2023-09-28 19:30 Reporter Dai Yuxiang/Taipei 29th
Allianz Group released the “2023 Allianz Global Wealth Report” on the 28th. Taiwan ranked fifth among the world’s richest countries. The average net worth of each Taiwanese at the end of 2022 was 141,600 euros (approximately US$149,500). , hitting a record high, second only to Singapore in Asia.
The ranking of the world’s richest countries in 2022 is released. The first place is still the United States, with 251,800 euros (about 265,900 U.S. dollars). Switzerland and Denmark have the same ranking as in 2021, maintaining the 2nd and 3rd places. Singapore has moved from 6th place. The ranking rose to 4th, Taiwan remained at 5th, and Sweden retreated from fourth to eighth. Among other major Asian countries, Japan rose from 13th to 11th, South Korea rose one place to 22nd, and China ranked 34th.
If we look at the growth of net financial assets per capita, only Singapore and Taiwan in the top five have positive growth. The United States has an annual decrease of 8.9%, Switzerland has a decrease of 4.4%, Denmark has a decrease of 9.9%, Singapore has an annual growth of 3.9%, and Taiwan has an annual growth of 3.1%.
Allianz Group pointed out that 2022 is an extremely terrible year, with all asset prices falling amid “comprehensive weakness”. Global financial assets held by households fell by 2.7%, the largest decline since the 2008 Global Financial Crisis (GFC). However, the growth rates of the three major asset classes were significantly different. Securities declined by 7.3%; insurance and pensions decreased by 4.6%. However, bank deposits grew strongly, with a growth rate of 6%. Overall, financial assets worth 6.6 trillion euros evaporated out of thin air.
As of the end of 2022, the total global financial assets are still as high as 233 trillion euros, 27% of which are held by Asian households. Emerging economies such as Indonesia and the Philippines showed double-digit growth.
China’s financial assets are also very strong, growing by 6.9%, but compared with the 13.3% growth in 2021, it is undeniable that the cost of the epidemic blockade is very high.
Allianz Group pointed out that the total financial assets of each household in Taiwan will grow by 3.6% in 2022, which is significantly lower than the 12.7% growth rate in 2021. The main reason was a 5.5% decline in the value of the securities.
The other two major asset classes continued to grow, with insurance and pensions growing by 7.7%, and bank deposits growing by 6.6%, both of which are growing even faster than in 2021.
Chart of the top 10 net financial assets per capita in 2022/New Taiwan dollar diagram provided by Economic Daily. (Photo from this newspaper’s file)
Taiwan’s debt growth has slowed to 6.3% compared with 7.9% in 2021. But the debt-to-GDP ratio (deficit ratio) rose to 92%, a new high. In Asia, only South Korea has higher household debt than Taiwanese households. However, since Taiwanese households have six times more financial assets than liabilities, this situation is not too worrying.
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2023-09-28 23:30:48
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