(Jan 14): Taiwan’s richest households will see their wealth grow about 10% a year through 2029 as a global technology race lifts markets and stokes income for the island’s cutting-edge companies.
The combined assets of Taiwan’s wealthy will reach about NT$59 trillion in 2029, according to a report by Boston Consulting Group and CTBC Bank. The number of high net-worth individuals in Taiwan is projected to rise to 155,000, out of a total population of about 24 million.
“The overall wealth environment in Taiwan has become increasingly stronger in Asia amid a strong local economy and tech industry,” David Chan, managing director and partner at Boston Consulting, said Wednesday in Taipei. “This means more opportunities and responsibility for financial institutions to serve Taiwanese wealth clients.”
Total household wealth will grow by about 6%, on average, over the next four years, reaching NT$279 trillion, the report said.
Firms such as UBS Group AG, HSBC Holdings plc and BNP Paribas SA have already been hiring aggressively to beef up their presence in Taiwan.
Global demand for semiconductors and electronic components amid an worldwide artificial intelligence race has lifted Taiwanese tech firms and boosted local equities, drawing banks and asset managers into fierce competition for wealthy clients.
See also: China probing Trip.com over alleged antitrust conduct
Geopolitical concerns are seen as the biggest risk among Taiwanese wealthy individuals, pushing them to increasingly allocate assets offshore. Exchange rate volatility such as Taiwan dollar’s surge last year also made overseas assets more attractive.
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