The Financial Times recently released the ranking of the world’s wealthiest countries in 2023. Taiwan ranked 14th with a per capita GDP of $73,344, surpassing traditional wealthy countries such as Japan, South Korea, Germany, France, and the United Kingdom.
The report pointed out that while many countries around the world were heavily impacted by the COVID-19 pandemic, some small countries such as San Marino, Luxembourg, Switzerland, and Singapore performed exceptionally well due to their advanced financial systems and attractive tax policies, which successfully attracted foreign investment, talented professionals, and substantial bank deposits, resulting in outstanding economic performance.
Meanwhile, the Global Finance Magazine added that when assessing wealth, they not only consider the Gross Domestic Product (GDP) but also adjust the per capita GDP based on purchasing power, as this method better reflects the actual living conditions of a country or region’s residents.
Taiwan’s performance in this regard is remarkable, securing a place among the world’s wealthy countries.
The Financial Times’ top 15 wealthiest countries/regions in 2023 are as follows:
1. Ireland
2. Luxembourg
3. Switzerland
4. Singapore
5. Norway
6. United States
7. Denmark
8. Iceland
9. Netherlands
10. Sweden
11. Australia
12. Austria
13. Canada
14. Taiwan
15. Germany
However, the Financial Times also pointed out some questionable aspects of these statistics. The International Monetary Fund (IMF) warned that many of the countries in the ranking are tax havens, meaning their wealth was originally generated elsewhere, artificially inflating their GDP.
Although more than 130 governments signed a global agreement in 2021 to ensure large companies pay a minimum tax rate of 15%, the implementation of this agreement has been hindered by opposition from legislators and politicians in many countries. It is estimated that over 15% of jurisdictions globally are tax havens. The IMF further estimated that by the end of the 2020s, approximately 40% of global foreign direct investment flows can be attributed to savvy tax avoidance strategies, exceeding the 30% seen in the 2010s.
According to the Organisation for Economic Co-operation and Development (OECD), the top-ranked country in the ranking, Ireland, still has a household per capita disposable income lower than the EU average. In simple terms, most Irish people may not perceive themselves as wealthy or ranking as the world’s richest.
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