Nation's richest man dies at 79 after long illness

The nation's richest man, Lin Yuan Group founder Tsai Wan-lin (蔡萬霖), died Monday night of respiratory failure at the age of 79, leaving NT$156.3 billion (around US$4.6 billion) in property behind him.

Tsai was ranked No. 94 on this year's Forbes magazine list of the world's richest people, which was published in February.

Born in 1924, Tsai had undergone surgical operations for acute myocardial infarction in the US six years ago, according to a press release issued by Lin Yuan Group's subsidiary Cathay General Hospital yesterday afternoon.

Tsai had been hospitalized for more than five years and a liver tumor was discovered two years ago.

The Presidential Office expressed condolences to his family members.

Tsai served as a senior adviser to President Chen Shui-bian (陳水扁) after he was elected in 2000. Tsai did not receive a stipend for his service.

Citing poor health, the entrepreneur declined to serve again in the position after Chen's re-election this year.

Tsai's enterprise domain has expanded into insurance, banking, investment trust, real estate, technology and hospital businesses.

The group's top subsidiary, Cathay Financial Holdings Co, is worth NT$2.34 trillion. It is run by Tsai's second son Tsai Hong-tu (蔡宏圖), who also heads Cathay Life Insurance Corp, the nation's largest life insurer.

Tsai Wan-lin is survived by his wife Tsai Chou Pao-chin (蔡周寶琴), four sons and three daughters.

Also See Story:

Tsai led family to dominate nation's finance business