Elaine Chao Father Net Worth: James Chao Career And Financial Details
Elaine Chao father James S.C. Chao is an accomplished businessman from Shanghai, China. The enterpriser’s journey as a philanthropist reflects his growing assets and adeptness at identifying global needs.
Elaine Chao father is a Chinese-American businessman and philanthropist. Likewise, James Si-Cheng Chao rose to fame as the founder of the shipping company Foremost Group.
Besides, establishing several business ventures, he served as a sea captain earlier.
James Si-Cheng Chao was born to Yi-Ren Chao and Yu-Chin Hsu Chao, on December 29, 1927. Likewise, he hails from Jiading District, Shanghai, China.
Similarly, he has two children, Elaine Chao, and Angela Chao. Also, people recognize him for being the father of Elaine. Mr. Chao is the father-in-law of the United States Senate Minority Leader Mitch McConnell.
Delve into Elaine Chao father net worth and financial details, accessing a wealth of information regarding the successful businessman’s professional journey and latest ventures.
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Elaine Chao Father Net Worth Revealed
As suggested by Celebrity Net Worth, Elaine Chao’s father James Chao has a staggering net worth of over $400 million as of this writing.
Likewise, the Chinese-American entrepreneur earned his fortune as the Foremost Group founder. Also, the New York-based company is involved in a shipping, trading, and finance enterprise.
Mr. Chao, 96, founded the company in 1964. Currently, the company utilizes a fleet of 33 ships. Similarly, Chao’s venture’s valuation exceeds an estimated $1.2 billion before debt.
Similarly, excluding debt and investments from Taiwan’s First Commercial Bank and China’s Export-Import Bank, his family’s stake in Foremost is valued at an estimated $600 million.
Moreover, Chao was inducted into the International Maritime Hall of Fame at the United Nations in 2004.
Besides establishing a successful venture, James has been active in several philanthropic works. Likewise, he and his wife Ruth Mulan Chu formed the Mulan Foundation in 1984.
Via his foundation, Chao provides scholarships to many students in both the U.S. and China, assisting them to achieve better access to higher education.
Additionally, he donated a whopping $40 million to the Harvard Business School in 2012. The Chinese-American businessman referred to this donation as a gift in honor of Ruth who passed away in 2007.
As of now, the school utilizes the Ruth Mulan Chu Chao Center. Similarly, this is the first building at Havard Business School called after an Asian American.
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Elaine Chao Father James Chao Career And Financial Details Explored
Elaine Chao’s father James Chao had a prosperous career. The accomplished businessman founded Foremost Group and serves as an investor at United Orient Bank.
Regarding his education, he attended Shanghai Maritime University and St. John’s University.
He was born, James Si-Cheng Chao, in Jiading District, Shanghai, China. Before launching himself as a businessman, he served as a sea captain. In 1958, he moved to the United States.
Eventually, Chao enrolled in college and completed his graduation from St. John’s University, Queens, earning a master’s degree.
James met his wife, Ruth Mulan Chu Chao, in Shanghai while they were high school students. The two tied the knot in 1951, not only marking their marital bond but also as business partners in several ventures later in their careers.
Speaking of his eldest daughter Elaine Chao’s career, she became the first woman of Asian-Pacific American descent to serve in a president’s cabinet.
Likewise, his daughter Angela Chao was the CEO of Foremost until her unfortunate death in a car crash recently in 2024.
Excluding bank loans and other investments, Chao’s family holds a staggering $600 million stake in the Foremost Group.
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