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# Tsai Wan-Tsai

Random fact: Graduated from National Taiwan University with a law degree.

Overview

Tsai founded publicly traded Fubon Financial, Taiwan's second-largest financial services firm. The Taipei-based company had more than $170 billion in assets as of June 2014, including stakes in Taiwan Mobile and Chunghwa Telecom, and several closely held real estate and technology companies. Fubon is managed by his sons, Daniel and Richard. The billionaire died in October 2014.

As of Sept. 22, 2017:
Last change ()
YTD change ()
Industry Financial
Biggest asset N/A
Citizenship Taiwan
Age 85
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Tsai Wan-Tsai's net worth of can buy ...

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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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Latest News

Net Worth Summary

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Biography

Birthdate: 8/5/1929
Family: Married, 4 children

As the youngest son of four brothers, Tsai was born in a poor farming family in Miaoli near Taipei in 1929 when the island was under Japanese colonial rule. He earned a bachelor's degree in law from the National Taiwan University. In 1961, Taiwan's government removed restrictions on private capital to set up insurance companies. Tsai, then 32 -- and his elder brothers Tsai Wan-Chun and Tsai Wan-Lin -- who ran a successful soy sauce business, co-founded Cathay Insurance with Lin Ding-li. Cathay became Taiwan's first private insurer with just 10 employees.

By the mid-1970s, Cathay had expanded into the largest private enterprise in Taiwan with interests from banking, real estate and plastics. In 1979, Tsai Wan-Chun split the family business after suffering a stroke. Tsai Wan-Tsai took over the property and casualty insurance business. Under Wan-Tsai, Cathay became Taiwan’s biggest property and casualty insurance company in 1982. The company established a number of financial services companies in the years that followed, such as Fubon Securities in 1988. In 1992, Tsai changed his company's name to Fubon Financial.

Tsai's business prospered as the economy of Taiwan grew, despite its long-standing political standoff with communist mainland China and its political isolation from the rest of the world. In 2001, Fubon Financial becomes Taiwan's first financial holding company to sell shares to the public via Taipei's stock exchange. Its business has diversified from financial services to include telecommunications and property.

Tsai's elder son Daniel took over as Fubon Financial's chairman in 2004 and his younger son Richard was named vice chairman in 2005. The billionaire died in October 2014.

Milestones
  • 1929 Tsai is born in Taiwan.
  • 1955 Marries Yang Hsiang-Hsun.
  • 1956 Elder son Daniel Tsai is born in Taipei.
  • 1957 Younger son Richard is born in Taipei.
  • 1961 Co-founds Cathay Insurance, Fubon's predecessor with brothers.
  • 1978 Establishes Fubon Land Development.
  • 1979 Founds Fubon Financial after splitting from Cathay.
  • 1982 Company becomes Taiwan’s biggest property and casualty insurer.
  • 1992 Cathay Insurance formally changes name to Fubon.
  • 1993 Fubon Insurance becomes a public company in Taipei.
  • 2001 Forms Taiwan's first public financial holding company.
  • 2001 Sets up a representative office in Beijing.
  • 2002 Fubon takes over Taipei Bank.
  • 2008 Fubon Financial buys ING Life for $600 million.
  • 2014 Tsai dies at 86.