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Bottled water tycoon Zhong Shanshan has change into richest man in China with $60.6 billion, in accordance with the Hurun China Wealthy Record.
Within the second place is Zhang Yiming, founding father of ByteDance, TikTok’s guardian firm.
Alibaba’s Jack Ma dropped to fifth place whereas Evergrande’s founder fell to the seventieth place.
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A low-key Chinese language billionaire who made his fortune promoting bottled water has topped an inventory of the nation’s ultra-wealthy this 12 months for the primary time.With a fortune of $60.6 billion, Zhong Shanshan of Nongfu Spring has overtaken tech titans Alibaba founder Jack Ma and Tencent founder Pony Ma on the Hurun China Wealthy Record. The 2 Mas had been within the first and second spots respectively final 12 months and Zhong took third place.Zhong is the founder and chairman of Nongfu Spring. He’s additionally the proprietor of the vaccine maker Beijing Wantai Organic Pharmacy Enterprise. Each firms went public final 12 months, rising Zhong’s private wealth.Whereas the 2 Mas dropped to the fourth and fifth spots on the record, one other tech tycoon rose. Zhang Yiming, founding father of ByteDance, TikTok’s guardian firm, got here in second place with a $52.8 billion fortune. Zhang tripled his wealth final 12 months, in accordance with the record.
Actual property was amongst a number of sectors that took hits on the record this 12 months. “From the Hurun China Wealthy Record, we will see which industries and enterprise fashions are on the up and that are on the way in which down. New power has had an incredible 12 months, while actual property, dwelling tutoring companies, pork manufacturing, and video gaming have had a nasty 12 months,” wrote Rupert Hoogewerf, Hurun Report Chairman and Chief Researcher.Hui Ka Yan, the founding father of embattled property big China Evergrande, misplaced $25 billion over the previous 12 months and fell to the seventieth spot with $11.3 billion. Hui had topped the record in 2017 and was in fifth place final 12 months.The Hurun China Wealthy Record is compiled yearly by the Hurun Analysis Institute, a analysis and funding agency primarily based in Shanghai. That is the primary 12 months it has included Hong Kong, Macau, and Taiwan, which added 197 names to the record.
Total, 520 extra folks with a fortune of no less than 2 billion Chinese language yuan ($310 million) had been added this 12 months. There are actually 2,918 folks on the record.
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