Taiwan’s Economic Surge : Wealth Soars Amid Export Boom

A Revival in Exports Propels Economic Growth and Boosts Wealth of Taiwan’s Richest

After a modest 1.3% expansion in 2023, Taiwan’s economy, propelled by an exports surge, revved up in the first quarter of 2024, logging a 6.5% rise, the fastest pace in almost three years.

The benchmark Taiex stock index rose by nearly a third since we last measured fortunes 14 months ago, boosting the combined wealth of Taiwan’s 50 richest to $174 billion from $155 billion last year.

A total of 29 tycoons saw their fortunes increase, resulting in a notable reshuffling at the top.

Barry Lam, chairman of Quanta Computer—a manufacturer of laptops and AI servers for companies such as Apple and Google—topped the list for the first time.

Lam’s net worth more than doubled to $11.7 billion, making him the biggest gainer in both dollar and percentage terms, as Quanta’s net profit jumped by more than a third to $1.2 billion last year.

This stellar performance also earned a debut spot for its vice chairman and president, C.C. Leung, who appears at No. 42 with $1.45 billion.

Brothers Daniel and Richard Tsai, who held the prime spot last year, slipped to second place despite a 22% rise in their wealth to $10.7 billion.

The siblings benefited partly from their investment in biotech venture capital firm Diamond Biofund, which went public in September.

Meanwhile, a buoyant AI server business drove up shares in Apple supplier Hon Hai Precision Industry, adding $3 billion to founder Terry Gou’s fortune and lifting him three spots to No. 3 with $10.4 billion.

Several other chipmakers also cashed in on the AI boom.

Brothers Jason and Richard Chang, who run semiconductor assembly and testing company ASE Technology Holding, saw their wealth increase by $1.5 billion to $7.8 billion.

Morris Chang, the venerable founder of Taiwan Semiconductor Manufacturing, climbed eight spots to No. 16 with a net worth of $3.3 billion.