Beautiful Virgin Islands

Tuesday, Jun 03, 2025

Meet the richest person in Taiwan, who built an $11.7 billion fortune by making shoes for brands like Nike and Vans — and started it all on a pig farm

Meet the richest person in Taiwan, who built an $11.7 billion fortune by making shoes for brands like Nike and Vans — and started it all on a pig farm

Zhang started his first shoe business on a pig farm next to paddy fields in Taiwan. Today, the founder of Huali makes shoes for Nike and Vans.

He started his first shoe business on a pig farm. Today, Zhang Congyuan is Taiwan's richest person, and he's built his $11.7 billion fortune making sneakers for some of the world's biggest brands.

The 74-year-old is also the richest self-made newcomer on this year's Forbes' World Billionaires list, an annual ranking of the wealthiest people in the world.

As founder of Huali Industrial Group, Zhang's firm produces shoes for brands such as Nike, Ugg, and Vans. Huali churns out more than 180 million pairs of shoes a year, according to Bloomberg.

For all of his success, he maintains a low profile, rarely giving interviews or appearing at public events. Taiwanese media calls him the "mysterious shoe king."

Humble beginnings


Born into a farming family in the Taiwanese countryside of Yunlin, Zhang worked in a women's shoe factory after graduating from an agricultural college, according to Taiwan's Business Weekly.

He eventually saved up enough money to start his own shoe factory in the 1980s — although he had his limitations.

"I had no money at home, so I had to live within my means. People buy good plots of land to build new buildings, I got a pig farm and a farmhouse in the countryside," he told the magazine in a rare interview last year.

Housed next to paddy fields in western Taiwan, the pig farm produced quality shoes despite its shabby exteriors, the magazine reported, citing Chiang Wei-lun, an executive of shoe box firm Goodbox.

"Zhang spent money on good materials, and his equipment was never inferior to other people," Chiang said.

By the late 1980s, Zhang had set up several other footwear ventures across Taiwan and in China's southern province of Guangdong. The competition was rife: Guangdong is known as "the world's factory," where everything from handbags and shoes to Christmas decorations is made for export.

But Zhang saw an opportunity to set himself apart, Business Weekly reported. That opportunity was vulcanized shoes — the type of shoes popular with skateboarders for their gummy, pliable rubber soles. Even though vulcanized shoes are cheap to produce, the style was not popular with shoemakers at the time because it was unfashionable and signaled low profits.

"Other people in the industry gave up on them, but I just wanted to focus on achieving good quality (shoes)," Zhang told the magazine.

When these shoes started becoming trendy in the 1990s, Zhang already had a headstart and was able to produce them for the likes of Vans and Converse. Converse filed for bankruptcy in 2001, but Zhang maintained relations with the brand, the magazine said. Two years later, when Nike acquired Converse, it was on Converse's recommendation that Nike work with Zhang.

Zhang officially set up Huali Industrial in 2004, and today, it has factories in China, Vietnam, and Dominica.

Asked about his secret to success, he told Business Weekly that "there is no mystery."

"To get to the bottom of it, it's only about whether you have the determination to do better than others," he said.

Insider reached out to Zhang for comment through Huali Group but did not immediately receive a response.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
China Accuses US of Violating Trade Truce
Panama Port Owner Balances US-China Pressures
France Implements Nationwide Outdoor Smoking Ban to Protect Children
German Chancellor Merz Keeps Putin Guessing on Missile Strategy
Mandelson Criticizes UK's 'Fetish' for Abandoning EU Regulations
British Fishing Boat Owner Fined €30,000 by French Authorities
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
×