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Taiwanese much richer than Koreans
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charlieDD



Joined: 16 Jun 2006
Location: Seoul, Korea

PostPosted: Sat Jun 09, 2007 3:19 pm    Post subject: Taiwanese much richer than Koreans Reply with quote

I was surprised to learn the other day that the Taiwanese average GDP is $29,000 a year. That's just a few thousand behind the Japanese average of $33,000 a year.

Korea's might be up to $20K by now, with the help of the exchange rate (strengthening won).

There are 22 million Taiwanese; nearly 50 million South Koreans. So, population-wise, Taiwan is 40% the size of Korea.

Taiwan's purchasing power parity overall GDP is 640 billion; Korea's PPP GDP is 1,100 billion. Economy-wise, Taiwan is about 60% the size of Korea.

At the same time, Korea is way up there in terms of cost of living, while Taiwan comes in about average for a developed country.

Anyone lived and worked in Taiwan? Do you see a difference, standard of living-wise from Korea?
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VanIslander



Joined: 18 Aug 2003
Location: Geoje, Hadong, Tongyeong,... now in a small coastal island town outside Gyeongsangnamdo!

PostPosted: Sat Jun 09, 2007 3:29 pm    Post subject: Reply with quote

Seoul is not typical of Korea.

A lot of Koreans have a standard of living closer to the Vietnamese than the Japanese.
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congee



Joined: 08 Jun 2007

PostPosted: Sat Jun 09, 2007 4:38 pm    Post subject: Reply with quote

I've lived in both places. I have to say I'm a little surprised that Taiwan's GDP figures are that high. I guess you do see a lot examples of wealth there though (probably more often on average than you would encounter in Korea).

The English ability and general attitude of Taiwanese kids is a hell of a lot better, that's for sure.
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jvalmer



Joined: 06 Jun 2003

PostPosted: Sat Jun 09, 2007 6:29 pm    Post subject: Reply with quote

VanIslander wrote:
Seoul is not typical of Korea.

A lot of Koreans have a standard of living closer to the Vietnamese than the Japanese.


It's kind of wierd. Way outside of Seoul you see what looks like shacks that people live in as homes. But, the funny thing is that alot of these "shacks" have satelite dishes and a pretty nice and new cars parked in the driveway. And, if you actually go inside one, there is every new imaginable peice of technology like a big screen TV, maybe a $2000 fridge. Obviously, they aren't doing that bad...
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ChuckECheese



Joined: 20 Jul 2006

PostPosted: Sat Jun 09, 2007 6:37 pm    Post subject: Reply with quote

jvalmer wrote:
VanIslander wrote:
Seoul is not typical of Korea.

A lot of Koreans have a standard of living closer to the Vietnamese than the Japanese.


It's kind of wierd. Way outside of Seoul you see what looks like shacks that people live in as homes. But, the funny thing is that alot of these "shacks" have satelite dishes and a pretty nice and new cars parked in the driveway. And, if you actually go inside one, there is every new imaginable peice of technology like a big screen TV, maybe a $2000 fridge. Obviously, they aren't doing that bad...


Not bad with huge credit card debt.
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charlieDD



Joined: 16 Jun 2006
Location: Seoul, Korea

PostPosted: Sat Jun 09, 2007 6:43 pm    Post subject: Reply with quote

jvalmer wrote:
VanIslander wrote:
Seoul is not typical of Korea.

A lot of Koreans have a standard of living closer to the Vietnamese than the Japanese.


It's kind of wierd. Way outside of Seoul you see what looks like shacks that people live in as homes. But, the funny thing is that alot of these "shacks" have satelite dishes and a pretty nice and new cars parked in the driveway. And, if you actually go inside one, there is every new imaginable peice of technology like a big screen TV, maybe a $2000 fridge. Obviously, they aren't doing that bad...


Sounds like Thailand, or Mexico, or Phillipines, where kids abroad send money home to their families. Shacks with new cars out front, satellite dishes, and appliances inside.

In the end, the stats in my OP still make the point: Taiwanese are much wealthier than Koreans.
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mithridates



Joined: 03 Mar 2003
Location: President's office, Korean Space Agency

PostPosted: Sat Jun 09, 2007 7:11 pm    Post subject: Re: Taiwanese much richer than Koreans Reply with quote

charlieDD wrote:
I was surprised to learn the other day that the Taiwanese average GDP is $29,000 a year. That's just a few thousand behind the Japanese average of $33,000 a year.

Korea's might be up to $20K by now, with the help of the exchange rate (strengthening won).


$24,200, not $20K.

Taiwan's nice but much more polluted. They're much more mature about having been colonized and have retained a great deal of their Japanese language ability, which always helps. Korea decided to forget all of theirs, which really is cutting off one's nose to spite one's face. I prefer Korea to Taiwan though.
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Octavius Hite



Joined: 28 Jan 2004
Location: Househunting, looking for a new bunker from which to convert the world to homosexuality.

PostPosted: Sat Jun 09, 2007 7:15 pm    Post subject: Reply with quote

I like Taiwan alot but I found it very, very boring. There's no open drinking culture there, I went to an all night market and nobody was drinking, whereas in Korea it would be full of hundreds of drunken ajosshis puking on the ground. It was very dull during the week.

As for standard of living I found it to be much cheaper, and more foreign choices (cars, foods, etc).
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twg



Joined: 02 Nov 2006
Location: Getting some fresh air...

PostPosted: Sat Jun 09, 2007 8:05 pm    Post subject: Reply with quote

I'm thinking of heading there next year. Korea has nothing but money to offer me by this point in my life. Which is good, but I need more.
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charlieDD



Joined: 16 Jun 2006
Location: Seoul, Korea

PostPosted: Sat Jun 09, 2007 8:59 pm    Post subject: Re: Taiwanese much richer than Koreans Reply with quote

mithridates wrote:
charlieDD wrote:
I was surprised to learn the other day that the Taiwanese average GDP is $29,000 a year. That's just a few thousand behind the Japanese average of $33,000 a year.

Korea's might be up to $20K by now, with the help of the exchange rate (strengthening won).


$24,200, not $20K.

.


The CIA factbook says 24,200. It seems off. Several other sourcese put Korea's 2006 GDP in the 21,600 range. All, including the factbook, have Taiwan's at about 29,000. Check out this Australian government site. I think it is more accurate and based on real numbers, not estimates:

Korea: http://www.dfat.gov.au/geo/fs/rkor.pdf

Taiwan: http://www.dfat.gov.au/geo/fs/taiw.pdf

I think these are more accurate. The WHO has similar figures for these two countries.

Yeah, I made a mistake in my OP. What I meant to say was that if you take out the appreciation of the Korean won factor, Korea's real GDP growth may be up to 20K now relative to Taiwan's. Taiwan's dollar has a fixed narrow band rate of around 33 or 34 to the U.S. dollar. The Korean won has gained some 20% over the last three years. This, of course, causes Korea's raw GDP to go up; not from productivity or production, but simply from the numbers game of foreign exchange.

The way I understand this "ppp" is that while purchasing power parity calculations are supposed to overcome exchange rates' influence on comparative GDP, they cannot erase the impact completely, especially when the exchange rate of one country changes so much relative to the other's. And, a stronger currency is going to make imported products cheaper, lending strength to the purchasing power parity.
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crazy_arcade



Joined: 05 Nov 2006

PostPosted: Sat Jun 09, 2007 9:55 pm    Post subject: Reply with quote

GDP doesn't mean that much. It's one indicator but not the be all end all.

If we merely went by GDP then the United Arab Emirates and Qatar have much higher standards of living, right?

I'd go by the HDI.

In which case, here are the top 30 countries.


Norway 0.965 ()
Iceland 0.960 ()
Australia 0.957 ()
Ireland 0.956 ( 4)
Sweden 0.951 ( 1)
Canada 0.950 ( 1)
Japan 0.949 ( 4)
United States 0.948 ( 2)
Switzerland 0.947 ( 2)
Netherlands 0.947 ( 2)
Finland 0.947 ( 2)
Luxembourg 0.945 ( Cool
Belgium 0.945 ( 4)
Austria 0.944 ( 3)
Denmark 0.943 ( 1)
France 0.942 ()
Italy 0.940 ( 1)
United Kingdom 0.940 ( 3)
Spain 0.938 ( 2)
New Zealand 0.936 ( 1)
Germany 0.932 ( 1)
Hong Kong 0.927 ()
Israel 0.927 ()
Greece 0.921 ()
Singapore 0.916 ()
Republic of Korea 0.912 ( 2)
Slovenia 0.910 ( 1)
Portugal 0.904 ( 1)
Cyprus 0.903 ()
Czech Republic 0.


Korea's not doing too badly for itself. It's sitting in pretty good company.
Of course Taiwan isn't included in this because it's not even recognized as an official state.
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VanIslander



Joined: 18 Aug 2003
Location: Geoje, Hadong, Tongyeong,... now in a small coastal island town outside Gyeongsangnamdo!

PostPosted: Sun Jun 10, 2007 12:12 am    Post subject: Reply with quote

crazy_arcade wrote:
I'd go by the HDI.

In which case, here are the top 30 countries.

Japan as 7th and Korea out of the Top-25.

That just won't do! Wink
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zappadelta



Joined: 31 Aug 2004

PostPosted: Sun Jun 10, 2007 12:28 am    Post subject: Reply with quote

What are the universities like in Taiwan? Anyone have experience working at one? Is it pretty competitive to get a uni job there?
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Yaya



Joined: 25 Feb 2003
Location: Seoul

PostPosted: Sun Jun 10, 2007 1:04 am    Post subject: Re: Taiwanese much richer than Koreans Reply with quote

charlieDD wrote:
I was surprised to learn the other day that the Taiwanese average GDP is $29,000 a year. That's just a few thousand behind the Japanese average of $33,000 a year.

Korea's might be up to $20K by now, with the help of the exchange rate (strengthening won).

There are 22 million Taiwanese; nearly 50 million South Koreans. So, population-wise, Taiwan is 40% the size of Korea.

Taiwan's purchasing power parity overall GDP is 640 billion; Korea's PPP GDP is 1,100 billion. Economy-wise, Taiwan is about 60% the size of Korea.

At the same time, Korea is way up there in terms of cost of living, while Taiwan comes in about average for a developed country.

Anyone lived and worked in Taiwan? Do you see a difference, standard of living-wise from Korea?


I heard of people who've gone to Taiwan and they say they don't regret going there, but that they'd probably not want to live there. I have an Italian buddy who has lived in both Korea and Taiwan, and he prefers Korea, though he'll eventually end up in China. But he didn't live in Taipei, and that might really be different than other foreigners who live in the Taiwanese capital.

Visiting Taiwan from Korea is a snap for sure, since all flights of Eva Airlines seem to have to stop by Taipei before going elsewhere.
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ghost



Joined: 06 Dec 2006
Location: Many congenial places

PostPosted: Sun Jun 10, 2007 6:27 am    Post subject: Taiwan and Korea Reply with quote

Taiwan:

1. Much cheaper than Korea, so your purchasing power is much, much better.

2. You can rent apartments easily for about $200-$300 U.S. a month outside of Taipei. I had a 3 bedroom apartment in good condition in Taichung, paying just $260 a month.

3. Meals are much cheaper in Taiwan. You can eat well for about $1.50-$2.50 U.S. - Korea twice the price.

4. Taiwan food much better, more varied, and more tasty.

5. Taiwan much hotter, more humid and smoggier.

Korea

1. Free accommodation in all jobs is money saver and convenient.

2. Schools in Korea usually find accommodation next to or within walking distance of the school.

3. Four seasons and much more temperate climate. Believe me, that makes your life easier in the long run. If you have spent 1 summer in Taiwan with the heat, humidity and pollution, you will want to leave that country fast, to never come back.

4. I prefer Korean people - more affectionate and honest. Yes, they sometimes lose their tempers - but their behaviour more closely resembles the West compared with the Taiwanese who are more underhanded and less honest in their true sentiments. Koreans are the Latinos of this area of Asia.

5. Much less pollution in Korea, and much less population density. Taiwan has a horrendous population concentration, and pollution from all the scooters make it hell to commute.

6. Plenty of mountains, hills and forests everwhere in Korea. A paradise for aerobic fitness fans like me who like to jog, bike and be outdoors.

7. I find people and kids quite a bit more friendly in Korea. In Taiwan I was completely ignored all the time - you felt like an invisible person.

In Korea, children and adults often say hello everywhere I go - it is not much, but the basic friendliness is much appreciated.

8. You can learn to read Korean in a relatively short time frame (one week to a couple of months depending on the individual), and this means that language learning will then be easier once you have the hangul characters down. In Taiwan, on the other hand, learning Chinese characters takes years of concentrated study. It is very mind numbing, and the repetition and drudgery will get you down. High atttrition rate.

Ghost
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