwanese wealth" on US Bing at 2023-4-22, 2023-1-24, 2022-8-28

pic.:  No.1 "Taiwanese wealth" on US Yahoo at 2022-1-28; No.2 "Taiwanese wealth" on US Yahoo at 2022-4-11;  No.2 "Taiwanese wealth" on Microsoft Bing , at 2022-4-11


allianz Global Wealth Report 2021 , Oct.12, 2022


Net financial assets by country

world rank

Main countries
in Asia

EUR per capita

Net financial assets
EUR per capita
1 USA 60,010 259,780
2 Singapore 58,560 134,150
3 Australia 53,580 99,400
4 NZ 41,090 132,170
5 Japan 33,210 102,720
6 Taiwan 29,470 138,220
7 S. Korea 29,360 38,230
8 China 10,890 15,400
With net financial assets per capita of 138,220 euros (US$134,364) by the end of last year, Taiwan ranked first in Asia and fifth globally in terms of net financial assets per capita. 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.  taipeitimes.com/News/front/archives/2022/10/17/2003787174


●  NDTV, 2022-8-4:  In the first half of 2022, Taiwan's exports amounted to $246.7 billion, while imports totalled $219.0 billion. The trade surplus stood at $27.7 billion. China is the biggest trading partner of Taiwan. Exports to Mainland China are 40 per cent of total exports. Electronic products comprise well over half of Taiwan's trade. Taiwan's economy is dominated by the services sector ndtv.com/business/6-facts-about-economy-of-taiwan-latest-us-china-flashpoint-3223565


●  The Tribune, 2022-9-25: The mainland is now Taiwan's largest trading partner, and Taiwan the mainland's eighth largest trading partner and third largest source of imports.


●  Bloomberg, 2022-8-6: China is Taiwan’s largest trading partner, with bilateral trade rising 26% on year to $328.3 billion in 2021.   finance.yahoo.com/news/taiwan-says-china-simulating-attack-035002189.html?fr=sycsrp_catchall


Julius Baer Group's Global Wealth and Lifestyle Report 2022  (2022-6-15)
The rankings are done after analyzing the cost of residential property, cars, airfare, business school and other luxuries.  
nBloomberg: These are the world's most expensive cities to live in if you're rich
nFinancial Review: If you like luxury, these are the world’s most expensive cities

1 Shanghai, China with four items ranked at the very top and the highest weighted-average price increase (30%).
2 London  
3 Taipei, Taiwan moved up the ranking, mostly due to the prices of shoes, bicycles, and wine.
4 Hong Kong  
5 Singapore  
6 Monaco  
7 Zurich, Swiss  
8 Tokyo, Japan is the city which slid the furthest (previously 2nd), driven by 13 items ranking lower than in the previous year and an average depreciation of -8.8% on the Japanese yen.
9 Sydney, Australia  
10 Paris, France  
11. New York  12. Sao Paolo  13. Milan   14.  Dubai   15. Bangkok


aljazeera, 2022-7-1:  Taiwan's benchmark index has slid 21 percent since January, making it Asia's worst performing stock market.  aljazeera.com/economy/2022/7/1/taiwan-deputy-fin-min-urges-investors-to-stay-calm-as-market-fall


●  VOA News, 2022-4-1: At $913 a month, Taiwan's minimum wage is considered extremely low for an advanced economy, Taiwan has just generally struggled with this culture of a really weak wage environment.  Survey: More than 20% of Taiwanese under the age of 40 say they lack savings and 65% report they are in debt, only one-third of respondents said their income exceeds their expenses,... Some 41.8% of respondents said their debt was high enough that they felt economic pressure. voanews.com/a/survey-shows-young-taiwanese-lack-savings-are-highly-indebted-/6510937.html


●  Forbes, 2022-5-15: Taiwan is home to the world's 22nd largest economy, and is a leading source of electronics products. Taiwan businesses that rank on the 2022 Forbes Global 2000 list of the world's top publicly traded companies out this month include Hon Hai Precision — the big supplier to Apple led by billionaire Terry Gou, and Taiwan Semiconductor Manufacturing Corp., or TSMC, which makes computer chips for Intel.  forbes.com/sites/russellflannery/2022/05/15/taiwan-covid-cases-hit-a-daily-record-68732-computex-tech-fair-affirms-in-person-return/?sh=ceeeb60e9714


●  The China Times, 2022-6-27, editorial:  According to China's statistics, in last year, Taiwan's total exports to the mainland reached nearly US$250 billion, and its trade surplus with the mainland exceeded US$170 billion, an increase of US$31.1 billion from trade surplus in 2000. According to Taiwan's data, the export value to mainland China and Hong Kong also reached US$188.9 billion last year, an annual increase of 24.8%, the trade surplus was US$104.7 billion...    chinatimes.com/opinion/20220626003025-262101?chdtv  (大陸海關總署統計,去年台灣對大陸出口總額高達近2500億美元,對大陸貿易順差突破1700億美元,較2000年大增311億美元。若按我方的數據,去年對中國大陸與香港出口金額也達到1889億美元,年增24.8%;貿易順差1047億美元,較2020年652.8億美元增加甚多)


statista: Gross financial assets per capita in selected countries worldwide in 2020
world rank country assets in Euros
1 Swiss 313259
2 US 260582
3 Denmark 212568
4 Nederland 180193
5 Sweden 173133
6 Singapore 152590
7 Australia 151689
8 NZ 144656
9 Taiwan 139831
10 Canada 139413
11 Belgium 126463
12 Japan 124897


●  Finance Yahoo, 2021-11-20:  Taiwan - a GDP of $760 billion (21st biggest) and GDP per capita of $32,000, (29th). a critical supplier of semiconductors, (20% global market share),   in 2020, Taiwan’s exports to China hit an all-time high. And “China and Hong Kong combined now represent 34% of Taiwan’s overall trade, compared with 13% with the United States,” according to Brookings. (The U.S. Trade Representative notes that Taiwan is currently our 9th largest goods trading partner with $90.6 billion in two-way goods trade — during 2020.)  finance.yahoo.com/news/why-you-should-care-about-taiwan-103511885.html

●  Finance Yahoo, Bloomberg, 2022-2-7: The government of President Tsai Ing-wen is looking to cultivate additional overseas markets to reduce the mainland’s economic leverage.Taiwan Set to Lift Ban on Fukushima Food to Boost Japan Tiesfinance.yahoo.com/news/taiwan-set-lift-ban-fukushima-140007509.html?fr=sycsrp_catchall

●  South China Morning Post, Hong Kong, 2022-4-11 Taiwan is heavily reliant on the mainland’s economy, with at least 40 per cent of the island’s exports going across the strait.scmp.com/news/china/military/article/3173760/would-us-really-rescue-taiwan-if-mainland-china-attacked 

 War On The Rocks, 2022-1-27  (warontherocks.com/2022/01/taiwan-is-not-ukraine-stop-linking-their-fates-together/): Taiwan is an economic powerhouse that punches well above its weight in global commerce, and its economy is closely intertwined with the rest of East Asia and North America. In 2020, it was America’s 9th-largest trading partner, with $106 billion in two-way trade in goods and services.  It is also the home of the world’s most strategically important company, TSMC, which has built a daunting lead in semiconductor technology and now accounts for more than half of global foundry revenues...... its per-capita gross domestic product level with Germany’s, adjusted for purchasing power.


 Taiwan dominates the global production of computer chips /   BBC, 2022-1-12, source: The Military Balnce, IISS 2021

Taiwan S. Korea China Other
65% 18% 5% 12%


  New York Times, 2022-1-25:  75 percent of production takes place in East Asia.  Ninety percent of the most advanced chips are made in Taiwan...China could use economic coercion, cyberoperations and hybrid tactics to try to seize or harm Taiwan's semiconductor industry — Biden promised he would work to bring production of semiconductor chips back to the United States.  nytimes.com/2022/01/26/us/politics/computer-chip-shortage-taiwan.html

  CBS, 2022-7-8: Taiwan accounts for 64% of the total chip foundry market, according to data from TrendForce. Taiwan Semiconductor Manufacturing Company, or TSMC, accounted for 53% of total foundry revenue in 2021, according to TrendForce.  cnbc.com/2022/07/08/why-tensions-between-china-and-taiwan-are-on-the-rise.html


●  BBC, 2022-4-25  (bbc.com/news/business-60918337): Taiwan is the first place in Asia to legalise same sex marriage. However, on the ground in Taiwan, things can feel decidedly more old-fashioned, especially at the bank.   "Taiwan's banking industry is very, very traditional. There's a lot of bureaucratic issues in it...


●  Global Times, 2021-9-20: Taiwan has a trade surplus of more than $100 billion a year with the Chinese mainland ... Mainland stops importing two Taiwan fruits, and DPP authority is howling.    globaltimes.cn/page/202109/1234662.shtml


●  Forbes, 2022-2-5: Milestone: Taiwan Tops $100 Billion In U.S. Trade For First Time In 2021  forbes.com/sites/kenroberts/2022/02/05/taiwan-tops-100-billion-in-us-trade-in-2021-for-first-time/?sh=40b07b1064a3


Japan Times, 2022-7-8: the Japan Center for Economic Research predicts that Taiwan's per capita GDP will exceed Japan's in 2028.  japantimes.co.jp/opinion/2022/07/08/commentary/world-commentary/will-taiwan-next-ukraine/


●  Japan Times, 2021-7-5: China could try to strangle Taiwan economically. Business ties between the two countries have grown into a dense web of interdependence: Taiwanese companies have invested $190 billion on the mainland and more than a million Taiwanese live there. Yet these ties are now fraying as talk of economic decoupling occupies businesspeople and politicians in Taiwan japantimes.co.jp/opinion/2021/07/05/commentary/world-commentary/dire-straits-taiwans-fragile-status-quo/



GDP per capita (Norminal) Ranking
Taiwan - No.10 in Asia & Pacific

country/economy (Asia) 2021 rank 2020 rank
Singapore 66263 ($) 8 59795 ($) 7
Australia 62619 9 52905 10
Qatar 61791 10 54185 9
Hong Kong 49485 20 46657 15
New Zealand 48349 21 41165 21
UAE 43538 24 38661 25
Macau 42107 25 35621 27
Japan 40704 26 40089 24
Korea 35196 29 31638 29
Taiwan 33402 32 28358 32



●  Council on Foreign Relations, 2021-5-10:   Taiwan’s economy remains reliant on trade with China, which is the island’s largest trading partner. However, their economic relationship has experienced disruptions in recent years, partly due to Beijing’s pressure on the island and Taiwanese officials’ growing concern about its overreliance on trade with China.(cfr.org/backgrounder/china-taiwan-relations-tension-us-policy


●  Foreign Policy, 2021-4-14: Taiwan and China Are Locked in Economic Co-Dependence /  Cross-strait trade hit a record last year, including indirect trade through Hong Kong and Macao, with Taiwan’s exports representing some 70 percent of the total. Much of the increase was due to strong global demand for made-in-China goods ...The largest proportion of Taiwanese exports is sophisticated electronics, especially cutting-edge semiconductors that China lacks the ability to produce.. (ps: Reuters, 2021-4-14: Taiwan says its chip firms will adhere to new U.S. rules blacklisting China supercomputing entities )  


 East Asia Forum, 2021-7-6:  The 27 per cent increase in semiconductor exports to China in 2020 was the main factor underpinning the overall increase in exports. As a major hub in global supply chains, the future orientation of Taiwan’s trade relationship with China depends more on other external factors, like the direction of US policy towards China and supply chain reform.  eastasiaforum.org/2021/07/06/taiwans-china-dependency-is-a-double-edged-sword/


●  China Times (Taiwan), editorial, 2022-1-24: Taiwan's economic growth rate of 2020, 6.1%, hits top in recent 11 years, but poll shows that 83% Taiwanese think their financial status remains unchanged or even worse.  According to statistics by the gov. (Executive Yuan, ROC (Taiwan)), the 2020 annual median wages for employees in industries and services is NT$ 501 thousands, the monthly salary of half employees is less than 42 thousands (USD:NTD is about 27:1).   Almost for sure the fruits of Taiwan's economic growth are captured by high-tech and financial companies.  brief chinatimes.com/opinion/20220124005463-262101?chdtv

●  China Times (Taiwan), 2021-8-19: Due to housing price and stock price increasing largely, the gap between the rich and the poor is widened , the top 1/5 household disposable income is 6.15 times that of the bottom 1/5, hit top in recent 8 years.    chinatimes.com/opinion/20210818003931-262104?chdt


●  United Daily (Taiwan), 2021-7-6, editorial: CovID-19 worsens class contradiction - according to gov. statistics, top 5% rich people's annual average income is NTD 5.07 millions (USD 170 thousands), the last 5% is NTD 37 thousands (USD 1.2 thousands)   udn.com/news/story/7338/5580578?from=udn_ch2_menu_v2_main_cate


  Credit Suisse, Research Institute, Global Wealth Databook 2021

  Credit Suisse, Research Institute

Global Wealth Databook 2021, June 2021  -   countries of Asia & pacific

  GDP per adult 2020 Median wealth
per adult 2020
per adult 2000
Wealth per adult 2020 Financial wealth per adult 2020 Non-Financial wealth per adult 2020 Total wealth (USD bn) share of world wealth
Australia 69318 238072 108656 483755 246617 330565 9268 2.22
China 13394 24067 4247 67771 33102 41874 74884 17.9
Hong Kong 54245 173768 167949 503335 365478 195518 3167 0.76
Japan 46812 122980 191446 256596 179081 109795 26931 6.44
Korea 37340 89671 50503 211369 96543 158446 8981 2.15
Macau 96840 - 88546 271679 - - 146 0.03
Singapore 69049 86717 107007 332995 223443 158825 1627 0.39
Taiwan 32371 93044 92298 238862 184061 83761 4690 1.12
US 83265 79274 215146 505421 417248 152945 126340 30.20



●  Global Times, 2-26-2021: Taiwan, therefore, has a deep, unidirectional dependence on the mainland's economy, and "this situation won't easily change in the future,"  The mainland remained Taiwan's largest export market in 2020, accounting for 43.8 percent of the region's total exports that year, the highest level in the past decade. The proportion was followed by the US' 14.7 percent   globaltimes.cn/page/202102/1216679.shtml    Global Times, 3-24-2021: In 2020, the island's exports to the mainland and Hong Kong hit a new high to reach $151.45 billion, a 14.6 percent increase year-on-year. (globaltimes.cn/page/202103/1219356.shtml).


●  Barrons, 2021-4-14:  The saber rattling around Taiwan has escalated in recent weeks... A potential conflict related to Taiwan has long been one of the “all bets are off” types of risks investors mention but dismiss as highly unlikely. But they are getting more attention against a backdrop of increasingly frosty relations between the U.S. and China that is littered with potential risks for investors.         barrons.com/articles/add-another-china-related-risk-for-investors-to-watch-taiwan-51618349977


 Newsweek, 1-20-2021: ... bilateral trade between Taiwan and China stood at $235 billion for the year until November. Exports from China accounted for just $54 billion, with Taiwan recording a significant trade surplus.. the figures showed Taiwan's economy was "inseparable" from China's newsweek.com/chinese-communist-party-apparatchik-demands-progress-taiwan-unification-1562999





pic.: No.2 "Taiwanese wealth" on Bing, 2022-1-28, 2021-11-21, 2021-7-8, 2021-6-24



●  Economist, 11-19-2020:  Annual investment flows from Taiwan to China mainland have fallen by more than half since 2015. This growing reticence can be explained by 3 considerations.
   (1)  geopolitical :  China's goal of discouraging formal independence by strengthening business ties is increasingly transparent to many Taiwanese.  Tariffs imposed by America on a long list of Chinese exports have prompted many Taiwanese producers to shift operations out of China.
   (2)  competition:  the capabilities of homegrown Chinese rivals, are becoming more competitive and innovative.
   (3)  generational change: the impending “leadership vacuum” has made them cautious


●  Credit Suisse, the Global wealth reports and Global wealth data-book of 2020

statistics - number of  billionaires of each country

ranks Asian country No. of billionaires,    Mar. 2020
No.1 US 358
No.2 China 142
No.5 Hong Kong 39
No.5 India 39
No.12 Japan 15
No.14 Taiwan 13
No.15 Australia 12
No.16 Singapore 12
No.19 Thai. 10
No.20 Korea 9



statistics - percentage of millionaires of the world total

ranks country millionaires % of the world total,
at end of 2019
No.1 US 39%
No.2 China 11%
No.3 Japan 6%
No.4 UK 5%
No.5 France 4%
No.5 Germany 4%
No.7 Canada 3%
No.7 Australia 3%
No.7 Italy 3%
No.10 Spain 2%
No.10 India
No.10 Korea
No.10 Swiss
No.10 Nederland
No.15 Hong Kong 1%
No.15 Taiwan 1%
  rest of the world 11%
1% =  about 1,330,769


while most countries suffered adversely from the pandemic during the first half of 2020, some countries escaped the negative consequences for household wealth.
In terms of wealth per adult. Change in wealth per adult (USD) in January–June 2020, biggest gains are :
 Hong Kong SAR (up USD 5,880), Taiwan (Chinese Taipei, up USD 8,330), the Netherlands (up USD 16,430) and Switzerland (up USD 23,430) were the main beneficiaries during the first half of 2020
In percentage terms,  China did relatively well with gains near 4%, bit lower than Philippines, Nederland.
Change in GDP  ―   
2020 forcast : China 1.7,  Korea -1.8 , TW -2 ,  HK -4.2 ,   Aus -4.4 ,  US -5.3 , Japan -5.4 ,  Singapore -6





●  Credit Suisse, the Global wealth reports of 2019

Credit Suisse



Median wealth per adult (USD) Mean wealth per adult (USD)
1 Swiss 227891 564653
2 AUSTRALIA 181361 286058
3 Iceland 165961 380868
4 Hong Kong 146887 489258
5 Luxembourg 139789 358003
6 Belgium 117093 246135
7 NZ 116433 304124
8 Japan 110408 238104
9 Canada 107004 294255
10 Ireland 104842 272310
11 France 101942 276121
12 UK 97452 280049
13 Singapore 96967 297873
14 Spain 95360 207531
15 Austria 94070 274919
16 Italia 91889 234139
17 Malta 76016 143566
18 South Korea 72198 175015
19 Norway 70627 267348
20 Taiwan 70191 210525


●  the Allianz Wealth report, 9 23 2020

  Gross Financial Assets   liabilities 
country in Eur bn  EUR per capita  in Eur bn EUR per capita
China 23125  16129 7076    4935
Japan  16116  127041    2945   23212
Singapore 864  148830 208  35826
Australia 3658 145150  1560   61910
New Zealand   602  125779  142 29688
USA  83690 254328  14743   44804
Taiwan 3134  131832 502  21126
Korea 3121 60935  1473 28758

  the Allianz Wealth Equity Indicator (AWEI)

●  Bloomberg, 11-21-2020: https://www.bloombergquint.com/china/taiwanese-businesses-boost-investment-into-china-during-pandemic

Total approved investment from Taiwan to China rose to $4.7 billion in the first 10 months of this year, an increase of 47% over the same period in 2019...China is retaining its appeal for many Taiwanese businesses, even as President Tsai Ing-wen’s government offers incentives to bring investment back home.


 NBC 10-24-2020: Economically, Taiwan is dependent on Beijing.  Washington Post, 1-2-2017 noted " 83 percent Taiwanese chose bread (China's economy) over romance ("independence").


 Bloomberg 1-9-2020: Slow income growth and aging society post challenge ahead, Taiwanese income-per-person, income per capita, lowest of Four Tigers .   NY Times 1-11-2020:  lowest unemployment rate in two decades ...  The Guardian, 1-9-2020: The economy is improving, with wage growth and high employment.


Global Times 9-8-2020: Taiwan enjoys a surplus of nearly $100 billion with the mainland every year. (ps:  New York Times 12-3-2019: Trade between China and Taiwan exceeded $181 billion in 2017, up from about $35.5 billion in 1999. )


●  Credit Suisse, the Global wealth reports and Global wealth data-book of 2020



●  The China Times, 6-13-2020 editorial: 41.5% exports from Taiwan to China,  No.2 is 14.5% to the US.


●  The China Times, 12-9-2020 editorial: Looking at the economic growth curve in the past 25 years, it's clear to see if Chinese mainland's economy was good, Taiwan's was good, otherwise not.   The good  economic growth rate of Taiwan in 2020 is because (1) good epidemic control (2)  good export for "diverted orders" effect (3) The global production chain reconstruction was prompting a massive wave of Taiwanese firms to leave China and bring their manufacturing home.   For full text pls. read https://www.chinatimes.com/opinion/20201209005227-262101?chdtv


●  BBC UK  1-2-2019      What's behind the China-Taiwan divide?   https://www.bbc.com/news/world-asia-34729538

The US is by far Taiwan's most important friend, and its only ally.
Given the huge divide between these two positions, most other countries seem happy to accept the current ambiguity, whereby Taiwan has most of the characteristics of an independent state, even if its legal status remains unclear.

... links between the two peoples (ps: Chinese, Taiwanese) and economies have grown sharply. Taiwanese companies have invested about $60bn (£40bn) in China, and up to one million Taiwanese now live there, many running Taiwanese factories.
Some Taiwanese worry their economy is now dependent on China. Others point out that closer business ties makes Chinese military action less likely, because of the cost to China's own economy...


●  United Daily, editorial, 11-5-2019: Taiwan's economy is really back to top of Four Asian Tigers (HK, Singapore, Korea, TW)? https://udn.com/news/story/11321/4144692

 Taiwanese votes in elections, Nov. 2018
New York Times, 11-23-2018:  Economic growth, employment and pension reforms were among key issues in the elections...China said the results (Taiwan elections) reflected a desire of Taiwanese for better relations with the mainland...

      Quartz , 11-25-2018 :  
      Taiwan’s elections have given Beijing much to celebrate  (https://qz.com/1473960/taiwans-elections-have-given-beijing-much-to-celebrate/)

    Le Monde (France), 11-24-2018 :  A Taïwan, des élections sous influence chinoise

    Wall Street Journal , 11 25 2018:

       A great virtue of Taiwan’s voters is that they’re pragmatic, a useful trait for an island under threat of a Chinese invasion. That pragmatism was on display in local elections Saturday that rebuked President Tsai Ing-wen while refusing to ban nuclear power.

     ●  Reuters UK , 11-26-2018: Beijing told Reuters simply: “They’re really happy.”  
      SET news, Taiwan, 11-26-2018: 英國路透社一針見血,認為中國是這次選舉的最大贏家,而華盛頓郵報和法國世界報也都認為,中國是左右這次選舉的最大關鍵。

     ●  NY Times 11-28-2018: Will Taiwan Be the First Domino to Fall to China?


Washington Post, 1-5-2018 :  China is Taiwan’s largest trading partner and China is Taiwan’s main destination for outbound investment; 40 percent of Taiwan’s exports flow to China and a fifth of Taiwan’s gross domestic product derives from its economic ties to the mainland.

Credit Suisse, Oct. 18,  2018

country Wealth per adult(USD) GDP per adult Total wealth (bn)    Share of world wealth quality
United States 403,974 81,425 98,154 31.0% Good
Singapore 283,118  75,242  1,289 0.4 % Satisfactory
France 280,580 55,668 13,883  4.4% Good
United Kingdom 279,048 54,621 14,209 4.5% Good
Japan  227,235 47,980  23,884  7.5% Good
Germany 214,893 57,955  14,499 4.6% Good
Taiwan  212,375 31,146  4,065  1.3 % Satisfactory
China 47,810  12,147 51,874 16.4% Good
Global Wealth Rpt.,  
Global Weaalth Databook,  


Washington Post, 1-2-2017 :   the Taiwanese are not willing to pursue independence at all costs. Many are concerned with the economy. When asked to choose between formal independence or maintaining economic ties with China, 83 percent chose bread over romance...   https://www.washingtonpost.com/news/monkey-cage/wp/2017/01/02/yes-taiwan-wants-one-china-but-which-china-does-it-want/?utm_term=.8d999292eabd

New York times, 12-13-2016 : Today, more than two-thirds of Taiwan’s outward foreign direct investment is to China, which is also Taiwan’s leading trading partner.

Taiwanese has emerged a consensus  that some degree of economic interdependence with China is unavoidable but that overdependence is risky.

Beijing’s strategy of giving Taiwanese economic benefits so that Taiwanese will become more inclined toward unification has not been successful ...


BBC, UK,  6-14-2017: Taiwan has become one of Asia's big traders. It is considered to have achieved an economic miracle, becoming one of the world's top producers of computer technology. /  Taiwan country profile  http://www.bbc.com/news/world-asia-16164639

Wikipedia  Economy of Taiwan

Taiwan is the 22nd-largest economy in the world, and its high-tech industry plays a key role in the global economy. (Taiwan has a developed capitalist economy that ranks as the 22th-largest in the world by purchasing power parity (PPP) ) It is ranked highly in terms of ... economic freedom, and human development...These SMEs usually produce products on an original equipment manufacturer (OEM) or original design manufacturer (ODM) basis, resulting in less resources spent on research and development.   Due to the emphasis of the OEM/ODM model, companies are usually unable to make in-depth assessments for investment, production, and marketing of new products, instead relying upon importation of key components and advanced technology from the United States and Japan.  / https://en.wikipedia.org/wiki/Taiwan

Credit Suisse, Nov. 15,  2017

Global Wealth report 2017,  Country summary


Mean wealth per Adult (USD)

Median wealth per Adult (USD)

Taiwan 188,081 87,257
Japan 225,057  123,724
Singapore 268,776 108,850
France 263,399 119,720
UK 278,038 102,641

Compared to the world as a whole, Taiwan has high average
wealth and only moderate wealth inequality.

    Credit Suisse, Dec. 2016
    Taiwan, Asia Tiger  -  Taiwan's average level of wealth, at USD 172,
847, is well above that of most countries in the Asia-Pacific region, and similar to that of Western Europe. ( Taiwan's mean wealth per adult, at USD 172,847, is about same as that of France USD244,400 or Germany USD185,175, Taiwan's median wealth per adult USD 63,134, is about in the same level with France USD 99,923, Canada 96,664.) http://publications.credit-suisse.com/tasks/render/file/index.cfm?fileid=AD783798-ED07-E8C2-4405996B5B02A32E


  United Daily, Opinion, 12-5-2017 :  The average monthly salary of Taipei employee (in the amount of NT 43500) is behind that of Beijing's (rmb 9900, equal NT46000 ), Shanghai is at the third (about NT 43000).  / 智聯招聘survey.


Academia Sinica of Taiwan,  10-5-2017 :  Taiwan Economic Competition and Growth Strategy Policy Proposal  (中央研究院《臺灣經濟競爭與成長策略政策建議書》)
The country will fall into “middle-income” limbo in the next decade if it fails to deal with “three evil hands” that are stalling the economy ...

the law, environmental assessments, and Taiwan-China relations—that could leave Taiwan stuck in the so-called “middle-income trap” and see at least 15 (-30) countries catch up with it in the next 10 years.

 Its economic growth rate has reduced rapidly. In the past ten years, its average economic growth rate has dropped to 3.82%, which is lower than other Asian countries such as South Korea and Singapore.



●  Washington Post, 10-10-2017

Taiwan would step up economic relations with the 10 Southeast Asian countries and another eight Asian-Pacific nations that her government considers prime economic development partners. Taiwan calls that mission its “New Southbound Policy” . 


Forbes 4-23-2017, "Taiwan's Once Mighty High-Tech Sector Is Falling Behind Because Of Low Pay" : Taiwan used to be an indispensable part of the world high-tech supply chain. Now the island that derives a fifth of its economy from the likes of PCs, tablets and smart phones for export is unsure how long all that can sustain. The most often cited reason: Taiwan isn’t keeping up in software, which in today’s terms means mobile apps and artificial intelligence as well as the stuff Microsoft does for PCs....Pay for university professors is too low to attract world-class people from overseas to teach...  https://www.forbes.com/sites/ralphjennings/2017/04/23/taiwans-once-mighty-high-tech-sector-is-falling-behind-because-of-low-pay/#204190537b43/Asia /#BigBusiness

The China Times, opinion, 11-7-2017, The United Daily, opinion, 11-10-2017:  Taiwan's industries are short of 5 core elements : electricity and water supply, labor, land and talented persons.

Le Monde of France, Mai '16, reported the economies of both sides were complementary, now compete each other.   Taiwanese are gradually being excluded from the Chinese chain of production and supply. (Mais les économies des deux rives, qui étaient complémentaires, entrent désormais en concurrence. Les entreprises taïwanaises sont progressivement exclues de la mise en place d’une chaîne de production et d’approvisionnement chinoise ... )

National Policy Foundation , 7-16-2009
  One problem of Taiwan's high tech industry is lacking of key technology ...  http://www.npf.org.tw/2/6142

●  People's Daily of China (international edition), 11-12-2017 : China's GDP in 2016 is about 23 times the number of Taiwan's, five Chinese provinces' (GuanDong, JiangSu, ShanDong, ZheJiang, HeNan ) GDPs topped Taiwan's GDP already, in 3-5 years, 10 provinces might top Taiwan. (brief , UDN, 11-13-2017) ; (more to see The China Times, opinion, 12-18-2017 "當我們看不起的大陸超越我們").



◆  Global Wealth Report 2016 by credit-suisse Research Institute, Nov. 2016

    Taiwan, Asia Tiger  -  Taiwan's average level of wealth, at USD 172,847, is well above that of most countries in the Asia-Pacific region, and similar to that of Western Europe. ( Taiwan's mean wealth per adult, at USD 172,847, is about same as that of France USD244,400 or Germany USD185,175, Taiwan's median wealth per adult USD 63,134, is about in the same level with France USD 99,923, Canada 96,664.) http://publications.credit-suisse.com/tasks/render/file/index.cfm?fileid=AD783798-ED07-E8C2-4405996B5B02A32E


Country summary 2016

  Population  23  million
  Adult population   19  million
  GDP    32,647  USD per adult
  Mean wealth   172,847  USD per adult
  Median wealth   63,134  USD per adult
  Total wealth   3.0  trillion USD
  US dollar millionaires    356  thousand
  Top 10% of global wealth holders   8,727  thousand
  Top 1% of global wealth holders   528  thousand




Pic.:  Taiwan's wealth distribution relative to world in % 
 /  Suisse Global Wealth Databook 2016


Median wealth per adult by country :

Taiwan  USD 63134,  Singapore USD 101386,  
Japan USD 120493,    ●  Hong Kong  USD 34362
USA  USD44977,  Australia  USD 162815, 
 Canada USD 96664,     Brasil USD 3811,
  France USD99923,   Rusiia USD 991,
  Swiss  USD244002,   China USD 4885,
   UK  USD107865,   Indonesia USD 1966



Pic.:   wealth per adult /  Suisse Global Wealth Databook 2016 :

Mean wealth per adult by country :
Taiwan  USD172847,  Singapore USD276885,  
Japan USD 230946,    China USD 22900,
Australia  USD 375573,  USA 344692, 
Canada USD 270179 ●  France USD244400,
Germany USD185175,    UK  USD288800 ,
 ●  Spain USD116320 ,  Greece USD103569,
our world USD 52800



Taiwan GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.15 0.94 5.64 -5.07 percent
GDP Annual Growth Rate 2.10 2.60 17.06 -8.12 percent
GDP 523.01 530.04 530.04 42.30 USD Billion
GDP Constant Prices 4034977.00 3997376.00 4034977.00 604229.00 TWD Million
Gross National Product 4310588.00 4594814.00 4594814.00 99800.00 TWD Million
Gross Fixed Capital Formation 870419.00 963504.00 964529.00 8907.00 TWD Million
GDP From Agriculture 46828.00 60392.00 72053.00 39800.00 TWD Million
GDP From Construction 94847.00 96112.00 121071.00 41088.00 TWD Million
GDP From Manufacturing 1206114.00 1138212.00 1275942.00 130647.00 TWD Million
GDP From Mining 3156.00 3744.00 15925.00 2701.00 TWD Million
GDP From Public Administration 271017.00 267595.00 280931.00 85791.00 TWD Million
GDP From Services 2559778.00 2686530.00 2686530.00 317742.00 TWD Million
GDP From Transport 116527.00 117446.00 119140.00 20691.00 TWD Million
GDP From Utilities 28535.00 29459.00 61237.00 5349.00 TWD Million

The gross domestic product (GDP) measures of national income and output for a given country's economy. The gross domestic product (GDP) is equal to the total expenditures for all final goods and services produced within the country in a stipulated period of time. This page provides - Taiwan GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news. Taiwan GDP - actual data, historical chart and calendar of releases - was last updated on August of 2017.