Who will replace Tsai Wan-lin as Taiwan's wealthiest person?

Taipei, Sept. 29, 2004 (CENS)--Taiwan's richest person Tsai Wan-lin, founder of the Lin Yuan Group, died of heart failure in Taipei in the late night of September 27, vacating the position to hopefuls, including Formosa Plastics Group's chairman Y.C. Wang and Hon Hai Group's Terry T.M. Gou.

The Lin Yuan Group, under the leadership of Tsai and his sons, is one of the most influential business conglomerates in Taiwan. With total asset of NT$2.5 trillion (US$73.74 billion at US$1:NT$33.9), the group owns many outstanding subsidiaries including Cathay United Bank, Cathay Life Insurance Co. and Cathay Real Estate Development Co. Tsai is ranked as the wealthiest man by many local and international publications.

According to a survey conducted by the U.S.-based Forbes magazine, the second runners, including Y.C. Wang and Terry Gou, will be able to vie for the No.1 position. Still, the Tsai family is expected to retain the position through collective leadership.

Tsai has been listed among the global top-100 wealthiest by Forbes for years. According to Forbes' survey in February, Tsai ranked the world's 94th wealthiest and Taiwan's wealthiest with US$4.6 billion or NT$151.8 billion in total assets.

Y.C. Wang and Terry Gou are ranked as Taiwan's second wealthiest with total asset of US$2.8 billion each.

According to Forbes, Taiwan's top-five wealthiest were, in descending order, Tsai Wan-lin, Y.C. Wang, Jeffrey Koo (chairman of Chinatrust Financial Holding Co.), Terry Gou, and Barry Lam (chairman of Quanta Computer Inc.) in 2000.

This year the top-five were Tsai Wan-lin, Y.C. Wang, Terry Gou, Jeffrey Koo, and Tsai Wan-tsai (chairman of Fubon Group).