Taiwan beats Japan and South Korea in wealth rankings

TAIPEI (TVBS News) — Taiwan secured its position as one of the world's wealthiest nations for the second consecutive year, outpacing Japan and South Korea in 2024 rankings. Global Finance Magazine's September report credited Taiwan's semiconductor industry dominance for driving the economic achievement. Despite the milestone, many Taiwanese citizens remain disconnected from the prosperity gains, particularly those outside the technology sector.

Economic experts attribute the disconnect to citizens' limited international perspective on purchasing power advantages. National Central University (國立中央大學) Professor Chiou Jiunn-Rong (邱俊榮) explained that Taiwanese underestimate their money's comparative strength against foreign currencies. Rising housing costs have eroded consumer spending in other areas, creating widespread feelings of economic hardship despite Taiwan's elevated global ranking.

Taiwan's per capita GDP projections reach US$38,066 (around NT$1.17 million) this year, surpassing South Korea's US$37,430 (around NT$1.15 million), according to the Directorate-General of Budget, Accounting and Statistics (主計總處), Taiwan's statistics agency. Tamkang University (淡江大學) Professor Tsai Ming-fang (蔡明芳) noted that AI industry exports drive Taiwan's performance while widening economic inequality between sectors. Tsai characterized semiconductors as a geopolitical battleground rather than mere industrial competition.

The economist called for government intervention to stabilize housing costs and align property prices with economic growth patterns. Tsai warned that rapid housing inflation threatens citizen welfare despite Taiwan's impressive GDP performance. Citizens prioritize median wage growth over aggregate economic indicators, as income directly affects daily living standards and quality of life improvements. ◼ (At time of reporting, US$1 equals approximately NT$30.628)