Wang Yung-ching

Wang Yung-ching
Born (1917-01-18)18 January 1917
Chyokutan jō, Shinden ku, Shinden shichō, Taihoku Chō, Japanese Taiwan
Died 15 October 2008(2008-10-15) (aged 91)
Short Hills, New Jersey, United States
Citizenship Taiwanese
Occupation businessman
Home town Taihoku Prefecture, Taiwan, Empire of Japan
Children Winston Wong, Cher Wang
Awards Forbes 178th richest person (2008)

Wang Yung-ching (Chinese: 王永慶; pinyin: Wáng Yǒngqìng; 18 January 1917 – 15 October 2008), also called YC Wang, was an influential entrepreneur who founded a large business empire in Taiwan. According to the 2008 Forbes survey, he was the 178th richest person in the world with an estimated net worth of US$5.5 billion.[1]

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

Early life and career

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.

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.[4] 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 retire. He was chairman of Ming-chi Institute of Technology, and Chang Gung Medical Foundation. After his death, Wang's position at Chang Gung, were filled by younger brother Wang Yung-tsai, then third wife Lee Pao-chu.[5] He had been a vocal supporter of the Three Links between Taiwan and Mainland China.[6]

Wang's first marriage was to Wang (née Guo) Yueh-lan, with whom he had no children.[7] His second marriage to Yang Chiao produced Wang's first children, a total of five.[8] Wang later married a third time in 1935 to Lee Pao-chu.[9] Wang and Lee had another five children; Wang fathered a total of ten.[10] His eldest son from his second marriage with Yang Chiao, Winston Wang, founded Grace Semiconductor Manufacturing with Jiang Mianheng, the son of former Communist Party of China 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.[11] In 2011, Forbes estimated Cher Wang's personal fortune at $8.8 billion, making her the wealthiest individual in Taiwan.[12]

YC Wang died in his sleep on 15 October 2008, at his home in Short Hills, New Jersey.[13] He was 91 years old.[14] His estate has been in litigation for years, and was recently dismissed in the United States, being sent to Taiwan for continued litigation.[15]

See also

References

  1. ↑ Luisa, Kroll; Fass, Allison (2008-05-08). "The World's Billionaires". Forbes. Retrieved 2008-06-08.
  2. ↑ "Y. C. Wang, Billionaire Who Led Formosa Plastics, Is Dead at 91". New York Times. Associated Press. 16 October 2008. Retrieved 3 June 2016.
  3. ↑ Flannery, Russell (2008-06-04). "Taiwan's Richest". Forbes. Retrieved 2008-06-08.
  4. ↑ Sun, Yu-huay (2006-06-06). "Formosa Plastics Corp. chairman Wang steps down from company". China Post. Retrieved 2006-10-11.
  5. ↑ "Chang Gung names chair". Taipei Times. 31 December 2014. Retrieved 3 June 2016.
  6. ↑ "Wang Yung-ching". The Herald. 28 October 2008. Retrieved 3 June 2016.
  7. ↑ "First wife of late Formosa Plastics tycoon Wang Yung-ching dies at 93". China Post. 2 July 2012. Retrieved 3 June 2016.
  8. ↑ Fisher, Daniel (30 April 2014). "Taiwanese Plastics Heir Fights Cancer, Litigation To Build World's Biggest Pipemaker". Forbes. Retrieved 3 June 2016.
  9. ↑ "Wang son seeks to administrate estate". Bloomberg. 29 May 2009. Retrieved 3 June 2016 – via Taipei Times.
  10. ↑ "Founder of Taiwan's largest manufacturing conglomerate, Wang Yung-ching, dies". China Post. Associaed Press. 16 October 2008. Retrieved 3 June 2016.
  11. ↑ Flannery, Russell (2006-01-09), "Cher Dividend", Forbes, archived from the original on 2011-05-20.
  12. ↑ Flannery, Russell (2011-05-25). "Taiwan's 40 richest". Forbes.
  13. ↑ "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.
  14. ↑ Young, Doug (2008-10-16). "Taiwan's 3rd richest man, petrochem giant, dies". Reuters. Retrieved 2008-10-16.
  15. ↑ "Forum Non Conveniens in Federal Probate Litigation". www.clarkskatoff.com. Retrieved 2016-10-19.

Further reading

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