Wang Yung-Tsai was born in Taiwan. Wang Yung-Tsai is the younger brother of entrepreneur legend, Y.C. Wang. Starting in 1954, the two built the Formosa Plastics Group into one of Asia's largest petrochemical manufacturers. Y.C. passed away in 2008 without a known will. Yung-tsai's son now leads the business after his father's retirement. The Formosa Plastics Group's largest companies include Nan Ya Plastics, Formosa Plastics and Formosa Chemicals & Fiber. Outside the boardroom, the family is caught up in a nasty lawsuit. Y.C.'s son Winston has alleged his half-sisters from his father's third marriage and Formosa Plastics executives made off with assets that really belong to him when Y.C. died.
In 2010, Wang Yung-Tsai was named #10 wealthiest person in Taiwan by Forbes
Both officially retired as chairmen in 2006, handing the conglomerate over to their children
In 2002, Wang Yung-ching went into retirement, leaving Wang Yung-Tsai in control of Formosa Plastics
In 1993, Wang was named director of Formosa Plastics' naphtha cracker, the sixth processing plant of its kind in Taiwan
Wang began his business career by founding a lumber company in 1948, which he closed ten years later to help run Formosa Plastics
Wang Yung-Tsai (Chinese: 王永在; pinyin: Wáng Yǒngzài; 24 January 1921 – 27 November 2014) was the younger brother of Wang Yung-ching, founder of Formosa Plastics Group