Exports Surge and Stock Market Rally Fuel Record Gains for Taiwan’s 50 Richest
Economic Surge Drives Wealth Expansion
After a modest 1.3% growth in 2023, Taiwan’s economy experienced a remarkable turnaround, expanding 6.5% in Q1 2024, its fastest pace in nearly three years.
This growth, fueled by a surge in exports and AI-driven demand, has significantly boosted the fortunes of Taiwan’s 50 richest, whose combined wealth jumped from $155 billion to $174 billion in just over a year.
The Taiex stock index soared nearly 30%, reflecting strong investor confidence in the country’s tech-driven economy.
Barry Lam Tops the Billionaire Rankings
For the first time, Barry Lam, chairman of Quanta Computer, climbed to the top of Taiwan’s wealthiest list.
His net worth more than doubled to $11.7 billion, making him the biggest gainer in both percentage and dollar terms. Quanta’s net profit surged over 33% to $1.2 billion, driven by strong demand for laptops and AI servers from global giants like Apple and Google.
Quanta’s success also propelled its vice chairman and president, C.C. Leung, onto the list for the first time at No. 42, with a fortune of $1.45 billion.
Changing the Pecking Order: The Tsai Brothers Slip to No. 2
Last year’s top billionaires, Daniel and Richard Tsai, slid to second place, despite their wealth rising 22% to $10.7 billion.
Their boost came partly from their stake in Diamond Biofund, a biotech venture capital firm that went public in September 2024.
Terry Gou Rises as AI Server Demand Surges
Tech magnate Terry Gou, founder of Hon Hai Precision Industry (Foxconn), gained $3 billion, jumping three spots to No. 3 with $10.4 billion.
Foxconn’s AI server business played a crucial role in his wealth surge, reflecting the increasing reliance on AI infrastructure and data centers.
Chipmakers Cash In on the AI Boom
Taiwan’s semiconductor industry saw massive gains:
- Jason and Richard Chang, heads of ASE Technology Holding, saw their wealth rise by $1.5 billion to $7.8 billion.
- Morris Chang, legendary founder of Taiwan Semiconductor Manufacturing Company (TSMC), climbed eight spots to No. 16, now worth $3.3 billion, as global demand for advanced chips continues to grow.
Conclusion
With Taiwan’s export-driven economy surging, AI investments booming, and the stock market climbing, the country’s wealthiest individuals are seeing record-breaking gains.
As tech and AI continue to drive growth, Taiwan’s billionaires are poised for even greater financial milestones in the coming years.