Visit Taipei, Asia's ‘stealthy rich city’, where the ultra-wealthy shop in private VIP fitting rooms

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

The Taiwanese capital is ranked globally for 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 per cent 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”.

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“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 said.

“Unlike their counterparts in Crazy Rich Asians, whilst enjoying shopping for jewellery and luxury goods discreetly, as well as fine-dining, rich Taiwanese are less conspicuous in their approach to consumption.”

Taiwan’s super-rich tend to invest in property, 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.

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Taipei is ranked eighth globally for the highest number of ultra-high-net-worth individuals, according to the 2019 Knight Wealth Report.

Taipei sits at the northern tip of Taiwan, a small island about 110 miles (177km) off the coast of China.

While China claims Taiwan as one of its territories, Taiwan considers itself an independent democracy that champions human-rights issues.

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Taiwan’s parliament recently became the first in Asia to legalise same-sex marriage.

Taipei, is a city of about 2.7 million people. About 1,519 residents of Taipei own at least US$30 million in assets, according to the report.

“Over the decades, Taiwan’s booming exports, [the] tech sector in particular, have enabled its entrepreneurs to accumulate a vast fortune hidden in Taiwan and overseas,” Chen said.

The Xinyi district is one of the top neighbourhoods in Taipei. Millionaires are buying up luxury properties there.

Xinyi, which is the city’s financial hub, is a neighbourhood of skyscrapers, luxury condominiums and high-end restaurants and shopping.

It’s also home to the Taipei 101 office tower, the tallest skyscraper in Taiwan and the ninth-tallest in the world at 1,667 feet (510 metres).

“The Xinyi District, where the commercial centre, symbolised by world-renowned Taipei 101, is located, has been a popular neighbourhood for new luxury residential developments,” Chen said.

Xinyi is Taiwan’s premier shopping district.

“[Xinyi] boasts the highest density for department stores in the world, with 14 shopping malls in an area of merely 1.53 million square metres [16.5 million square feet],” Chen said.

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One of the most luxurious shopping centres in the neighbourhood is in the Taipei 101 tower.

The seven-storey mall includes luxury boutiques Burberry, Bulgari, Louis Vuitton, Rolex and Prada, as well as a gourmet food court and a luxury fitness centre, World Gym Elite.

Luxury homes in Taipei are still relatively cheap compared with Hong Kong, Singapore and New York.

“Taipei’s luxury properties are still a bargain compared to luxury homes in Hong Kong, Singapore and New York, where luxury homes can sometimes cost more than 1.5 times as much as in Taipei City,” Chen said.

The prices of most luxury homes in Taipei range from US$1,600 to US$2,400 per square foot, compared to an average US$3,500 per square foot in Singapore and US$3,850 in Hong Kong, according to Chen.

In New York, the average price per square foot for new developments has reached US$3,786.

One of the most popular new condominium towers for Taipei’s upper crust is One Park Taipei.

One Park Taipei is a two-tower development right next to Daan Forest Park, which Chen calls “Taipei’s answer to NYC’s Central Park”. The tower has set a record sale price on a per square foot basis in Taiwan, Chen says.

Then there is the Sherwood Fubon, managed by the Marriott Hotel, which sold 31 condominiums last year, according to Chen.

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But while Xinyi and its upmarket condos may be today’s hottest real-estate spot, Taipei’s “old money” tends to prefer living in luxury villas in a quieter neighbourhood.

“For affluent old-money families who prefer a more tranquil community and lifestyle, Yangmingshan, ‘The Sun-Light-Mountain’, has long been a top choice,” Chen said.

Yangmingshan, with nearby Yangmingshan National Park, is only a 25- to 30-minute drive to Taipei city proper. It’s known for its green and picturesque surroundings, according to Chen.

“Yangmingshan and nearby Tianmu community [the expat ghetto] are home to many luxury villas occupied by some of Taiwan’s wealthiest old-generation of entrepreneurs”, Chen said.

But Taipei’s richest residents may not bother to choose between the two neighbourhoods. In Taiwan, the ultra-wealthy own an average of 5.4 homes each.

According to Chen, “Taiwanese families will hoard properties when the opportunity presents itself, and not just within Taipei: property investment is basically an addiction.”

While the number of millionaires in Taipei may be booming, the Taiwanese ultra-rich are not flashy with their wealth.

Many of Taiwan’s wealthiest prefer “a modest and low profile lifestyle”, according to Chen, embracing the Chinese virtues of humility as embodied in Confucianism.

“Unlike their counterparts in Crazy Rich Asians, while enjoying shopping for jewellery and luxury goods discreetly, as well as fine-dining, rich Taiwanese are less conspicuous in their approach to consumption,” Chen said.

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Wealthy Taiwanese prefer to do their shopping in private.

Annie Leung, chairman of Bellavita, a luxury mall in Taipei that has a VIP club with private fitting rooms, said that the Hermès store gives shoppers plain brown bags to carry out their goods.

“They don’t want to have an obvious orange bag on the street,” Leung said. “High-end consumers like to spend their money, but they don’t always like to be seen.”

But Taipei’s rich do enjoy their fine dining.

The city has become one of the top fine-dining destinations in Asia, and boasts 24 Michelin-starred restaurants after just two editions of the Taipei Michelin Guide.

Rather than living extravagant lifestyles, wealthy Taiwanese are obsessed with having a strong work ethic.

Chen describes the mindset of Taipei’s upper class as “Work! Work! Work Harder!”

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Wealthy Taiwanese are industrious and highly competitive, according to Chen.

“They spend most of their time and energy managing and expanding their businesses, instead of adopting an extravagant or self-indulgent lifestyle,” Chen said.

“They also value the importance of education and raising their children the ‘right’ way’, setting themselves a fine example of work ethics for their children. They are also well-connected with each other and leverage their network to explore and exploit business opportunities.”

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This article originally appeared on Business Insider.