Buoyed By An Export Growth, Fortunes Soar Amid The Pandemic

Buoyed By An Export Boom, Fortunes Soar Amid The Pandemic

This story is a part of Forbes’ protection of Taiwan’s Richest 2021. See the complete record right here.

Whereas the pandemic disrupted lives and economies around the globe, Taiwan remained largely unscathed. Swift prevention measures to sort out the coronavirus resulted in simply over 1,100 circumstances and 12 deaths, amid a inhabitants of 24 million. Taiwan had one in all Asia’s top-performing economies, rising 3% in 2020, due to booming tech exports and elevated home demand. The benchmark Taiex index rose 45% since fortunes have been final measured 15 months in the past, lifting the collective web value of Taiwan’s richest by a 3rd to $149 billion.

This 12 months noticed the emergence of a brand new No. 1: Low profile Zhang Congyuan, founding father of shoe producer Huali Industrial Group, who shares the fortune together with his household, debuted on the record with $13.8 billion, after the corporate’s vastly profitable itemizing in Shenzhen. Zhang, who resides in Taiwan, constructed Huali into a key provider for international manufacturers, together with Nike, Puma, UGG and Vans. Brothers Hong-tu & Cheng-ta Tsai of Cathay Monetary Holding retained their No. 2 place with a web value of $9.2 billion. Daniel & Richard Tsai, one other sibling pair, whose fortune is drawn from monetary providers, moved up two spots to the third place with $7.9 billion.

Total 36 listees added to their wealth, with a few of the greatest gainers tied to semiconductors: Tsai Ming-kai, chairman of chipmaker MediaTek and the corporate’s former vice chairman, Cho Jyh-jer, noticed their fortunes swell by greater than 150% to $3.3 billion and $1.56 billion respectively, due to a surge in international demand for smartphone chips. Brothers Jason and Richard Chang of ASE Expertise, a supplier of semiconductor testing and packaging providers, have been the largest greenback gainers with a $2.6 billion enhance that propelled their web value to $7.2 billion.  

Morris Chang’s wealth was up 87% to $2.8 billion, as his Taiwan Semiconductor Manufacturing, Apple’s principal chipmaker, benefited from the much-anticipated launch of iPhone 12. Bruce Cheng greater than doubled his web value as shares in Delta Electronics, a maker of energy elements for Tesla, jumped amid the booming electrical car market. 

A spurt in demand from makers of e-vehicles was a boon for tycoons with pursuits in plastics. Siblings Tseng Cheng and Tseng Sing-ai of petrochemicals-and-plastic large Chang Chun group, who’re listed collectively for the primary time, got here in at No. 17 with a mixed fortune of $2.65 billion. Quintin Wu of USI and Asia Polymer, which make plastic resins, debuted at No. 47 with $840 million.

Among the many 9 listees whose fortunes declined have been Tony Chen and Scott Lincofounders of Largan Precisionwho took successful as shares in their lens maker tumbled as a consequence of U.S. sanctions in opposition to Huawei Applied sciences, a significant buyer. Wu Li-gann was down 27% as his Shenzhen-listed WUS Printed Circuit, which makes digital automobile elements, suffered amid a common stoop within the auto trade.

Huang Chung Sheng of Yechiu Metallic Recycling returned to the record at No. 49 with $810 million. Three dropped off altogether: Chen Wu-kang of cosmetics agency Chlitina, and actual property magnates Tsai Tien-tsan and Lin Chang Su-O. The cutoff for making it to the record was $740 million, up from $590 million final 12 months.

With reporting and analysis by: Jane Ho, Sean Kilachand, Tracy Wang and Yue Wang.


The record was compiled utilizing data from the people, inventory exchanges, analysts, non-public databases, official companies and different sources. Web value numbers are primarily based on inventory costs and trade charges as of the shut of markets on April 27. Personal firms have been valued by utilizing monetary ratios and different comparisons with comparable, publicly traded firms. The estimates embody a partner’s wealth and, if the individual is the corporate founder, the wealth of little kids that’s derived from that firm. The record can have those that are included due primarily to intensive enterprise and residential ties to Taiwan. In circumstances wherein the fortunes of relations are primarily based on the identical firm, we mix these members into one itemizing, so long as every of them has sufficient wealth to qualify for the record on their very own.

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