TAIPEI (Taiwan News) — Taiwan's average annual income hit a record high of NT$709,000 (US$22,180) in 2023, according to a government report released Monday (Aug. 19). 

The Directorate-General of Budget, Accounting and Statistics (DGBAS) said average household savings also reached a record high of NT$275,000 last year. Average disposable income (DI) per household rose 2.5% to NT$1.14 million last year, per CNA.

In addition, the average annual income for young adults aged 30 and under hit a record high of NT$545,000 in 2023. This is equivalent to approximately NT$45,000 per month.

Meanwhile, households below the average income mark have been accumulating debt for 17 consecutive years. The amount households below the average income level fell into debt was NT$16,626 last year, the smallest in 15 years, per CNA. 

The government attributed the positive economic indicators to steady growth and a declining unemployment rate. Its NT$6,000 cash handout to eligible residents also helped increase overall income.

The agency clarified that income encompasses a wider range of earnings than wages alone. Sources like investment returns, rental property income, and government transfers contribute to overall income, making it generally higher than the average wage.