TAIPEI, Oct 6 — Fubon Group founder Tsai Wan-tsai, Taiwan’s second-richest man, died yesterday, according to the company, which gave his age as 86.
Fubon Financial Holding Co, Taiwan’s second-largest listed LENDER by market capitalisation, didn’t provide additional details in its statement about Tsai’s death. He was ranked the world’s 154th-richest person with a net worth of US$7.9 billion (RM25.3 billion), according to Bloomberg Billionaires Index.
Tsai, the youngest of four brothers, was born to a poor farming family in northern Taiwan in August 1929. Together with his two brothers, Tsai Wan-chun and Tsai Wan-lin, he founded Cathay Insurance in 1961 when Taiwan removed restrictions on private capital. According to the Chinese custom of calculating ages, individuals are considered one at birth.
Tsai is survived by his sons Daniel Tsai, who is chairman of Fubon Financial, and Richard Tsai, chairman of Taiwan Mobile Co. His nephew Tsai Hong-tu now leads Taiwan’s biggest listed LENDER, Cathay Financial Holding Co. — Bloomberg
