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Wang Yung-ching

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For the Chinese politician, see Wang Yongqing.
In this Chinese name, the family name is Wang.
Wang Yung-ching
王永慶
Portrait of Wang Yung-ching, collection of Formosa Plastics Group Museum
Born(1917-01-18)18 January 1917
Chyokutan jō, Shinden ku, Shinden shichō, Taihoku Chō, Japanese-occupied Taiwan
Died15 October 2008(2008-10-15) (aged 91)
Short Hills, New Jersey, U.S.
Citizenship
  • Japan (1917–1945)
  • Taiwan (1945–2008)
OccupationBusinessman
Known forForbes 178th richest person (2008)
Children
Relatives

Wang Yung-ching (Chinese: 王永慶; pinyin: Wáng Yǒngqìng; Pe̍h-ōe-jī: Ông Éng-khèng; 18 January 1917 – 15 October 2008), also called YC Wang, was a Taiwanese businessman. He was best known for being at the chairman of Formosa Plastics Corporation, one of Taiwan's foremost plastic manufacturing establishments until is retirement in June 2006, where he stepped down at the age of 89.[1]

In 2008, Forbes ranked him as the 178th richest person in the world with an estimated net worth of US$5.5 billion.[2]

Despite lacking any formal schooling beyond elementary school,[3] he was ranked 2nd in the Forbes list of Taiwan's Richest in 2008.[4]

Early life and career

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Wang was born in Chyokutan jō, Shinden ku, Shinden shichō, Taihoku Chō (modern-day Chitan Village, Xindian District, New Taipei City) in then-Japan-ruled-Taiwan.[citation needed]

In 1995, Wang signed a contract with Marco Terragni (chairman of Italproducts) to create Inteplast, the biggest company in the world for the production of Cartonplast.[citation needed]

Wang served as the chairman of the board of Formosa Plastics Corporation, one of the largest plastic manufacturers in the world, until June 2006, when he stepped down at the age of 89.[5] He remained chairman of the boards of Nan Ya Plastics Corporation, Formosa Chemistry & Fibre Corporation, and Cyma Plywood & Lumber Co. Ltd, but indicated his intention to gradually resign from these positions to focus on his retirement. He was chairman of Ming-chi Institute of Technology, and Chang Gung Medical Foundation. After his death, Wang's position at Chang Gung was taken over by his younger brother Wang Yung-tsai, and then third wife Lee Pao-chu.[6] He had been a vocal supporter of the Three Links between Taiwan and Mainland China.[7]

Wang's first marriage was to Wang (née Guo) Yueh-lan, with whom he had no children.[8] His second marriage to Yang Chiao produced Wang's first child, making a total of five.[9] Wang later married a third time in 1935 to Lee Pao-chu.[10] Wang and Lee had another five children; Wang fathered a total of ten.[11] His eldest son from his second marriage with Yang Chiao, Winston Wang, founded Grace Semiconductor Manufacturing with Jiang Mianheng, the son of former Chinese Communist Party General Secretary Jiang Zemin in 2000. A daughter from his second marriage, Charlene Wang founded Taiwan-based First International Computer, Inc. Another daughter, Cher Wang, founded High Tech Computer (HTC) and VIA Technologies. Among the Wang siblings, Cher has come closest to rivaling her father's wealth.[12] In 2011, Forbes estimated Cher Wang's personal fortune at $8.8 billion, making her the wealthiest individual in Taiwan at the time.[13]

Wang passed away in his sleep on October 15, 2008 at his home in Short Hills, New Jersey.[14] He was 91 years old.[15]

The family struggles which followed his death led to the discovery that he had engaged in extensive tax evasion and had stashed billions of dollars offshore.[16]

See also

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References

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  1. ^ Sun, Yu-huay (6 June 2006). "Formosa Plastics Corp. chairman Wang steps down from company". China Post. Retrieved 11 October 2006.
  2. ^ Luisa, Kroll; Fass, Allison (8 May 2008). "The World's Billionaires". Forbes. Retrieved 8 June 2008.
  3. ^ "Y. C. Wang, Billionaire Who Led Formosa Plastics, Is Dead at 91". New York Times. Associated Press. 16 October 2008. Retrieved 3 June 2016.
  4. ^ Flannery, Russell (4 June 2008). "Taiwan's Richest". Forbes. Retrieved 8 June 2008.
  5. ^ Sun, Yu-huay (6 June 2006). "Formosa Plastics Corp. chairman Wang steps down from company". China Post. Retrieved 11 October 2006.
  6. ^ "Chang Gung names chair". Taipei Times. 31 December 2014. Retrieved 3 June 2016.
  7. ^ "Wang Yung-ching". The Herald. 28 October 2008. Retrieved 3 June 2016.
  8. ^ "First wife of late Formosa Plastics tycoon Wang Yung-ching dies at 93". China Post. 2 July 2012. Retrieved 3 June 2016.
  9. ^ Fisher, Daniel (30 April 2014). "Taiwanese Plastics Heir Fights Cancer, Litigation To Build World's Biggest Pipemaker". Forbes. Retrieved 3 June 2016.
  10. ^ "Wang son seeks to administrate estate". Bloomberg. 29 May 2009. Retrieved 3 June 2016 – via Taipei Times.
  11. ^ "Founder of Taiwan's largest manufacturing conglomerate, Wang Yung-ching, dies". China Post. Associated Press. 16 October 2008. Retrieved 3 June 2016.
  12. ^ Flannery, Russell (9 January 2006), "Cher Dividend", Forbes, archived from the original on 20 May 2011.
  13. ^ Flannery, Russell (25 May 2011). "Taiwan's 40 richest". Forbes.
  14. ^ "US judge retains tycoon's case". Taipei Times. 15 August 2009. Wang Yung-ching died of cardiopulmonary arrest on Oct. 15 at his house in Short Hills, New Jersey, two days after arriving from Taiwan. He traveled to Short Hills 'numerous times on a regular basis every year of the last 20-plus years of his life,' and lived there in the 1980s, the complaint said.
  15. ^ Young, Doug (16 October 2008). "Taiwan's 3rd richest man, petrochem giant, dies". Reuters. Retrieved 16 October 2008.
  16. ^ Liao, George (26 July 2020). "Taiwan's Formosa Plastics scion wishes to retrieve, donate hidden assets". www.taiwannews.com.tw. Taiwan News. Retrieved 26 July 2020.

Further reading

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