Huali founder Zhang Congyuan, shoe magnate, remains Taiwan’s richest person in Forbes list despite lower net worth

The 74-year-old founder of Huali Industrial Group, which supplies Nike, Vans and Converse, topped the 2022 list with an estimated net worth of US$12.1 billion

The total net worth of Taiwan’s 50 richest people or families rose 6 per cent to US$158 billion, according to Forbes

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Zhang Congyuan, founder of sneaker maker Huali Industrial Group. Photo: Weibo

Published: 4:30pm, 28 Apr 2022Updated: 5:04pm, 28 Apr 2022

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.

Nike Air Max sneakers released in 2022. The brand is among those for which Huali Industrial Group produces shoes. Photo: Handout

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.