Forbes Asia
This story is part of Forbes' coverage of Taiwan's Richest 2024. See the full list Here.
After a modest expansion of 1.3 percent in 2023, Taiwan's economy, boosted by exports, rebounded in the first quarter of 2024, growing 6.5 percent, the fastest pace in nearly three years. The benchmark Taiex stock index has risen by nearly a third since we last measured fortunes 14 months ago, with the combined wealth of Taiwan's 50 richest people rising to $174 billion from $155 billion last year. had gone
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A total of 29 tycoons became richer, resulting in a notable change in the pecking order at the top. Barry LammThe chairman of Quanta Computer, a maker of laptops and AI servers for companies like Apple and Google, topped the list for the first time. Lam's net worth more than doubled to $11.7 billion, making him the biggest gainer in both dollar and percentage terms, as Quanta's net profit rose by more than a third to $1.2 billion last year. reached His outstanding performance earned him first place for Vice Chairman and President as well. CC Leungwhich appears at No. 42 with $1.45 billion.
brothers Daniel and Richard Sy.who was in the top spot last year, dropped to second place to $10.7 billion despite a 22 percent increase in their wealth. The siblings got a boost in part thanks to an investment in biotech venture capital firm Diamond BioFund, which went public in September. Meanwhile, a buoyant AI server business raised stakes in Apple supplier Hon Hai Precision Industry, helping the founder raise $3 billion. Terry Goand moved up three spots to No. 3 with $10.4 billion.
Several other chipmakers cashed in on the AI boom. brothers Jason and Richard Changwhich runs semiconductor assembly and testing company ASE Technology Holding, rose $1.5 billion to $7.8 billion. Morris ChangThe venerable founder of Taiwanese semiconductor manufacturing rose eight spots to No. 16 with a net worth of $3.3 billion.
Some other sectors also did not fare well and faced challenges resulting in a decline of a dozen fortunes from a year ago. Brother and sister Wei Ang Chu, Ying Chiao, Yen Chun and Yen Heng, which was No. 2 last year, fell to seventh place as shares of its group's listed arm Tingyi, one of the biggest instant noodle makers in mainland China, fell 25% on weak demand. Oversupply of petrochemicals was affected. Lin ShuhongCo-founder of Changchun Group, whose net worth fell by $2.5 billion to $5.4 billion. The biggest decrease in net worth in terms of percentage was recorded by siblings. Tseng Cheng and Sung AJin also inherits a $2.7 billion fortune from the Chang Chun Group, founded by his late father Tseng Shin Yee.
Among the returnees this year are three brothers. Jeffrey Co Jr And To Angelo, which own stakes in CTBC Financial Holding and China Development Financial Holding respectively. They reappear in the ranks after a gap of seven years on new information about their shareholding but are listed separately.
Two billionaires die: Shi Wenlong, the founder of Chemie, one of Asia's largest plastics businesses, died in November and reportedly did not leave his estate to his descendants. Wu Lei Gan, founder of Shenzhen-listed circuit board manufacturer WUS Printed Circuit, stepped down as chairman shortly before his death in April. his wife Chen Meifengwho took over as chairman, replaced him on the list.
Although the minimum net worth rose only slightly to $1.1 billion, three were down from last year, including Li Shuipu, chairman of Qinglai Hygienic Materials, a Chinese maker of packaging materials and stainless steel. There is a mainland company that manufactures the product, the decline in demand.
Full Coverage of Taiwan's Richest 2024:
Reporting by Gloria Harito, Annie Hu, Shanshan Cao, Chengbo Liu, Catherine Wang and Yu Wang.
Procedures:
The list was compiled using information from individuals, analysts, government agencies, stock exchanges, databases and other sources. Net worth was based on stock prices and exchange rates after markets closed on May 10, and real-time net worth on Forbes.com may reflect different values. The classification lists individual and family fortunes, including those shared between relatives. Private companies are valued using financial ratios and other comparisons with similar companies that are publicly traded. The list may also include foreign nationals with business, residential or other ties to Taiwan, or nationals who do not live in Taiwan but have significant business or other ties. The editors reserve the right to edit any information or remove any listings in light of new information.
Acknowledgments:
Special thanks to CBRE Taiwan, Euromonitor International, JLL and other experts who assisted us in our reporting and evaluation, including Marlene Deleman, IMD Business School; Annabel Xu, IDC; Elaine Liang, Colliers; Govinda Singh, Colliers.