Zhang Congyuan, the founder of sneaker maker Huali Industrial Group , which supplies brands including Nike, Vans and Converse, has retained his crown as Taiwan’s richest person, according to Forbes. The 74-year-old footwear magnate topped the publication’s 2022 list of Taiwan’s 50 Richest, released on Thursday, with an estimated net worth of US$12.1 billion. His fortune declined 12 per cent from a year ago, when he debuted in the top position on the list with a net worth of US$13.8 billion, following his company’s initial public offering in Shenzhen in April 2021. Forbes put his decline in fortune this year down to logistical challenges faced by his Guangdong-based company amid the Covid-19 pandemic. The overall list revealed a mixed picture, with 23 members adding to their net worth and 24 suffering a decline in fortunes. The total net worth of the 50 richest people or families rose 6 per cent to US$158 billion from US$149 billion last year. The minimum net worth required to make the list was US$765 million, up from US$740 million last year. For context, Taiwan’s benchmark stock index fell 3 per cent over the past 12 months as Covid-19 disrupted production and supply chains in the region, according to Forbes. Meanwhile, Taiwan’s economy grew by 6.45 per cent in 2021, the largest gain in over a decade, driven by strong tech exports and a recovery in domestic demand, according to preliminary government statistics. Brothers Tsai Hong-tu and Tsai Cheng-ta remained in second place with US$10.5 billion in net worth, a 14 per cent gain from US$9.2 billion last year, as their financial-services company Cathay Financial Holding posted a record net income of US$4.9 billion for 2021, according to Forbes. Taiwan’s richest man started out making sneakers on a pig farm Finance tycoons Daniel Tsai and Richard Tsai of Fubon Financial Holding remained in third place with a fortune of US$9.6 billion, a 22 per cent increase from last year, helped by the performance of the company’s stock and bond investments. Meanwhile, Tony Chen and Scott Lin, the co-founders of Largan Precision, a lens supplier to Apple, saw the biggest percentage decline in their wealth. A sluggish mainland Chinese market for smartphones, as well as supply-chain obstacles, dragged their wealth down by 47 per cent to US$850 million and 46 per cent to US$1.1 billion, respectively. Chen is No. 47 on the list, and Lin is No. 42. Terry Gou, the founder of iPhone assembler Foxconn, remained in sixth place with a fortune of US$6.8 billion, a 4.1 per cent drop from US$7.1 billion last year. He was Taiwan’s richest man in 2019 before dropping to fourth place in 2020.