TAIPEI (Taiwan News) — Taiwanese households are the wealthiest in Asia and rank No. 5 globally, German financial group Allianz said in a report published Wednesday (Oct. 12).

Looking at net financial assets per capita, the Allianz Global Wealth Report 2022 found Taiwanese owned an average of 138,220 euro (NT$4.3 million, $134,700), just ahead of Singaporeans with 134,150 euro. On a global scale, only people in the United States, Switzerland, Denmark, and Sweden ranked ahead of Taiwan on the list of 57 countries, CNA reported.

If gross financial assets are calculated, Taiwan finished second in Asia with 164,610 euro, behind Singapore’s 173,610 euro, and ninth in the world, with Switzerland leading the list.

Allianz predicted dire times ahead for 2022, with the war in Ukraine, inflation, energy and food scarcity, and monetary tightening by financial authorities putting an end to three years of growth for financial assets. For the first time since the financial crisis of 2008, global financial assets are set to decline this year, by more than 2%, the survey said.