Business: Formosa Plastics Group
Estimated net worth: $8.6 billion
The Wang family are founders of Formosa Plastics Group, one of the world’s largest plastic manufacturers and Taiwan’s biggest diversified company. The firm is also one of the major petrochemical producers in Asia and controls more than 100 companies including hospitals and schools.
Brothers Yung-ching (pictured) and Yung-tsai Wang founded the group in 1958. Rising from modest roots with Yung-ching only having an elementary school education, the brothers turned the company into one Asia’s biggest industry groups, with four major publicly listed units — Formosa Petrochemical, Formosa Plastics, Nan Ya Plastics and Formosa Chemicals & Fibre. Both brothers retired from their official posts in 2006 and passed on the reins for the group to a committee, which includes Yung-ching’s daughter Cher Wang and Yung-tsai’s son Wen Yuang Wang. Founder Wang Yung-ching died in 2008 at the age of 91 with an estimated fortune of $5.5 billion, according to Forbes. The business tycoon is survived by his three wives and 10 children.
Cher Wang, 53, the daughter of Yung-ching, has come closest out of all siblings in matching her father’s success. Her smartphone company HTC had revenues of $9.8 billion in 2010. Cher and her husband Wen Chi Chen are ranked the richest people in Taiwan by Forbes, with an estimated net worth of $8.8 billion this year.