Apple's secret new iPhone just made an 86-year-old man a billionaire

A graduate of MIT and Stanford University, Morris Chang established TSMC when he was in his mid-50s

The chairman of the world’s largest contract chipmaker has become a billionaire thanks to expected demand for Apple Inc.’s new iPhone.

Taiwan Semiconductor Manufacturing Company’s (TSMC) shares have surged 27 per cent in the past year, lifting founder and Chairman Morris Chang’s personal fortune to $1 billion, according to the Bloomberg Billionaires Index. Chang, 86, owns 0.5 per cent of the business directly and through his family, according to a May 2017 filing to the Taiwan Stock Exchange.

The climbing valuation is being fuelled by optimism for a revenue boost from the upcoming iPhone release, as well as long-term expectations