Alexa

Fubon's Tsai brothers top Forbes list of Taiwan's richest people

Fubon's Tsai brothers top Forbes list of Taiwan's richest people

Taipei, June 25 (CNA) The Tsai brothers of Fubon Financial Holding Co. (???) are on top of the list of Taiwan's richest people for the first time, according to Forbes Asia magazine. Following a significant rise of Fubon Financial shares, Daniel Tsai (???) and Richard Tsai (???) have combined wealth of US$10 billion, according to the magazine's annual rankings published Wednesday. The brothers entered the Forbes list in their own right for the first time, replacing their father Tsai Wan-tsai (???), who died last year. They unseated Tsai Eng-meng (???, no relation), head of the food conglomerate Want Want Group (????), who had been at the top of the list for the past three years but fell to second place this year. Tsai Eng-meng's wealth declined from US$9.6 billion in 2014 to US$8.3 billion this year due to higher operating costs in the dairy product sector and weaker consumer spending, the magazine reported. The four Wei bothers, owners of another food giant Ting Hsin International Group (??), also fell one spot in the listings to third place with combined wealth of US$7.5 billion, a drop of US$1.1 billion from last year. Tingyi (??), a subsidiary of Ting Hsin, recorded a decline in net sales this year for the first time since 1998, due to slower demand in China, the magazine said. Fourth on the Forbes Asia list of Taiwan's richest tycoons was Terry Guo (???), chairman of Hon Hai Precision Industry Co. (??), whose wealth grew by US$650 million this year to US$6.7 billion. Hon Hai, which assembles iPhones and iPads for Apple Inc., was boosted by strong sales of the iPhone 6, the magazine said. The Tsai brothers of Cathay Financial Holding Co. (???) were listed in fifth place in the Forbes rankings, with total assets of US$5.9 billion. They are cousins of Daniel and Richard Tsai. Rounding out the top 10 were property developer Hong Tai Group's (????) Lin Yu-lin (???) with assets of US$5.6 billion, Samuel Yin (???) of conglomerate Ruentex Group (????) with US$4.3 billion, the Chang brothers of semiconductor firm ASE Group (?????) with US$4.2 billion, Union Bank's (????) Lin Rong-san (???) with US$4.1 billion, and Barry Lim (???) of computer maker Quanta Computer Inc. (??) with US$3.9 billion. The net worth of the 50 richest people in Taiwan stands at US$117.1 billion, a drop of US$300 million from last year due to slowing demand from China, which has affected Taiwan's exports, the magazine reported. (By Lin Shu-chin and Frances Huang)


Updated : 2021-03-08 17:59 GMT+08:00