With the crime rate in Taiwan dropping from 1,140 crimes per 100,000 inhabitants in 2019 to 1,101 crimes per 100,000 inhabitants in 2020, a narrowing gender wage gap, as well as women
participating in politics higher than the world average, Taiwan is increasingly progressing towards a more equitable society however, as there is with many countries when it comes to equity and equality, there is still room for improvement. This is where the issue of wealth inequality comes to take the stage, an issue that Taiwanese youth have brought attention to as there is the sentiment that wealth has been concentrated in the hands of the older generation.
“Real estate is the driver behind Taiwan’s wealth growth. Senior citizens amass wealth because they own real estate, whereas young people do not have a lot of assets…the problem is generational disparity.” (Academia Sinica researcher Yang Tzu-ting)
With Taiwan’s Gini index in 2021 at 34.1 points, economic inequality is average when speaking of countries with relative equality, clarifying any confusion there may be between the similar but separate issues of economic inequality and wealth gaps. In Taiwan wealth is also unequally distributed between the “old” and “young” but also between the different age groups as well, indicating that while yes the general wealth gap has not increased, the generational wealth gap has been worsening, hence the younger generation’s dissatisfaction.
Between 2004 to 2014, the average per capita wealth growth was 29% for those who fell in the 20-29 year old age group, with part of their assets having come from their parent generation. As for the 30-39 age bracket, average per capita wealth growth was only 6% while 40-49 year old age group had a 17% growth rate, 50-59 year old age group had a 26% growth rate, 60-69 age group had 37%, all the while those 70 years old or more had a soaring growth rate of 60%.
In applying this data Economics Professor Lien Hsien-ming says: “When people live longer, they amass more and do not divide their wealth…As a result, the widespread disenchantment among the younger generations stems from stagnating salaries that make it difficult to build wealth, so that many rely on financial support from their parents or an inheritance for a stable future.
Sources:
https://www.statista.com/statistics/319861/taiwan-crime-rate/