Zhong Shanshan’s net worth has risen $ 70.9 billion this year to $ 77.8 billion
Zhong Shanshan is a private billionaire who is rarely quoted in the press.
Now, after an unlikely career spanning journalism, mushroom farming and healthcare, he has become the richest person in Asia, outshining India’s Mukesh Ambani and a group of Chinese tech titans, including Jack Ma. .
Zhong’s net worth has risen $ 70.9 billion this year to $ 77.8 billion, making him the 11th richest person on the planet, according to the Bloomberg Billionaires Index. It’s one of the fastest accumulations of wealth in history, and all the more remarkable considering that until this year it was little known outside of China.
Zhong, 66, is not involved in politics and his business interests are not intertwined with other wealthy families such as property tycoons, which is why he is known locally as the “Lone Wolf.”
It owes its success to two unrelated fields. Vaccine maker Beijing Wantai Biological Pharmacy Enterprise Co. went public in April, and months later, Nongfu Spring Co., a bottled water manufacturer, became one of Hong Kong’s hottest lists. Nongfu’s shares have risen 155% since its debut, and Wantai’s shares have risen more than 2,000%.
Ambani has also had a remarkable year, closing deals to transform his conglomerate Reliance Industries Ltd. into a tech and e-commerce titan, and saw his fortune rise from $ 18.3 billion to $ 76.9 billion.
While Ambani was at one time the fourth richest person in the world, his Trust’s shares have stalled as he comes under pressure to deliver on the digital transformation he promised.
Meanwhile, Nongfu shares peaked this week after analysts at Citigroup Inc. said the company has solidified its dominance of the market and is enjoying ample cash flow. Zhong’s other company, Wantai, is among those developing a Covid-19 vaccine.
Zhong has also risen through the ranks as China’s tech companies have fallen under increased government scrutiny. Jack Ma, the richest person in Asia before Ambani took over this year, is now worth $ 51.2 billion, down from a high of $ 61.7 billion in October.
(Except for the headline, this story has not been edited by NDTV staff and is posted from a syndicated channel.)
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