The article discusses the surge in wealth creation in Taiwan, driven by the booming semiconductor industry and the rising demand for chips, particularly those used in artificial intelligence (AI) applications. Taiwan Semiconductor Manufacturing Co. (TSMC), the world’s largest contract chipmaker, is at the forefront of this trend. According to UBS Group AG, the number of millionaires in Taiwan is expected to increase by 38% by 2024, outpacing the global average of 28%. This growth is fueled by the high salaries and stock options offered by TSMC and other tech companies. The demand for advanced chips used in AI, data centers, and 5G technology has skyrocketed, leading to record profits for TSMC. The company’s market capitalization has surpassed $500 billion, making it one of the world’s most valuable companies. The article highlights the impact of AI and technological advancements on wealth creation in Taiwan, with TSMC playing a pivotal role in this transformation.
Source: https://www.businessinsider.com/taiwan-new-millionaires-tsmc-ai-semiconductor-chip-ubs-2024-7