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Average Household Wealth Hits Record High of NT$18.89 Million in 2023; Reasons Revealed by DGBAS

Average Household Wealth Hits Record High of NT$18.89 Million in 2023; Reasons Revealed by DGBAS

According to statistics released by the Directorate-General of Budget, Accounting and Statistics (DGBAS) on the 29th, the average household wealth in Taiwan reached NT$18.89 million in 2023, an increase of NT$1.16 million from the previous year, marking a historical high. This growth was primarily driven by a bullish stock market, with the Taiwan Stock Index rising 26.83% over the year.

DGBAS officials indicated that households holding securities significantly boosted their wealth, with the average value of securities assets rising to NT$3.41 million, an increase of NT$610,000. Additionally, with the central bank's interest rate hikes, average household savings also benefited, growing by NT$160,000 to NT$2.38 million. However, average financial liabilities per household also rose by NT$110,000, totaling NT$2.42 million, indicating increased debt pressure.

Real estate remains the largest asset class for households, with an average value of NT$5.76 million, up NT$40,000 from the previous year. The latest statistics show that the gross national wealth at the end of 2023 was NT$320.48 trillion, an increase of 3.18% year-on-year, while net national wealth grew by 2.35% to NT$252.82 trillion. Officials explained that national wealth statistics represent a stock concept at the end of the year across economic sectors.