Taipei - More than 10,000 people, including Taiwan's leader, Saturday mourned late petrochemical tycoon Wang Yung-ching during a funeral ceremony in Taoyuan, outside the capital Taipei.

"The death of Wang Yung-ching shocked the entire nation," said Taiwanese President Ma Ying-jeou. "Dubbed God of Management, Wang had not only contributed greatly to Taiwan's economy, but also the society through his various charity moves, including providing free education and medical services for the needy," Ma added.

Wang had donated 15 billion Taiwan dollars (450 million US dollars) to set up more than 3,000 schools in China for poor students, he said.

Wang, founder of the multi-billion-dollar Formosa Plastics Group, died on October 15 of heart failure during a visit to the US state of New Jersey. He was 92. His death grieved both the government and the public in Taiwan.

Wang's group was the most profitable business establishment in Taiwan last year, with a net profit of 219 billion Taiwan dollars (6.84 billion US dollars).

Wang was listed by Forbes magazine as the second wealthiest man in Taiwan in 2008. He was married three times and leaves two sons and six daughters.