Wang served as the chairman of the board of Formosa Plastics Corporation, one of the largest plastic manufacturers in the world, until June 2006, when he stepped down at the age of 89. He remains chairman of the boards of Nan Ya Plastics Corporation, Formosa Chemistry & Fibre Corporation, and Cyma Plywood & Lumber Co. Ltd, but indicated his intention to gradually resign from these positions as well. He is chairman of Ming-chi Institute of Technology, Chang Gung Memorial Hospital, and Chang Gung University. He has been a vocal supporter of the Three Links between Taiwan and mainland China.
He is married to Guo Yueh-lan and has 2 sons and 8 daughters. His eldest son from his second marriage with Liao Chiao, Winston Wang, founded Grace Semiconductor Manufacturing with Jiang Mianheng, the son of former People's Republic of China president Jiang Zemin in 2000. A daughter from his second marriage, Charlene Wang founded Taiwan-based First International Computer, Inc. Another daughter from his second marriage, Cher Wang, founded High Tech Computer (HTC) and also Via Technologies. Cher Wang has come the closest among her siblings to rivaling her father's own wealth..