Ruentex Group chairman Samuel Yin (尹衍樑) said in a recent interview that he would donate 95 percent of his net wealth to charity.
According to the Chinese--language economic weekly Business Today’s estimate, Yin has more than NT$100 billion (US$3.3 billion), but some say the amount is closer to NT$200 billion.
If he gave away 95 percent of his net wealth, the endowment would be at least NT$95 billion, making it the largest-ever donation in the nation’s history from a business magnate, the magazine said.
Yin also told the magazine that he planned to establish an Asian equivalent of a Nobel Prize to honor those who have made outstanding contributions or achieved significant breakthroughs in sustainable engineering, medical and biotech research and Sinology studies. The proposed “Tang Award” cash prize would be bigger than the Nobel Prizes, he promised.
Yin said his wife and children all supported his plan to give away most of his net wealth.
“I don’t want to see my children become bitter enemies over the inheritance of my estate,” he was quoted as saying.
According to his plan, he will set up a foundation to manage his endowment.
He said he would allow his children to help manage the foundation, but they would not inherit the money.
Although he has decided to donate 95 percent of his fortune, he still works very hard and goes to his office at 6am every day.
“For me, making money is a way of fulfilling my social responsibility,” Yin said. “It’s a pleasure for me.”
Touching on the “Tang Award,” Yin said neither he nor any of his family members would have a say or voting rights in the nomination and selection of the laureates.
“The presentation of the award will be a global event and the foundation I intend to set up will serve charitable causes both at home and abroad. Although Taiwan is small, its influence can reach the world,” he added.