Taipei--Taiwan ranks 23rd globally for its number of ultra-wealthy people, according to a new wealth report released on Thursday by property market consulting firm REPro Knight Frank.
The number of individuals with US$30 million or more in net assets, defined as ultra-high net worth individuals (UHNWIs), reached 1,676 people in Taiwan in 2016, placing it 23rd on the global list, according to the report.
The figure was up 5 percent from 2015, but accounted for only 0.8 percent of UHNWIs globally. The figure means that there are six UHNWIs in Taiwan for every 100,000 people.
Of the 1,676 ultra-rich individuals, 29 of them are billionaires, 267 worth more than US$100 million and 1,380 worth more than US$30 million, according to the report.
A total of 84 percent of Taiwan's UHNWIs live in the capital city of Taipei.
As for the total assets owned by Taiwan's UHNWIs, 25 percent are in financial products, 23 percent real estate and 21 percent personal businesses.
Huang Shu-wei, a market research executive at REPro Knight Frank, said Taiwan's UHNWIs own an average of four homes per person, the second highest on the global list, trailing only Saudi Arabia with 4.3 homes.
The United States, with 37.8 percent of the world's UHNWIs, topped the list, followed by China (7.9 percent), the United Kingdom (5.2 percent), Germany (4.8 percent) and Switzerland (3.9 percent).
According to the report, the number of UHNWIs rose by 6,340 globally in 2016, bringing the total ultra-wealthy population to 193,490.
The number of ultra-wealthy people worldwide is expected to grow by 43% over the next decade and substantial growth is forecast in countries such as China, India, Vietnam and Sri Lanka, Huang said, citing the report.
Huang also predicted that the number of super rich people in Shanghai and Beijing will surpass those in London and Hong Kong over the next 10 years, while those in Mumbai will surpass those in Tokyo and Geneva.
Source: Overseas Community Affairs Council