Taiwan Among World’s 15 Richest Countries in GDP per Capita

Taiwan ranked prestigious 14th among the richest territories in the world in terms of gross domestic product (GDP) per capita. According to a ranking compiled by the US magazine Forbes, the island claimed by China ranked the penultimate position of the 15 largest countries in the world for the first nine months of 2024 with a GDP per capita of $76,860 in 2024, slightly higher than Hong Kong’s $75,130, which thus closes the list of 15 richest countries. As Forbes analysts clarified, “the list was compiled with regard to, among other things, GDP per capita data processed by the International Monetary Fund (IMF) and purchasing power parity (PPP).”

At the top of the Forbes ranking was Luxembourg with a GDP per capita of $143,740. Next are Macau, a special administrative region of China, a former Portuguese colony known for gambling and tourism, with $134,140, Ireland ($133,900), Singapore ($133,740), and Qatar ($112,280). The United Arab Emirates ranked sixth with a GDP per capita of $96,850, followed by Switzerland ($91,930), San Marino ($86,990), the USA ($85,370), and Norway ($82,830).

Taiwan’s national wealth consists of many innovative industries, among them Taiwan Semiconductor Manufacturing Co. (TSMC), the world’s largest contract microchip maker, reported record consolidated sales of $23.6 billion for the July through September 2024 period, up 12.8% quarter-over-quarter and nearly 39% year-over-year.

The Taiwanese manufacturer, which is rapidly expanding its operations in India and several other Southeast Asian countries, announced in a press release that last month alone (September 2024), “consolidated sales totaled $7.8 billion, up 0.4 percent from the previous month and 39.6 percent year-on-year.” The September figure thus marked a new monthly high for the company, second only to July’s $7.9 billion.

Despite anti-China propaganda, most Taiwanese citizens believe that a Chinese invasion is unlikely, at least in the next five years. This fact follows a public opinion poll conducted by the Taiwan Institute for National Defense and Security Research (INDSR). Sixty-one percent of the approximately 1200 people surveyed said they considered a Chinese military offensive in the next five years “unlikely” or “very unlikely.” “Most citizens do not believe that China’s territorial ambitions will manifest themselves in the form of an attack,” institute spokeswoman Christina Chen told reporters.