The tycoon was on a tour of the group's factories in the United States, a statement from the company said. His remains arrived back in Taiwan early Thursday morning.
Wang's rags-to-riches story stands model for Taiwan's economic miracle.
He was born to a farming family in Hsintien, Taipei County, and never continued his studies beyond elementary school. At the age of 15, he opened a small rice shop with NT$200 from his father.
Wang set up his first chemical company in 1954. The Formosa Plastics Group became the world's biggest producer of PVC, and turned into a multinational chemical group with an estimated NT$2 trillion in assets.
The tycoon, who is known as Taiwan's "God of Management," was the island's third-wealthiest person and the world's 178th, according to Forbes Magazine.
Over the years, Wang expanded into many other sectors of the economy. His group broke the state monopoly on gasoline stations, manufactured and imported cars, and managed the Chang Gung hospital chain, named after his father.
The tycoon retired from the chairmanship of the Formosa Plastics Group in 2006, at the age of 89, to make way for a seven-member council. The council includes two of his daughters, two nephews, and three professional managers.
Several of his children are also successful business people. His eldest son Winston Wang formed the Grace T.H.W. Group, mostly active in China, after a reported falling-out with his father. Daughter Cher Wang heads HTC Corporation, a prominent manufacturer of cell phones.
Wang made his final public appearance at the opening ceremony for one of his hospitals in the Chinese city of Xiamen last May, cable station Formosa Television said.
Despite his wealth, Wang was legendary for his frugal lifestyle. He wasn't known for wasting resources, loved simple Taiwanese food and lived mostly in a suite on the top floor of his group's headquarters in Taipei.
Wang was not afraid of criticizing presidents for failing to relax restrictions hampering the expansion of his business empire in China.
Tributes poured in from fellow business leaders and from prominent politicians.
"Wang represented the core values of Taiwan," President Ma Ying-jeou said in a statement, adding they ran, talked and ate oyster noodles together.
"Wang's passing represents the end of an era, the era of giants," said Morris Chang, the founder of Taiwan Semiconductor Manufacturing Co., Ltd.
