Walter Wang, the CEO and owner of Los Angeles-based JM Eagle, has recently made his debut on The Forbes 400 list of richest Americans with an estimated net worth of $3.6 billion. Wang acquired JM Eagle from his father in 2005 and has since grown the business significantly, with revenue expected to increase by 20% to 25% due to a new EPA regulation requiring the replacement of lead pipes in the U.S. within 10 years. JM Eagle currently holds a 10% market share in the plastic pipe manufacturing industry in the U.S. and has set itself apart by offering a wide range of plastic pipe applications across 22 plants in North America.
Despite his massive success, Wang still considers JM Eagle a family business, emphasizing that he did not inherit the company but rather purchased it from his father with borrowed funds. Wang’s father, legendary Taiwanese billionaire Wang Yung-ching, founded Formosa Plastics, and Walter had initially dreamt of taking over that company. However, he decided to carve out his own path by acquiring JM Eagle and growing it into a multi-billion dollar business. Wang’s entrepreneurial journey has not been without challenges, including a whistleblower lawsuit that lasted for 14 years but ultimately resulted in the company being vindicated of any wrongdoing.
Wang’s resilience and determination have been key factors in his success, along with his commitment to his faith and family values. His wife, Shirley, who is the CEO of Plastpro, a fiberglass door manufacturer, emphasizes the importance of staying true to one’s passion and not giving up in the face of adversity. Wang’s philanthropic efforts include offering to replace lead pipes in Flint, Michigan for free and donating plastic pipes to African countries in need of clean water access. He also emphasizes the importance of planning for succession and breaking away from traditional Asian cultural norms regarding inheritance.
As Wang looks towards the future, he maintains a long-term vision for JM Eagle and aims to build a multigenerational legacy for his family. With a successful track record and a strong commitment to his values, Walter Wang exemplifies the American dream as a self-made billionaire who has overcome challenges and built a thriving business empire.
