Visit Taipei, Asia's ‘stealthy rich city’, where the ultra-wealthy shop in private VIP fitting rooms
- While Xinyi may be today’s hottest real-estate spot, Taipei’s ‘old money’ tends to prefer living in luxury villas in a quieter neighbourhood
When you think of wealthy Asian cities, Taipei may not spring to mind as quickly as billionaire hotspots such as Hong Kong or Singapore.
The Taiwanese capital is ranked globally for the highest number of ultra-high-net-worth individuals, according to the 2019 Knight Wealth Report.
The population of ultra-high-net-worth-individuals has grown by 17 per cent in the past five years, according to the report.
The Taiwanese tend to hide their wealth rather than flaunt it, according to Bloomberg, which calls Taipei “Asia’s stealthy rich city”.
“Despite the remarkable wealth that the ultra-high-net-worth individuals have amassed, most of them prefer to conduct a modest and low profile lifestyle, still embracing the Chinese virtue of humility and Confucianism,” Kai Chen of Taiwan Sotheby’s International Realty said.
“Unlike their counterparts in Crazy Rich Asians, whilst enjoying shopping for jewellery and luxury goods discreetly, as well as fine-dining, rich Taiwanese are less conspicuous in their approach to consumption.”
Taiwan’s super-rich tend to invest in property, with the country’s wealthy owning an average of 5.4 homes each.
“Taiwanese families will hoard properties when the opportunity presents itself, and not just within Taipei: property investment is basically an addiction!” Chen said.
About 1,519 residents of Taipei own at least US$30 million in assets
Here’s what it's like living in Taipei as a millionaire.