In Taiwan

FOR the past month or two, the media here have been running stories about the extravagance of former president Chen Shui-bian and his clan. 

One day, it would be about his wife and her diamonds. Another, it would be his son's sprawling house in the United States. Recently it was about the posh baby clothes worn by his grand-daughter.

In contrast, when 'plastic king' Wang Yung-ching died on Wednesday, the news channels here ran many stories about his legendary thrift.

The founder of Formosa Plastics had lived out the classic rags to riches story to become Taiwan's most revered entrepreneur.

Source: AFP

The son of a tea farmer, he started helping out with farm chores at age nine and did not stop working until age 91, when he died in New Jersey, which he was visiting for business reasons.

To Mr Wang, every single cent was precious. 

When his children went overseas to study, he asked them to send letters home instead of calling so as to save money.

They also had to report all their expenses, including every single tube of toothpaste they bought.

Another story was about how he would not waste a single drop of milk when he had a cup of coffee, yet another story mentioned how he would not buy a new pair of sports shoes until he has worn out the old one. 

At home, the tycoon made sure that every single bit of soap was used and not wasted.

He told an interviewer once: "I hate waste - a case in point is that when some people go to the restroom, they grab a bunch of pieces of toilet paper."

"If you need only one piece of toilet paper, why grab two or three?"

But Mr Wang's record was not spotless.

He had come in for criticism for his companies' poor environmental record.

Those who do not want to see Taiwan move too close to China also criticised him for betraying Taiwan's interests.

Yet in a place where many people aspire to be their own boss, Mr Wang is widely admired for his business smarts and discipline. 

He embodied the Taiwanese spirit of determination and hard work, and his success mirrored the rise of Taiwan's postwar economy. 

The patriarch was also much respected for his thrift and simplicity, which are seen as traditional Chinese virtues.

In using up every single drop of milk and soap, perhaps this industrial baron, who was responsible for much pollution, had redeemed himself somewhat, as a conservationist ahead of his time.

Both were born of poor families, but Mr Wang and Mr Chen could not be more different in the values which they represent.