The national economy of Taiwan (officially known as the Republic of China), is the 7th largest economy in Asia, and is included in the group of advanced economies by the International Monetary Fund and measured in the group of high-income economies by the World Bank , and ranked 15th in the world by the World Economic Forum's Global Competitiveness Report, has a developed capitalist economy which ranks as the 22nd-largest in the world by purchasing power (PPP), ranks as 18th in the world by gross domestic product (GDP) at purchasing power parity per capita (person), and 24th in nominal GDP of investment and foreign trade from the Republic of China (Taiwan) the government, commonly referred to as Taiwan. As of 2018, telecommunications, financial services and utility services are the three individuals highest paid sectors in Taiwan. Taiwan's economy ranks highest in Asia for the 2015 Global Entrepreneurship Index (GEI) for specific strengths. Most large government-owned banks and industrial enterprises have been privatized, and now family-owned businesses are the streamlined economic factors in Taiwan