William and Wilfred Wang’s story in Taiwan’s Richest 2025 List: Insights on Growth and Challenges
The story of William and Wilfred Wang, the richest individuals in Taiwan, emerges as part of Forbes’ coverage of Taiwan’s Richest 2025. Over the years, these brothers have inherited significant assets from Formosa Plastics Group, a global multinational corporation (later renamed Formosa Plastics Corp.) that was also among the top four earners in Taiwan’s richest list in 2018. Their journey to a global financial super-rich group has not been without its challenges, as Formosa Plastics Corp., the flagship of this enterprise, reported a nearly 50% decline in its shares for the first time in decades, to NT$1.2 billion ($40 million) net profit in 2024. Despite this, the group is still committed to maintaining its position as one of the world’s largest producers of plastics and petrochemicals.
One of the most significant challenges for William and Wilfred Wang has been the slowing global demand rendering them capable of absorbing deeper losses. Furthermore, Formosa Plastics Corp., like its mainland rivals, faces increased oversupply due to demand slowing in mainland China. Both the company and MasterLink Securities Investment Advisory, a firm that specializes in advising Taiwanese companies, have expressed skepticism about the group’s carbon-neutrality transformation. This transformation, which aims to reduce its reliance on fossil fuels, has struggled to achieve sustainability while maintaining high margins. The company’s reliance on imported raw materials, particularly Taiwan-based ones, has also been a major hurdle in achieving this goal.
Despite these challenges, William and Wilfred Wang have been unwaveringly expanding their presence in mainland Asia, and they have recently underway operations in India, Southeast Asia, and Latin America. Additionally, they have been focusing on developing more value-added products, aiming to create value not just for their wealth but also for their planet. Their approach reflects a strategic mindset that seeks to balance economic growth with environmental sustainability, aligning with Michelle Cheng’s comments: "We need to look into the future and enhance our ability in environmental sustainability."
As they face increasing trade protectionism in their main markets, Taiwan, China, and the United States, William and Wilfred Wang’s teams are prepared for a tough international landscape. While their current efforts focus on localizing the company’s products and aligning their business practices with local regulations, they acknowledge the pressures they will encounter. The brothers, who notably won William and Wilfred Wang’s titles since 2006, have recently assumed the role of managing their company. After handing over day-to-day operations to professionals, William acquired a substantial infrastructure project under his father, Dr. Chih-Hui Hsiao, a researcher at the National Center for Research on Taiwan.
This story serves as inspiration for both Taiwanese entrepreneurs and investors, highlighting the diverse challenges and opportunities in an industry r נמצא au-delà de la Mallesa. The case also underscores the resilience and forward-thinking spirit of William and Wilfred Wang, who are constantly adapting to market changes while conducting a careful assessment of sustainability as a top priority.
