Taiwan’s average income growth reached a historic peak in 2024, showing strong economic progress across the country. The Directorate-General of Budget, Accounting and Statistics (DGBAS) released new data confirming this positive trend. According to their latest Household Income and Expenditure Survey, the average annual income per person climbed to NT$729,000 (about US$24,264). This figure marks the highest level recorded in Taiwan’s history.
Furthermore, the data highlights how younger earners are benefiting from this upward trend. Individuals under 30 years old saw their average income rise to NT$559,000 (US$18,605), which is a 2.5% increase compared to 2023. This steady increase demonstrates how the overall average income growth is impacting all age groups.
The survey also shows that average disposable household income reached NT$1.165 million (US$38,775). This amount represents a 2.5% rise from the previous year. When adjusted for household size, the average individual disposable income came to NT$419,000 (US$13,945), reflecting a 2.9% year-on-year increase. Clearly, the average income growth benefits not only gross earnings but also the actual spending power of Taiwanese households.
Moreover, Taiwan’s robust economic growth played a key role in reducing unemployment to 3.38%. The government’s increase in the minimum wage helped many workers, while a 4.84% overall economic growth rate further supported income gains across various demographics.
Breaking down income by age group reveals a clear progression. People aged 30 to 34 earned NT$727,000 on average. Those between 35 and 39 saw earnings rise to NT$818,000. The 40 to 44 age group reached an average of NT$903,000. The highest earners, aged 45 to 54, took home NT$944,000 annually. Meanwhile, those aged 55 to 64 earned NT$832,000, and individuals over 65 received an average of NT$492,000.
In conclusion, Taiwan’s average income growth in 2024 shows strong, broad-based improvement across age groups and economic sectors. The data suggests ongoing economic vitality and improving living standards for many Taiwanese citizens.
