World’s Biggest Millionaire Boom Draws Wealth Managers to Taiwan
JPMorgan, AllianzGI and rivals are racing to get some of the cash generated by a surging tech sector.
Taiwan’s position at the heart of the artificial intelligence boom—it makes some 90% of the advanced semiconductors crucial to the technology—is generating a dramatic increase in wealth. With the population’s financial and property assets reaching $6 trillion in 2023, up a third from 2019, at least a half-dozen global financial shops are beefing up their presence on the island.
Allianz Global Investors GmbH, a German company that manages more than NT$1 trillion ($31 billion) of local money, is introducing an AI-focused fund and is planning to build out its local investment team. Nashville-based asset manager AllianceBernstein LP says it’s considering expansion of its Taipei office to roll out new products. And PGIM, the investment management arm of Prudential Financial Inc., aims to offer exchange traded funds in Taiwan.