Millionaire Households: 280,000
Ultra High Net Worth Households: N/A
GDP (millions of USD): 430,580 (24th highest)
Over the past decade, a number of large banks and financial institutions in Taiwan have been privatized. Taiwan is also known for its electronics and machinery industries, which generate approximately 70% of its GDP growth. Taiwan has begun to face a major wealth gap, however, with the average household income of the top 20 percent of earners being 6.34 times that of the bottom 20 percent. The government is considering passing a “luxury tax” to fight this which would be levied on investment housing transactions, private jets, and other luxury items, according to The Christian Science Monitor.
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