Forbes list of Taiwan’s 50 richest fortunes
SINGAPORE (April 28, 2022) – The wealth of Taiwan’s 50 richest on the 2022 Forbes list reveals a mixed picture, with 23 listed adding to their net worth and 24 seeing a decline. Overall, their collective wealth has grown from $149 billion last year to $158 billion US. The full list can be found here.
As the Ommicron outbreak in the region disrupted production and supply chains, the benchmark Taiex has fallen 3% over the past 12 months. Still, strong tech exports and a recovery in domestic demand boosted Taiwan’s economy by 6.3% in 2021, the largest gain in a decade.
Footwear tycoon Zhang Congyuan, who debuted last year following the 2021 IPO of his industry group Huali, retains the top spot. But its net worth fell 12% to $12.1 billion from $13.8 billion as the Guangdong-based company faced logistical challenges brought on by Covid-19.
Brothers Tsai Hong-tu and Cheng-ta remain second with $10.5 billion, up 14% from $9.2 billion, as their Cathay Financial Holding posted record net income of $4.9 billion for 2021. Another pair of financial magnates, brothers Daniel and Richard Tsai of Fubon Financial Holding, retain third place with a fortune of $9.6 billion, up 22%, thanks to the company’s outstanding performance in equity and bond investments.
Soaring chemical prices boosted the wealth of two of this year’s big dollar gainers. The net worth of Lin Shu-hong (No. 5), co-founder of petrochemical conglomerate Chang Chun Group, jumped from $2.1 billion to $6.9 billion. Siblings Tseng Cheng and Sing-ai (#14, $4.3 billion), whose late father Tseng Shin-yi was also a co-founder of Chang Chun, saw their wealth increase by $1.65 billion .
Tony Chen (#47, $850m) and Scott Lin (#42, $1.1bn), co-founders of Largan Precision, an Apple lens supplier, saw the biggest drop in their wealth percentage. A sluggish mainland Chinese market for smartphones and supply chain hurdles caused their wealth to decline by 47% and 46% respectively.
Rising shares of Kinglai Hygienic Materials, a maker of stainless steel components used in ultra-clean manufacturing processes such as semiconductors and vaccines, propelled founder Li Shui-po, the only newcomer this year , at No. 50 with $765 million.
Amid the global shipping boom, the Chang brothers – Kuo-Hua, Kuo-Ming and Kuo-Cheng – whose father was Evergreen Marine‘s late founder, Chang Yung Fa, returned to the list at No. 11 with $5.3 billion.
Three have dropped out this year, including restaurant mogul Ho Kuang-chi, whose Chinese hotpot chain Xiabuxiabu posted its first annual loss last year since its IPO in 2014.
The minimum amount required to make the list was $765 million, up from $740 million last year.
The 10 richest in Taiwan are:
- Zhang Cong Yuan; US$12.1 billion
- Tsai Hong-tu & Cheng-ta; $10.5 billion
- Daniel & Richard Tsai; $9.6 billion
- Tsai Eng-meng; $7.1 billion
- Lin Shu-hong; $6.9 billion
- Terry Gou; $6.8 billion
- Wei Ing-chou, Ying-chiao, Yin-chun and Yin-heng; $6.4 billion
- Jason & Richard Chang; $6 billion
- Barry Lam; $5.5 billion
- Samuel Yin; $5.4 billion
The list was compiled using information from individuals, analysts, government agencies, exchanges, databases and other sources. Net worth was based on stock prices and exchange rates as of the close of trading on April 15 and real-time net worth on Forbes.com may reflect different valuations. Private companies were evaluated using financial ratios and other comparisons with similar publicly traded companies. The estimates include the spouse’s wealth and, where the person is the founder of the business, also include the wealth of children and siblings that comes from that company. The list may also include foreign citizens with commercial, residential, or other ties to the city, or citizens who do not reside in the city but have significant commercial or other ties to the city.
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