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What it's like living as a millionaire in Taipei, Asia's 'stealthy rich city,' where the ultra-wealthy own more than 5 homes each and shop in private VIP fitting rooms

Business Insider Logo By Katie Warren of Business Insider | Slide 1 of 13: 
  Taipei, Taiwan's capital city, is ranked the ninth global
  city by number of ultra-high-net-worth individuals, according to
  the 2019 Knight Wealth Report.
  About 1,519 residents of Taipei have at least $30 million in
  assets, according to the report.
  
  But Taipei's rich are not showy, according to Bloomberg,
  which calls the Taiwanese capital "Asia's stealthy rich city."
  Millionaires don't flaunt their luxury goods, but they do
  enjoy buying multiple homes and dining in the city's 24
  Michelin-starred restaurants.
  
  
    Visit
    Business Insider's homepage for more stories.
  

  When you think of wealthy Asian cities, Taipei may not come to
  mind as quickly as billionaire hotspots like Hong Kong or Singapore.
  But the Taiwanese capital is ranked ninth in world cities with
  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% 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 told Business Insider. "Unlike their
  counterparts in 'Crazy Rich Asians,' whilst enjoying shopping for
  jewelries and luxury goods discreetly, as well as fine-dining,
  rich Taiwanese are less conspicuous in their approach to
  consumption."

  Taiwan's super-rich do, however, tend to invest in real estate,
  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.

  Here's what it's like living in Taipei as a millionaire.

  • Taipei, Taiwan's capital city, is ranked the ninth global city by number of ultra-high-net-worth individuals, according to the 2019 Knight Wealth Report.
  • About 1,519 residents of Taipei have at least $30 million in assets, according to the report.
  • But Taipei's rich are not showy, according to Bloomberg, which calls the Taiwanese capital "Asia's stealthy rich city."
  • Millionaires don't flaunt their luxury goods, but they do enjoy buying multiple homes and dining in the city's 24 Michelin-starred restaurants.
  • Visit Business Insider's homepage for more stories.

When you think of wealthy Asian cities, Taipei may not come to mind as quickly as billionaire hotspots like Hong Kong or Singapore.

But the Taiwanese capital is ranked ninth in world cities with 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% 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 told Business Insider. "Unlike their counterparts in 'Crazy Rich Asians,' whilst enjoying shopping for jewelries and luxury goods discreetly, as well as fine-dining, rich Taiwanese are less conspicuous in their approach to consumption."

Taiwan's super-rich do, however, tend to invest in real estate, 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.

Here's what it's like living in Taipei as a millionaire.

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