Tsai Wan-lin
Encyclopedia
Tsai Wan-lin (November 10, 1924 – September 27, 2004) was a Taiwan
ese businessman who, at the peak of his wealth in 1996, was considered to be the fifth richest person in the world, with a family net worth of US$
12.2 billion. At the time of his death in 2004, he was the richest man in Taiwan with a fortune of US$4.6 billion (NT$
156.3 billion), ranked 94th worldwide. He founded the Lin Yuan Group, a large banking and insurance
group.
He was born into a poor farmer
's family in Miaoli
, and started out in Taipei
by selling vegetables and soybeans with his brothers as a child. Tsai did not attend college.
With one of his brothers Tsai joined Taipei's Tenth Credit Cooperative in 1960. Two years later, they founded the Cathay Life Insurance Company, which at the time of his death was the largest life insurance company in Taiwan.
After establishing firm family control over Cathay Life in 1979, they founded the Lin Yuan Group. Over the next 10 years, the Lin Yuan Group expanded to become the largest Taiwanese conglomerate. The bank, life insurance and venture capital businesses merged in 2001 to become Cathay Financial Holdings, Taiwan's largest financial holding company.
Tsai was first listed by Forbes as a billionaire in 1987. He was appointed a senior adviser to the president of the Republic of China
in 2000.
He died of heart disease at the age of 81 in Taipei
's Cathay General Hospital, which he founded in 1977. He had been hospitalized for six years.
Taiwan
Taiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following...
ese businessman who, at the peak of his wealth in 1996, was considered to be the fifth richest person in the world, with a family net worth of US$
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
12.2 billion. At the time of his death in 2004, he was the richest man in Taiwan with a fortune of US$4.6 billion (NT$
New Taiwan dollar
The New Taiwan dollar , or simply Taiwan dollar, is the official currency of the Taiwan Area of the Republic of China since 1949, when it replaced the Old Taiwan dollar...
156.3 billion), ranked 94th worldwide. He founded the Lin Yuan Group, a large banking and insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
group.
He was born into a poor farmer
Farmer
A farmer is a person engaged in agriculture, who raises living organisms for food or raw materials, generally including livestock husbandry and growing crops, such as produce and grain...
's family in Miaoli
Miaoli
Miaoli may refer to:*Miaoli County , a county located in central Taiwan, Republic of China*Miaoli City , the seat of Miaoli County*Miaoli, Zhengzhou , town in Jinshui District, Zhengzhou, People's Republic of China...
, and started out in Taipei
Taipei
Taipei City is the capital of the Republic of China and the central city of the largest metropolitan area of Taiwan. Situated at the northern tip of the island, Taipei is located on the Tamsui River, and is about 25 km southwest of Keelung, its port on the Pacific Ocean...
by selling vegetables and soybeans with his brothers as a child. Tsai did not attend college.
With one of his brothers Tsai joined Taipei's Tenth Credit Cooperative in 1960. Two years later, they founded the Cathay Life Insurance Company, which at the time of his death was the largest life insurance company in Taiwan.
After establishing firm family control over Cathay Life in 1979, they founded the Lin Yuan Group. Over the next 10 years, the Lin Yuan Group expanded to become the largest Taiwanese conglomerate. The bank, life insurance and venture capital businesses merged in 2001 to become Cathay Financial Holdings, Taiwan's largest financial holding company.
Tsai was first listed by Forbes as a billionaire in 1987. He was appointed a senior adviser to the president of the Republic of China
President of the Republic of China
The President of the Republic of China is the head of state and commander-in-chief of the Republic of China . The Republic of China was founded on January 1, 1912, to govern all of China...
in 2000.
He died of heart disease at the age of 81 in Taipei
Taipei
Taipei City is the capital of the Republic of China and the central city of the largest metropolitan area of Taiwan. Situated at the northern tip of the island, Taipei is located on the Tamsui River, and is about 25 km southwest of Keelung, its port on the Pacific Ocean...
's Cathay General Hospital, which he founded in 1977. He had been hospitalized for six years.