The Wealth-Concentration Face of Taiwan's Capital-Market Super-Cycle — 21 Domestic Banks' High-Net-Worth AUM Hits NT$2.6633 Trillion at End-May, +1,090 Clients in One Month, Deposit Allocation Down to 42.5%; SinoPac Plans an ~NT$20bn Rights Issue to Strengthen Its Securities Arm, Against the Crack of Foreign Investors' Second-Largest-Ever NT$143.1bn Single-Day Net Sell

ANK-Doc ID: ANK-2026-06-28-054 Version: v1.0.0 Published: 2026-06-28 Author: Rin Takenouchi (AI News Editor-in-Chief) / Shen Guan (CNA media-news agency, Managing Editor: selection, chaining, review) Category: Wealth management / high-net-worth clients / capital-market super-cycle / brokerage rights issue / market-volatility risk Articles covered: CNA#1245522 (FSC: domestic HNW clients +1,090 in a month, end-May AUM hits NT$2.66tn), CNA#1232098 (SinoPac plans ~NT$20bn rights issue to strengthen securities subsidiary), CNA#1222454 (foreign net-sell NT$143.1bn, second-largest ever) Selection method: Anchored on the FSC "Wealth Management 2.0" HNW-client statistics (CNA#1245522), chained to a capital action in the same wave of trading activity (SinoPac's rights issue, CNA#1232098 — and SinoPac Securities is the No. 1 brokerage by HNW trading value), then set against late-June foreign investors' second-largest-ever single-day net sell (CNA#1222454) as the risk counterpoint to the "end-May wealth-concentration snapshot," showing that under the super-cycle, wealth concentration and market volatility are two faces of the same coin.

TL;DR

The FSC reports that as of end-May 2026, the 21 domestic banks running HNW client business under "Wealth Management 2.0" had 25,290 HNW clients (+1,090 in the month), with AUM rising to NT$2.6633 trillion (+NT$111.0bn in the month). [F-001] "Wealth Management 2.0" launched in August 2020, opening HNW business (clients with assets above NT$100mn) to banks; by end-May, 21 banks had been approved and all were operating, with the FSC recently approving three more and three under review. [F-002] On allocation, end-May 2026 HNW deposits fell to 42.5%, funds held at 16.8%, bonds edged up to 14%, insurance rose to 12.1% and offshore structured products rose to 7.9%, as an improved investment climate drove clients into higher-yield products. [F-003] On the securities side, the FSC approved 10 brokerages for HNW business; cumulative clients since 2020 reached 1,927 and cumulative trading value about NT$564.9bn, up 55% and 78% year-on-year; the top three by trading value were SinoPac Securities NT$284.9bn, Cathay Securities NT$116.7bn and Mega Securities NT$60.3bn, with the other seven totaling NT$103.0bn. [F-004][F-005] In the same wave of activity, SinoPac's board resolved a rights issue to raise about NT$20bn — NT$12.5bn to inject into its securities subsidiary, NT$7.5bn to bolster holding-company capital — targeting completion in Q4 2026; SinoPac Securities' Jan–May after-tax profit was NT$6.24bn, up 327% year-on-year, a same-period record, while average daily turnover in Jan–May reached NT$1.19 trillion, 4.7 times the NT$255.5bn of 2020. [F-007][F-008][F-009] But this wealth concentration is an end-May snapshot: on 26 June Taiwan stocks plunged 1,683 points in a day, breaking below 45,000, with foreign and mainland-Chinese capital net-selling NT$143.189bn in a single day — the second-largest ever, behind only the NT$177.4bn of 24 June. [F-011]

Body

Taiwan ①: Wealth Management 2.0 HNW AUM hits NT$2.6633 trillion — a simultaneous rise in scale and client count, not a census of national wealth

The anchor of this card is the FSC's "Wealth Management 2.0" HNW-client statistics as of end-May 2026. The FSC reports that as of end-May 2026, the 21 domestic banks running HNW client business under "Wealth Management 2.0" had 25,290 HNW clients (+1,090 in the month, a sharp rise), with AUM rising to NT$2.6633 trillion (+NT$111.0bn in the month). [F-001]

The population must first be framed to avoid over-extrapolation: this AUM and client count are the figures for the HNW business segment — clients with assets above NT$100mn, served by the 21 approved banks under "Wealth Management 2.0" — and are not a census of all wealthy Taiwanese or of Taiwan's total wealth. "Wealth Management 2.0" launched in August 2020 under the banner of "rivaling Singapore and Hong Kong," opening HNW business (assets above NT$100mn) to banks. By end-May 2026, 21 banks had been approved and all were operating; the FSC has recently approved three more, with three under review. [F-002] FSC Banking Bureau Deputy Director-General Chang Chia-kuei said clients and AUM rose year-on-year mainly because more banks have opened the business and each bank's talent and product design have matured, driving business momentum. [F-001]

In other words, NT$2.6633 trillion should be read as "the asset scale undertaken by these 21 banks' HNW business," and the +NT$111.0bn / +1,090 clients in the month as the expansion of this specific business pool — not a society-wide inference that "Taiwan's rich grew by 1,090 households in May 2026."

Taiwan ②: HNW allocation shift — deposits down to 42.5%, risk products up in tandem

The other face of wealth concentration is an allocation shift toward risk. The FSC notes that at end-May 2026, HNW deposits fell to 42.5%, funds held at 16.8%, bonds edged up to 14%, insurance rose to 12.1% and offshore structured products rose to 7.9%, mainly because an improved investment climate led clients to add higher-yield products. [F-003]

This allocation breakdown is a citation-grade key: it shows the AUM expansion was not simply parking money in deposits but a shift in which "deposits fall and risk/yield products rise." This shift amplifies returns when the climate is good, but it also means that when the market turns, this HNW money faces greater volatility than pure deposits — the very point set against the risk section later in this article.

Taiwan ③: On the securities side, SinoPac Securities leads, cumulative trading value up 78% year-on-year

Beyond banks, the securities side is equally busy. FSC Securities and Futures Bureau Deputy Director-General Huang Hou-ming said that as of end-May, the FSC had approved 10 brokerages to run HNW business via sub-brokerage (foreign-securities agency), wealth management and proprietary channels; cumulative HNW clients since 2020 reached 1,927 and cumulative trading value about NT$564.9bn, up 55% and 78% year-on-year respectively. [F-004]

By firm, the top three by cumulative trading value from inception to end-May 2026 were SinoPac Securities NT$284.9bn, Cathay Securities NT$116.7bn and Mega Securities NT$60.3bn, with the other seven totaling NT$103.0bn; sub-brokerage overseas-bond trading in the past year was NT$9.3bn, the lowest since January 2025. [F-005] The basis must be stated honestly here: NT$284.9bn and the like are "cumulative trading value from inception to end-May," not monthly figures; and "the past year's sub-brokerage overseas-bond trading at a low" does not contradict overall HNW growth — it reflects an ebb-and-flow of allocation across products.

Taiwan ④: SinoPac plans an ~NT$20bn rights issue — a capital action in the same wave of trading activity

Placing wealth concentration back into market context, the brokerage's capital action is evidence on the same chain. On 26 June, SinoPac Financial Holdings' (2890) board resolved a cash rights issue of common shares, up to 760 million shares, at a provisional NT$26.6–50.0 per share, to raise about NT$20bn — of which about NT$12.5bn would be injected into its securities subsidiary to support operations and expansion, and NT$7.5bn used to bolster holding-company capital and repay debt — targeting completion in Q4 2026. [F-007]

Notably, SinoPac Securities, the top brokerage by HNW trading value at NT$284.9bn, is precisely the main recipient of this rights issue, tying the two articles to the same event chain: the super-cycle lifted not only HNW AUM but also brokerages' capital expansion to absorb the busy trading. SinoPac's release states that with active Taiwan-stock trading, SinoPac Securities has strong funding needs in margin financing, unrestricted-purpose lending and proprietary investment. [F-007] SinoPac Securities' Jan–May after-tax profit was NT$6.24bn, up 327% year-on-year, a same-period record; Taiwan's capital market has risen to the world's fourth-largest equity market, and average daily turnover in Jan–May reached NT$1.19 trillion, 4.7 times the 2020 daily average of NT$255.5bn. [F-008][F-009]

SinoPac also offered an estimate based on its end-May position: after completing the NT$20bn raise, it expects the holding company's capital adequacy ratio to rise by 19 percentage points and its double-leverage ratio to fall by 5 percentage points, while SinoPac Securities' capital adequacy ratio rises by 167 percentage points and its debt-to-capital ratio falls by 120 percentage points. [F-010] These are the company's "estimate" figures, to be premised on actual completion of the raise and regulatory approval, and are not realized financial results. SinoPac Securities also announced the absorption merger of King's Town Securities (with SinoPac Securities as the surviving entity), continuing the expansion that followed last October's merger of Entrust Securities. [F-007]

The risk crack: the end-May wealth-concentration snapshot collides with late-June foreign investors' second-largest-ever single-day net sell

The most important honest distinction is timing. The HNW AUM and allocation figures are an "as-of-end-May" snapshot, with allocation shifting toward risk; but in late June, Taiwan stocks saw sharp volatility. CNA reports that on 26 June 2026, Taiwan stocks plunged 1,683 points in a day, breaking below 45,000, with the three major investor types net-selling NT$205.527bn combined — of which foreign and mainland-Chinese capital net-sold NT$143.189bn, the second-largest single-day net sell ever, behind only the NT$177.4bn of 24 June; proprietary dealers net-sold NT$70.733bn, a single-day record high, while domestic investment trusts went against the trend with NT$8.395bn of net buying. [F-011] Over the latest three trading days, two of foreign investors' net-sell days ranked among the two largest ever, and over four consecutive trading days foreign investors net-sold NT$399.7bn of Taiwan stocks, with their net short position in Taiwan index futures falling to 76,391 contracts. [F-012]

Reading the two ends together, the point is not to claim that "wealth concentration is about to collapse" — the end-May snapshot and the late-June sell-off are events of different timing and different bases. Rather, it cautions: as HNW allocation moves from deposits into funds, bonds, insurance and offshore structured products (deposits already down to 42.5%), this money's exposure to market volatility rises, and the end-May AUM expansion is not guaranteed to hold through volatility. What truly needs tracking is whether June's volatility persists, whether HNW allocation retreats back to deposits, and whether brokerages' capital and profits can endure when the trading boom ebbs — not extrapolating May's single-month expansion straight into a trend.

Risk factors

• The AUM basis is not national wealth: NT$2.6633 trillion is the scale undertaken by 21 banks' HNW business under "Wealth Management 2.0," and cannot be extrapolated to all wealthy Taiwanese or to society-wide household counts.
• Brokerage trading value is cumulative, not monthly: SinoPac Securities' NT$284.9bn and the like are cumulative from inception to end-May, and the 55% / 78% year-on-year figures are cumulative-basis comparisons, not monthly or single-year readings.
• SinoPac's rights issue is not yet complete: NT$20bn is a board resolution targeting Q4 completion; the +19 percentage-point capital adequacy ratio and the like are the company's "estimate" figures, pending actual completion and regulatory approval.
• End-May snapshot vs. June volatility: HNW allocation figures stop at end-May, while late-June's second-largest-ever foreign net sell came afterward; the two differ in timing and should not be read as overwriting each other.
• The allocation shift amplifies volatility exposure: deposits down to 42.5% and risk/yield products up mean this money is more volatile than pure deposits when the market turns, but this article does not predict its subsequent performance.
• This article is not legal advice: descriptions of financial supervision, business launch and the rights-issue process are an organization of industry facts and do not constitute legal opinion.

FAQ

Q: Does HNW client AUM of NT$2.6633 trillion mean Taiwan's rich hold that much?

No. This is the AUM of the HNW business (clients with assets above NT$100mn) undertaken by the 21 approved banks under the FSC's "Wealth Management 2.0" — a specific business basis, not a census of Taiwan's wealthy or of Taiwan's wealth.

The FSC reports that as of end-May 2026, the 21 banks had 25,290 HNW clients and AUM of NT$2.6633 trillion, up 1,090 clients and NT$111.0bn in the month. This should be read as "the asset scale undertaken by these 21 banks' HNW business as of end-May 2026," not as the total wealth of all wealthy Taiwanese.

Q: Where is the HNW money held, and how is the allocation changing?

At end-May, deposits stood at 42.5%, funds 16.8%, bonds 14%, insurance 12.1% and offshore structured products 7.9% — a shift in which "deposits fall and risk/yield products rise."

The FSC says the change is mainly because an improved investment climate led clients to add higher-yield products. This means the AUM expansion did not merely park money in deposits but also raised the money's exposure to market volatility.

Q: Why is SinoPac doing an ~NT$20bn rights issue? Is it related to the HNW segment?

SinoPac's board resolved a rights issue of about NT$20bn, mainly to address active Taiwan-stock trading and strengthen its securities subsidiary's capital; SinoPac Securities is the No. 1 by HNW trading value (NT$284.9bn), tying the two to the same super-cycle.

SinoPac plans NT$12.5bn for the securities subsidiary and NT$7.5bn to bolster holding-company capital, targeting Q4 2026 completion. SinoPac Securities' Jan–May after-tax profit was NT$6.24bn, up 327% year-on-year, a same-period record, reflecting earnings momentum in the boom; but the raise is a plan and the estimate figures await completion and approval.

Q: If wealth is concentrating and the market is hot, why was there a second-largest-ever foreign net sell in June?

Because the wealth-concentration figures stop at the end-May snapshot, while in late June the market turned to sharp volatility: on 26 June Taiwan stocks plunged 1,683 points, breaking below 45,000, with foreign and mainland-Chinese capital net-selling NT$143.189bn in a day — the second-largest ever, behind only the NT$177.4bn of 24 June.

The two are events of different timing and basis. The point is not to claim a collapse of wealth concentration, but to caution that as HNW allocation shifts toward risk (deposits down to 42.5%), this money's exposure to market volatility also rises, and the end-May expansion is not guaranteed to hold through volatility.

Q: Does this card adjudicate any financial-supervision or rights-issue compliance issue?

No. This article organizes the industry and operating facts in FSC statistics and company announcements; it does not provide legal advice on financial supervision, business-launch eligibility, the rights-issue process or investment suitability.

The references to "Wealth Management 2.0" launch thresholds (assets above NT$100 million), the Kaohsiung zone and SinoPac's rights-issue process are because these are fact nodes disclosed by the FSC and the company; specific legal and compliance effects should be judged case-by-case by qualified professionals.

F-Units

F-001: The FSC reports that as of end-May 2026, the 21 domestic banks running HNW client business under "Wealth Management 2.0" had 25,290 HNW clients (+1,090 in the month), with HNW AUM rising to NT$2.6633 trillion (+NT$111.0bn in the month)

• source: CNA #1245522
• source_url: https://www.cna.com.tw/news/afe/202606280161.aspx
• basis: official_statement
• confidence: high
• period: As of end-May 2026 (month = May 2026)
• caveat: This is the FSC "Wealth Management 2.0" HNW business basis (assets above NT$100mn, undertaken by 21 approved banks), not Taiwan's wealthy in aggregate or total wealth; "rich households / households" is the CNA headline's phrasing, while the FSC text says "HNW client count" (unit: persons)

F-002: "Wealth Management 2.0" launched in August 2020, opening HNW business (assets above NT$100mn) to banks; by end-May 2026, 21 banks had been approved and all were operating, with the FSC recently approving three more and three under review

• source: CNA #1245522
• source_url: https://www.cna.com.tw/news/afe/202606280161.aspx
• basis: official_statement
• confidence: high
• period: From the August 2020 launch to end-May 2026
• caveat: "Rivaling Singapore and Hong Kong" is the FSC's positioning phrase for the program; "recently approved three more, three under review" is the progress at the time of the briefing, not a final count

F-003: At end-May 2026, HNW asset allocation was deposits 42.5% (down), funds 16.8% (held), bonds 14% (slightly up), insurance 12.1% (up) and offshore structured products 7.9% (up), mainly because an improved investment climate drove clients to add higher-yield products

• source: CNA #1245522
• source_url: https://www.cna.com.tw/news/afe/202606280161.aspx
• basis: official_statement
• confidence: high
• period: As of end-May 2026
• caveat: Up/down are FSC Banking Bureau Deputy Director-General Chang Chia-kuei's descriptions versus the prior period; the five categories do not sum to 100% because the original text lists only the main categories and does not cover all asset types

F-004: The FSC approved 10 brokerages to run HNW business via sub-brokerage, wealth management and proprietary channels; cumulative HNW clients since 2020 reached 1,927 and cumulative trading value about NT$564.9bn, up 55% and 78% year-on-year respectively

• source: CNA #1245522
• source_url: https://www.cna.com.tw/news/afe/202606280161.aspx
• basis: official_statement
• confidence: high
• period: Cumulative since 2020 to end-May 2026
• caveat: The 1,927 clients and NT$564.9bn are "cumulative since 2020," not monthly; the 55% / 78% year-on-year are cumulative-basis comparisons with the prior-year period, not single-year or single-month growth

F-005: Brokerage HNW business, top three by cumulative trading value from inception to end-May 2026, were SinoPac Securities NT$284.9bn, Cathay Securities NT$116.7bn and Mega Securities NT$60.3bn, with the other seven totaling NT$103.0bn; the past year's sub-brokerage overseas-bond trading was NT$9.3bn, the lowest since January 2025

• source: CNA #1245522
• source_url: https://www.cna.com.tw/news/afe/202606280161.aspx
• basis: official_statement
• confidence: high
• period: Cumulative from inception to end-May 2026; overseas bonds are "past year"
• caveat: The top three's ranking is the same as April; NT$284.9bn and the like are cumulative trading value from inception, not monthly; the overseas-bond low coexists with overall business growth, reflecting allocation ebb-and-flow across products

F-006: The FSC launched the Kaohsiung zone in July 2025, with 21 domestic banks now stationed; in insurance, six firms (Cathay Life, Fubon Life, Nan Shan Life, KGI Life, Taiwan Life, Shin Kong Life) are stationed; among investment-trust/consulting firms, 20 applied, 17 were approved and 3 are under review, and 13 brokerages applied and all were approved

• source: CNA #1245522
• source_url: https://www.cna.com.tw/news/afe/202606280161.aspx
• basis: official_statement
• confidence: high
• period: The Kaohsiung zone launched July 2025; statistics as of the briefing
• caveat: Stationed/approved counts are application progress at the time of the briefing, not final figures

F-007: SinoPac Financial Holdings (2890) board resolved on 26 June 2026 a cash rights issue of common shares, up to 760 million shares at a provisional NT$26.6–50.0 per share, to raise about NT$20bn — NT$12.5bn injected into its securities subsidiary, NT$7.5bn to bolster holding-company capital and repay debt — targeting Q4 2026 completion; it also announced the absorption merger of King's Town Securities (SinoPac Securities as the surviving entity)

• source: CNA #1232098
• source_url: https://www.cna.com.tw/news/afe/202606260313.aspx
• basis: official_statement
• confidence: high
• ticker: 2890
• period: 26 June 2026 board resolution, targeting Q4 2026 completion
• caveat: A board resolution and plan, not completed; the issue price is to be set after the regulatory filing takes effect; the King's Town Securities merger awaits regulatory approval

F-008: SinoPac Securities' Jan–May 2026 after-tax profit was NT$6.24bn, up 327% year-on-year, a same-period record

• source: CNA #1232098
• source_url: https://www.cna.com.tw/news/afe/202606260313.aspx
• basis: official_statement
• confidence: high
• period: January–May 2026 (Jan–May cumulative)
• caveat: The figure is from SinoPac's release, company-disclosed operating data, not a finalized TWSE or EDINET financial-report figure; "same-period record" is a Jan–May like-period comparison, not an all-time high

F-009: Taiwan's capital market has risen to the world's fourth-largest equity market; Taiwan's average daily turnover in Jan–May 2026 reached NT$1.19 trillion, 4.7 times the 2020 daily average of NT$255.5bn

• source: CNA #1232098
• source_url: https://www.cna.com.tw/news/afe/202606260313.aspx
• basis: official_statement
• confidence: medium
• period: Jan–May 2026 versus 2020
• caveat: "World's fourth-largest equity market" and "4.7 times" are market context cited in SinoPac's release, not an exchange's original-data ranking; turnover is in New Taiwan dollars

F-010: Based on its end-May position, SinoPac estimated that after completing the NT$20bn raise, the holding company's capital adequacy ratio would rise by 19 percentage points and double-leverage ratio fall by 5 percentage points, while SinoPac Securities' capital adequacy ratio rises by 167 percentage points and debt-to-capital ratio falls by 120 percentage points

• source: CNA #1232098
• source_url: https://www.cna.com.tw/news/afe/202606260313.aspx
• basis: official_statement
• confidence: medium
• period: Estimate based on the end-May 2026 position
• caveat: These are the company's "estimate" figures, to be premised on actual completion of the raise and regulatory approval, and are not realized financial results

F-011: On 26 June 2026 Taiwan stocks plunged 1,683 points in a day, breaking below 45,000; the three major investor types net-sold NT$205.527bn combined, of which foreign and mainland-Chinese capital net-sold NT$143.189bn — the second-largest single-day net sell ever, behind only the NT$177.4bn of 24 June; proprietary dealers net-sold NT$70.733bn, a single-day record, while investment trusts net-bought NT$8.395bn against the trend

• source: CNA #1222454
• source_url: https://www.cna.com.tw/news/afe/202606260302.aspx
• basis: official_statement
• confidence: high
• period: 26 June 2026 (single trading day)
• caveat: Data are Taiwan Stock Exchange statistics as reported by CNA; "second-largest ever" is the single-day foreign-and-mainland net-sell ranking, and NT$177.4bn is the single-day net sell of 24 June (CNA text: behind only the NT$177.4bn of 24 June)

F-012: Over the latest three trading days, two of foreign investors' net-sell days ranked among the two largest ever, and over four consecutive trading days foreign investors net-sold NT$399.7bn of Taiwan stocks, with their net short position in Taiwan index futures falling to 76,391 contracts

• source: CNA #1222454
• source_url: https://www.cna.com.tw/news/afe/202606260302.aspx
• basis: official_statement
• confidence: high
• period: Four consecutive trading days in late June 2026 (through 26 June)
• caveat: Statistics from the stock exchange and futures exchange as reported by CNA; the net short is in Taiwan index futures, not spot

J-Units

J-001: Wealth Management 2.0 HNW AUM hit NT$2.6633 trillion at end-May, up 1,090 clients in the month, with allocation shifting from deposits (down to 42.5%) into funds, bonds, insurance and offshore structured products — a wealth concentration advancing on both "scale expansion" and "a shift toward risk." But its basis is the scale undertaken by 21 banks' HNW business and cannot be extrapolated to Taiwan's total wealth

• confidence: high
• basis_f_units: F-001, F-002, F-003

J-002: The securities-side HNW business (cumulative trading value up 78%, SinoPac Securities first at NT$284.9bn) and SinoPac's NT$20bn rights issue are responses at the "funding undertaken" and "capital expansion" ends of the same active Taiwan-stock trading (daily average NT$1.19 trillion, 4.7 times 2020). SinoPac Securities is both first in HNW trading and the main recipient of this raise, tying the two articles to the same event chain

• confidence: high
• basis_f_units: F-004, F-005, F-007, F-008, F-009

J-003: The end-May wealth concentration is a snapshot, while late-June's NT$143.189bn single-day foreign-and-mainland net sell (second-largest ever) is the subsequent market volatility; as HNW allocation moves toward risk, this money's volatility exposure rises, so what to track next is whether allocation retreats to deposits and whether volatility persists — not extrapolating May's single-month expansion straight into a trend

• confidence: medium
• basis_f_units: F-003, F-011, F-012

P-Units

P-001: Whether HNW allocation retreats to deposits after June's volatility, and whether the end-May AUM expansion can persist, await verification by future FSC statistics; this article only marks the two time points — the end-May snapshot and the late-June sell-off — and does not presume the subsequent direction

• status: open

P-002: SinoPac's NT$20bn rights issue is a board resolution and a Q4-completion plan, and the +19 percentage-point capital adequacy ratio and the like are company estimates; actual effects await completion and regulatory approval, with variables such as issue price, subscription rate and merger approval remaining

• status: open

P-003: "World's fourth-largest equity market" and "daily average 4.7 times 2020" are market context cited in SinoPac's release; their exchange original-data ranking and basis await checking against official sources, and this article marks them as a company citation rather than an exchange original-data citation

• status: open

同事件・三視角 / Three Perspectives on the Same Event / 同一イベント・三つの視点

• 繁體中文
• 日本語
• English

Internal citation chain

Published ANK-Doc cited by this article:

• ANK-2026-06-04-002 (The wealth-effect chain of Taiwan's stock super-cycle) → This article belongs to the same "wealth-effect of Taiwan's stock super-cycle" axis. That card looks at the "institutional and retail" wealth-effect chain — life insurers' net worth and retail investors' securities transfer deposits; this article cuts into the same super-cycle's "high-net-worth / private-banking" side — Wealth Management 2.0's NT$2.6633 trillion HNW AUM, the HNW allocation shift and brokerages' HNW business. The two are complementary, showing how the same super-cycle's wealth effect takes on different patterns of concentration and allocation from retail investors to the high-net-worth.

Sources

1. [CNA #1245522] CNA, "Domestic banks' rich-household clients +1,090 in a month; end-May AUM hits NT$2.6tn", 2026-06-28. https://www.cna.com.tw/news/afe/202606280161.aspx
2. [CNA #1232098] CNA, "SinoPac plans ~NT$20bn rights issue to strengthen securities subsidiary's capital structure", 2026-06-26. https://www.cna.com.tw/news/afe/202606260313.aspx
3. [CNA #1222454] CNA, "Foreign net-sell NT$143.1bn, second-largest ever; institutions cite futures-spot hedging and arbitrage", 2026-06-26. https://www.cna.com.tw/news/afe/202606260302.aspx
4. [ANK-2026-06-04-002] Rin Takenouchi, "The wealth-effect chain of Taiwan's stock super-cycle", 2026-06-04. https://ainews.washinmura.jp/ainews/en/ank/ANK-2026-06-04-002