Quanta Computer chairman Barry Lam tops list for the first time
SINGAPORE (May 30, 2024) – The combined wealth of tycoons on the 2024 Forbes list of Taiwan’s 50 Richest rose to US$174 billion from $155 billion last year, as tech tycoons benefited from the AI boom. The complete list can be found here, and in the June issue of Forbes Asia.
After a modest 1.3% expansion in 2023, Taiwan’s economy, propelled by an exports surge, revved up in the first quarter of 2024, logging a 6.5% rise, the fastest pace in almost three years. The benchmark Taiex stock index rose by nearly a third since fortunes were last measured 14 months ago. A total of 29 tycoons got richer, resulting in a notable change in the pecking order at the top.
Barry Lam, chairman of Quanta Computer, a manufacturer of laptops and AI servers for companies such as Apple and Google, topped the list for the first time. Lam’s net worth more than doubled to $11.7 billion from $5.6 billion last year, making him the biggest gainer in both dollar and percentage terms. Quanta’s net profit jumped by more than a third to $1.2 billion in 2023.
Brothers Daniel and Richard Tsai, who held the prime spot last year, slipped to second place despite a 22% rise in their wealth to $10.7 billion from $8.8 billion. The siblings got a boost partly due to their investment in biotech venture capital firm Diamond Biofund, which went public in September. A buoyant AI server business drove up shares in Apple supplier Hon Hai Precision Industry, which helped lift founder Terry Gou to the No. 3 spot with a fortune of $10.4 billion, up from $7.4 billion last year.
Zhang Congyuan of Huali Industrial Group moved up one spot to No. 4 after adding $2.5 billion to take his net worth to $10.1 billion. Brothers Tsai Hong-tu and Cheng-ta of Cathay Financial Holdings are in the fifth position on the list with $9.3 billion.
Several other chipmakers cashed in on the AI boom. Brothers Jason and Richard Chang (No. 6), who run semiconductor assembly and testing company ASE Technology Holding, were up by $1.5 billion to $7.8 billion. Morris Chang, founder of Taiwan Semiconductor Manufacturing, scaled eight spots to No. 16 with a net worth of $3.3 billion. Quanta Computer’s stellar performance earned a debut spot for its vice chairman and president C.C. Leung, who appears at No. 42 with $1.45 billion.
Some other sectors did not fare as well, with siblings Wei Ing-Chou, Ying-Chiao, Yin-Chun and Yin-Heng falling to seventh place from No. 2 last year as their net worth declined to $7.6 billion. Shares of their group’s listed unit Tingyi, one of the largest instant noodle makers in mainland China, fell 25% on weaker demand. An oversupply in petrochemicals impacted Lin Shu-hong (No. 10), cofounder of Chang Chun Group, and his net worth dropped $2.5 billion – the most in dollar terms – to $5.4 billion. Siblings Tseng Cheng and Sing-ai, who also get their $2.7 billion fortune from Chang Chun Group, which was cofounded by their late father Tseng Shin-yi, recorded the biggest percentage decline in net worth of nearly 39%.
Notable among the three returnees to the list are brothers Jeffrey Koo Jr. (No. 31, $1.95 billion) and Angelo Koo (No. 43, $1.4 billion), who own stakes in CTBC Financial Holding and China Development Financial Holding, respectively. They reappear in the ranks after a seven-year gap on new information about their holdings but are listed separately.
Two billionaires passed away since the last list. Shi Wen-long, founder of Chimei, one of Asia’s largest plastics businesses, died in November. Wu Li-gann, founder of Shenzhen-listed circuit board manufacturer WUS Printed Circuit, stepped down as chairman shortly before his death in April. His wife Chen Mei-fang, who took over as chairman, replaced him on the list at No. 33 with $1.8 billion.
The minimum amount required to make this year’s ranks rose slightly to $1.1 billion from $1.05 billion last year.
The top 10 richest in Taiwan are:
- Barry Lam; US$11.7 billion
- Daniel & Richard Tsai; $10.7 billion
- Terry Gou; $10.4 billion
- Zhang Congyuan; $10.1 billion
- Tsai Hong-tu & Cheng-ta; $9.3 billion
- Jason & Richard Chang; $7.8 billion
- Wei Ing-Chou, Ying-Chiao, Yin-Chun & Yin-Heng; $7.6 billion
- Pierre Chen; $6.2 billion
- Tsai Eng-meng; $6 billion
- Lin Shu-hong; $5.4 billion
The list was compiled using information from individuals, analysts, government agencies, stock exchanges, databases and other sources. Net worths were based on stock prices and exchange rates as of the close of markets on May 10 and real-time net worths on Forbes.com may reflect different valuations. The ranking lists both individual and family fortunes, including those shared among relatives. Private companies were valued by using financial ratios and other comparisons with similar companies that are publicly traded. The list can also include foreign citizens with business, residential or other ties to Taiwan, or citizens who don’t reside in Taiwan but have significant business or other ties.
For more information, visit www.forbes.com/taiwan
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