Taiwan's top 50 billionaires' wealth up 12%; Barry Lam ranks No. 1

Taipei, June 1 (CNA) The combined wealth of Taiwan's top 50 billionaires rose more than 12 percent in a year following a boom in artificial intelligence development with Barry Lam (林百里), chairman of AI server maker Quanta Computer Inc., ranking No. 1 for the first time, according to Forbes.

Forbes said after rising at a modest pace of 1.3 percent in 2023, the Taiwanese economy soared 6.5 percent in the first quarter of this year, the fastest growth in almost three years, due to an increase in exports related to the solid global demand for AI applications.

Forbes added Taiwan's benchmark weighted index on the Taiwan Stock Exchange had soared about one-third since the magazine last measured it 14 months ago. Meanwhile, the combined net worth of the top 50 richest people in Taiwan rose to US$174.0 billion from US$155.0 billion.

Quanta's Lam saw his net worth more than double to US$11.7 billion, the highest among the top 50 richest people in Taiwan after his company's share price surged to record highs in the past year, putting him at the top of the list for the first time.

Forbes said Quanta's net profit jumped by over a third to US$1.2 billion last year after it provided tech gadgets such as notebook computers and AI servers to clients including Apple and Google.

Quanta's strong performance also helped the company chairman and president C.C. Leung (梁次震) earn a spot on the top 50 richest people list for the first time. He was ranked No. 42 with a net worth of US$1.45 billion, Forbes said.

Brothers Daniel Tsai (蔡明忠) and Richard Tsai (蔡明興) from financial conglomerate Fubon Group took second place this year, down from the top spot last year. Their net worth rose 22 percent to US$10.7 billion partly due to their investments in biotech venture capital firm Diamond Biofund, which went public in September 2023.

Also boosted by the AI frenzy, Terry Gou (郭台銘), founder of Hon Hai Precision Industry Co., the world's largest contract electronics maker, saw his net worth rise by US$3 billion to US$10.4 billion, boosting his ranking to No. 3 from No. 6.

Taking fourth, self-made footwear tycoon Zhang Congyuan (張聰淵), who founded shoe manufacturer Huali Industrial in 2004 and now runs factories in China, Vietnam and Dominica, recorded a net worth of US$10.1 billion.

Brothers Tsai Hong-tu (蔡宏圖) and Tsai Cheng-ta (蔡政達) from the financial conglomerate Cathay Group came in fifth with a net worth of US$9.3 billion.

Brothers Jason Chang (張虔生) and Richard Chang (張洪本), who run the world's largest IC packaging and testing service company ASE Technology Holding Co. recorded US$7.8 billion in net worth and ranked No. 6.

The four Wei brothers -- Wei Ing-chou (魏應州), Wei Ying-chiao (魏應交), Wei Yin-chun (魏應充) and Wei Yin-heng (魏應行) -- who control food and beverage conglomerate Ting Hsin International Group, took seventh place with a net worth of US$7.6 billion.

The four Wei brothers fell from second in 2023 as shares from their group's listed subsidiary Tingyi, one of the largest instant noodle producers in mainland China, tumbled 25 percent due to weaker demand, Forbes said.

Chairman of electronics component maker Yageo Corp. Pierre Chen (陳泰銘) came in eighth with a net worth of US$6.2 billion, ahead of Chairman of snack and beverage brand Want Want Group Tsai Eng-meng (蔡衍明) with US$6.0 billion, and Lin Shu-hong (林書鴻), co-founder of petrochemical conglomerate Chang Chun Group, with US$5.4 billion.

In addition, Morris Chang (張忠謀), founder of the world's largest contract chipmaker Taiwan Semiconductor Manufacturing Co., moved up eight spots to No. 16 with US$3.3 billion in net worth.