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Despite being a capital of a country with limited recognition, given that it is not a member of the UN, Taipei still stands out as a global high-tech hub and one of the wealthiest cities in Asia, with the service sector dominating the economic sphere of the city. In 2016, Taipei generated 37% of the country's total GDP. It boasted one of the highest levels of annual disposable income per household among the Asia Pacific region capitals (USD48,000) in 2016.
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Taipei is the capital and major economic centre of Taiwan. The city's economy benefits from a notable concentration of business services (29% of the GVA in Taipei versus 15% in the rest of the country in 2016) and high-tech manufacturing, making the city stand out not only compared with other regions of Taiwan but also compared with prominent Asian cities. As a result, Taipei's labour productivity (or GVA per employee) was 42% above that in the rest of the country in 2016.
Greater levels of labour productivity result in higher disposable incomes in Taipei. In 2016, disposable income per household was 20% higher in the city than in the rest of Taiwan. In comparison to other cities, Taipei's households (USD48,000) do earn more than the ones in Seoul (USD42,800) and Kuala Lumpur (USD33,500), but lag behind Tokyo's (USD57,500).
In 2016, consumer spending (excluding transport and housing) per household was 18% higher in the city compared with the average in the rest of Taiwan. In accordance with higher incomes, Taipei's households demonstrate a greater inclination towards recreation and culture (+53% in absolute spending in 2016) and clothing and footwear (+30%) than those elsewhere in the country.
Transport and housing expenditure together in Taipei came out 22% higher than in the rest of the country in 2016. Most of this difference comes from the fact that Taipei's real estate is regarded as one of the most expensive in the world, despite the sharply falling prices in the 2015/2016. Despite the income advantage of 20% when compared to the rest of the country, Taipei comes out as rather an unaffordable city.
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