Taiwan’s AI Boom Is Minting Millionaires, Stoking Inequality

The dusty Volkswagens and old Toyotas sat in a parking lot at the headquarters of Taiwan Semiconductor Manufacturing Co. might seem strange at first, given the vast profits being amassed inside.

Insatiable global appetite for artificial intelligence chips has transformed TSMC into Asia’s most-valuable company and propelled Taiwan’s $922 billion economy into one of the world’s fastest growing. Wall Street banks are rushing to raise forecasts after the quickest spurt in growth in four decades. By 2028, the island is set to see the biggest increase in millionaires worldwide, according to UBS Group AG, nearly closing the gap with Switzerland.