I'm very sceptical about all those GDP or GDP (PPP) figures. I can't judge the living standard in Taiwan. At least within the EU you can normally conclude from the outer appearance of the cities to the living standard. That doesn't seem to work in Taiwan. Using google streetview, Taiwan appears to me quite poor. At least the outer appearance of Taiwan doesn't seem to reflect these relative high GDP (PPP) figures.
According to figures from IMF:
GDP per capita (nominal / PPP):
Taiwan: 22,263 / 47,790
Germany: 40,952 / 48,190
Hungary: 12,240 / 27,211
Concluded from these figres (when I have do the maths correctly), then the price level (for domestic made goods and services) in Germany would be about 82% higher than in Taiwan. That's quite a lot. Germany is among the Western world already quite cheap.
According to figures from Numbeo:
Consumer prices in Germany are
3% higher than in Taiwan
Consumer prices including rent in Germany are
14% higher than in Taiwan
Rent prices in Germany are
67% higher than in Taiwan
Restaurant prices in Germany are
114% higher than in Taiwan
Grocery prices in Germany are
34% lower than in Taiwan
The comparision of GDP and GDP (PPP) figures for Taiwan and Hungary sugest that the prive level in both countries is quite comparable. That seems quite questionable to me.
According to figures from Numbeo:
Consumer prices in Taiwan are
49% higher than in Hungary
Consumer prices including rent in Taiwan are
43% higher than in Hungary
Rent prices in Taiwan are
20% higher than in Hungary
Restaurant prices in Taiwan are
10% lower than in Hungary
Grocery prices in Taiwan are
126% higher than in Hungary
In my opinion the PPP adjustment for the GDP of Taiwan seems quite questionable.
I have googled rents for apartments in Taiwan, it seems indeed extremely cheap. I'm not sure about the restaurant prices. At least pizza is definitely more expensive than in Germany. I guess that Chinese food at restaurants are incredible cheap in Taiwan. I've googled grocery prices from A.mart. Those seems throughout outrageous expensive to me. I guess A.mart is a very expensive chain.
Overall I really doubt that the price level in Taiwan is so low as these PPP adjusted GDP figures sugest.
I'm not sure whether my reasonings make sense.