Wang Yung-Ching, founder of Taiwan’s Formosa Plastics Group, has passed away at the age of 91 while on a business trip to the United States. Wang died unexpectedly in his sleep at his daughter’s home in New Jersey.
Known affectionately as the “Midas of Management” in Taiwan, Wang started his business by selling rice in 1932. From that humble beginning, Wang would become the richest man in Taiwan with a personal fortune (last year) of U.S. $6.8 billion. Wang’s rags-to-rich’s story, coupled with his frugal, unassuming, hardworking lifestyle, makes him one of the most inspirational figures in Taiwan in a generation.
Wang began building his business conglomerate in the early 1950s – when the Japanese had just left the island. His conglomerate would help to transform Taiwan’s biotechnology, petrochemical processing and electronic components production industries into leaders of the world. Continue reading »