When it comes to the richest man in Taiwan, many people will think of Wang Yongqing, chairman of Formosa Plastics Group, or Guo Taiming, owner of , Hon Hai Group, who has a very successful career in the mainland. In fact, in the Forbes list of Taiwan's richest people in recent years, the Cai family, whose ancestral home is in Jinjiang, has always been the "most powerful richest man" in Taiwan.
Today, Minshangjun will lead everyone into the Cai family in Taiwan to learn about their influential wealth empire.
The Cai family tree
Taiwan's Cai family is divided into "big" and "small", and a silver dollar broke out.
The "big Cai family" includes the first generation of entrepreneurial four brothersCai Wanchun, Cai Wanlin, Cai Wancai (the father of Cai Mingzhong) ) and the entire chaebol family including Cai Wande, "Xiao Cai's family" refers to any of the four brothers, among which the fourth oldest, Cai Wancai's Fubon Group is the largest.
(Cai Wanchun, the eldest of the Cai family)
At the beginning of the 20th century, the Cai family was not prosperous, and it was passed on for three consecutive generations. It was not until Cai Fuan's generation, the birth of five sons, Wan Sheng, Wan Chun, Wan Lin, Wan Cai and Wan De, as well as their two daughters, that the Cai family expanded the family size.
Cai Wanchun (1916-1991) was originally from Jinjiang, Fujian, and later moved to Miaoli, Taiwan. Cai Wanchun was born in Zhunan Town, Miaoli. His father, Cai Hong, was just an ordinary tenant farmer. Cai Wanchun dropped out of elementary school after graduating from elementary school, and later took his younger brother Cai Wanlin to Taipei, where he became a vegetable vendor with his uncle. After accumulating a certain amount of experience, Cai Wanchun applied for a job as a clerk of Shiseido Cosmetics Company, and was later promoted to the manager of Taichung branch.
1. Make a fortune - ask Chiang Kai-shek to advertise
Cai Wanchun was able to build "Ten Trusts" into the largest credit union in Taiwan in just a few years, mainly because he was good at using the relationship between government and business to develop his "money vein".And Cai Wanchun's son, Cai Chenzhou, is even better in this regard.
In the early 1960s, because Taiwan was financially tight and needed various construction funds, Cai Chenzhou took the opportunity to shout the slogan "One person, one yuan deposit to save the country", and also invited Chiang Kai-shek to "Ten Letters" to perform "Deposit in 'Ten Letters". '"Actions. 's move immediately launched the "Ten Letters" signboard - Chiang Kai-shek went to the "Ten Letters" to save money, and ordinary people in Taiwan followed suit. So far, the Cai family has laid a solid foundation in the financial industry.
In 1960, Taiwan authorities began to allow private capital to set up insurance companies. Cai Wanchun saw a rare opportunity. In March and August of the following year, established Cathay Pacific Product Insurance Company and Cathay Life Insurance Insurance Company successively. Since then, Cai's career has entered a period of rapid growth.
Relying on the political and business background, Cai Wanchun co-founded Cathay Pacific Insurance Company in 1960, holding 60% of the shares and controlling the actual management rights of the company. Two years later, Cai Wanchun applied for the opening of Cathay Life Insurance Company, and served as chairman and general manager. Cai Wanlin also established Cathay Pacific Construction Company to enter the real estate field.
By the end of the 1970s, the business scope of Cathay Pacific Group had covered many industries such as finance, insurance, transportation, construction, food, electronics, etc., and its business reached its heyday.
2. In the heyday of the family business, the division of labor
Cai Wanchun is a typical entrepreneur. Cai Wanlin is a strategist. He doesn't like to show his face, but pays attention behind his back. Therefore, at the beginning of the business, everyone came forward to deal with people and get in touch. Negotiations and other matters are all handled by Cai Wanchun, who is very eloquent.Cai Wanchun himself said that "To be successful in one's career, one must have three conditions: strength, courage, and belly." Because of his extensive friendships and good responsibilities, he has gathered many learned, capable and visionary business figures in his enterprise.
Cai Wanlin manages the accounts at home. "Cai Wanlin remembers clearly how much they owe us and how much we owe them." Cai Wancai commented on his second brother Cai Wanlin.
Cai Wanlin
Cai Wancai is very stable and well-behaved, and is a specific planner of the management system. He also said, "The rules and organizational structure of the main institutions of Cathay Pacific Group were all set by me." The youngest Cai Wande Followed by several brothers to do some specific management work.
Different paths of descendants
Potential crisis of family inheritance
1, unclear shareholding
2, many family members in the enterprise
In 1979, Cai Wanchun fell ill due to a stroke, and adopted the method of exchanging equity within the family to divide the family and business, and the Cathay Pacific Group was divided into six : The second brother Cai Wanlin, the third brother Cai Wancai, the younger brother Cai Wande, Cai Wanchun eldest son Cai Chennan, second son Cai Chenzhou, and other sons each got some business.
In December 1991, Cai Wanchun passed away. The Cathay Life Insurance Group led by Cai Wanlin changed its name to Linyuan Group, and Cai Wancai's Fubon Group became the main force of the new Cai family. In the 1990s, the Taiwan authorities gradually liberalized the financial industry. Cai Wanlin restructured the First Trust and Investment Company into a bank, namely Cathay Bank. Cai Wancai established Fubon Bank and Fubon Life Insurance successively, completing the construction of the financial industry map.
Cai's familyTwo wealth empires
Linyuan Group
Cai Wanlin established Cathay Life Group with Cathay Life and Cathay Construction as the backbone, and later officially changed its name to Linyuan Group and served as chairman of the board. According to the financial statements released by Cathay Financial Holdings, a major subsidiary of Linyuan Group, in July 2004, the total assets of Cathay Financial Holdings and its subsidiaries alone have reached NT$2,488.512 billion, and the total revenue in the first half of the year was NT$2,488.512 billion. 277.901 billion yuan.
Cai Wanlin, chairman of Linyuan Group
The founder and first chairman of Linyuan Group, Cai Wanlin, passed away on September 27, 2004. According to the latest statistics conducted by Forbes magazine in 2004, Cai Wanlin and his family paid 4.6 billion In terms of total assets in US dollars, he ranks 94th among the richest people in the world. The Linyuan Group is currently succeeded by Cai Wanlin's second son, Cai Hongtu.
Fubon Group
At present, Fubon Group has developed from the first private property insurance company in Taiwan to various financial industries. Its business tentacles include real estate, telecommunications and TV shopping stations and other media technology industries, which are quite diverse. In addition to cultivating in Taiwan, the business territory has also expanded to Southeast Asia, Vietnam, the United States and mainland China. Among them, the total assets of Fubon Financial Holdings alone are as high as NT$440 million.
(Former President of Fubon Group - Cai Wancai)
At present, Cai Wancai's career is led by his two sons, Cai Mingzhong and Cai Mingxing. The two invested and established Taiwan Big Brother Company, which has become one of the three heroes in Taiwan's telecommunications industry. The power has surpassed the Linyuan Group.
The reason why Cai Wancai has achieved such great success is closely related to his business philosophy and talent outlook.
1, pay attention to risk control. Fubon insiders said that over the years, the theme that the president has emphasized at every meeting must be "risk control". Obviously, after learning the painful lessons of the last financial turmoil, "risk control" has been Be the most important thing in Cai Wancai's heart. In addition, attaching importance to talents is also one of the magic weapons for its victory. Cai Wancai said, "I like people who are down-to-earth and consistent in appearance. I don't need people who are flattering and flattering, and who will open the door for me before the car arrives."
2. Cai's family also adheres to a low-key "second-child philosophy" when it comes to doing business. According to market analysts, Fubon Group's subsidiaries are almost the second largest in the market. Compared with life insurance, even if it has entered Aetna Life, it is still the second largest in Taiwan; compared with banks, "China Trust" may be slightly better; compared with securities, Yuanta Securities is the big brother; Advantage. But adding up the total points, no one can beat the Fubon Group. This should be Cai Wancai's real password to get rich and the key to winning.
(Brothers Cai Mingzhong and Cai Mingxing)
3, Cai Wancai believes that operating the financial industry requires seven points of conservatism and three points of vigor, so that the water will flow slowly, and it will take time to grow slowly.
The Asian edition of Forbes shows that the Taiwanese financial services giant Fubon Financial Holdings, the Cai family, has become Taiwan's richest man for the first time with a net worth of US$10 billion.
Succession status
The third generation of Cathay Pacific's successor training path
The third generation of Cathay's Cai family - Cai Zonghan (Senior Vice President of Cathay Financial Holdings)
Cai Zonghan, the eldest son of Cai Hongtu, Chairman of Cathay Financial Holdings and Cathay Life Insurance. He holds the proud academic qualifications of Harvard University and Georgetown University Doctor of Laws, and once worked as a practicing lawyer in the United States.In 2006, he returned to Taiwan for development and first joined Tongji Industrial, a subsidiary of the Cathay family, as a deputy general manager, and then served as a director of Cathay Life Insurance.
has been training behind the scenes for 4 years. Cai Zonghan joined the management team this year. He is in charge of the finance and project investment of Cathay Life Insurance. He is currently the deputy general manager of Cathay Pacific Financial Holdings.
The third generation of Fubon Group starts the succession plan
The third generation of Fubon Cai family - Cai Chengru (Vice Director of Fubon Gold)
The third generation succession echelon of the Cai family of Taiwan Fubon Group was launched. At the call of President Cai Wancai, the third generation Dai Cai Chengru has returned to Taiwan from New York and will officially enter the group service in the near future. It is understood that according to Cai’s family planning, the successor training starts from the core unit of the financial service industry, and then reports to the investment department of Fubon Financial Holdings, the most profitable investment department of Fubon Financial Holdings.
The development of the Tsai family has not been smooth sailing to this day. Disputes over property and corporate inheritance were once in a frenzy in Taiwan. But Cai Mingzhong said: Family governance should precede corporate governance. "If the family can't manage well, how can we promote corporate governance?"
This family, whose ancestral home is , Quanzhou , has separated, but with the help of accumulated experience in the financial and insurance field With strong capital and connections, the incense of the Cai family has survived and even flourished, and they have also become representatives of the family business.
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