Celebrity style

As Kylie Jenner makes Forbes’ super rich list, five young Chinese billionaires already on Forbes’ China Rich List

Kylie Jenner is likely to become America’s youngest self-made billionaire. China has a few of its own already; from the CEO of a ride hailing company to an airline heir, here are five who’ve made it onto Forbes’ China Rich List

PUBLISHED : Friday, 13 July, 2018, 6:22pm
UPDATED : Saturday, 14 July, 2018, 7:42pm

US reality TV star Kylie Jenner, 20, with an estimated net worth of US$900 million, this week became the youngest person on the Forbes list of America’s Richest Self-Made Women. And she’s expected to become the youngest self-made billionaire ever, a title held by Microsoft co-founder Bill Gates in 1987 at age 31 and by Facebook co-founder Mark Zuckerberg in 2008, aged 23.

Young and rich is something China also does well. We look at five people who have hit the Forbes China Rich List and find out how they made their fortune.

Yang Huiyan (net worth: US$24 billion)

In 2007, aged just 25, Yang Huiyan inherited a majority stake in her father Yang Guoqiang’s giant property company, Country Garden, making her the richest woman in China at the time. At last count, she is worth US$24 billion, and now the richest woman in Asia.

China’s richest woman, Yang Huiyan, made US$2 billion in four days

Her father groomed her to take over the company and the 36-year-old did not disappoint. In 2017, Forbes placed her fourth in the China 100 Top Businesswomen List.

Wang Han (net worth: US$1.3 billion)

Wang Han became one of the youngest billionaires in China at the age of 30, according to Forbes China Rich List 2017. When his father died in 2004, aged just 38, 27 per cent of the JuneYao Airline shares were inherited by Wang Han, making him the largest shareholder of the conglomerate when he was only 16.  

In 2015, after the group’s initial public offering (IPO) on the Shanghai Stock Exchange, he made the Rich List. But the billionaire has shown little interest in running the conglomerate, leaving the power to his uncle.

Zhang Yiming (net worth: US$4 billion)

Zhang was born into an ordinary family, and made his money from five start-ups, including a search engine specialising in travel, a property information website, and his greatest success, the news aggregation site Toutiao that he founded in 2012.

China’s Toutiao buys teens social video app in latest expansion

He doesn’t just focus on making huge amounts of money and prefers not to talk about whether his company should be listed, instead focusing on ideas that will lead to better products. He’s just a geek who wears jeans – and if the denim is stained, even better.

Luo Min (net worth: US$1.5 billion)

This fintech entrepreneur became a billionaire overnight when Qudian, the online credit provider that he founded, surged in value after an IPO in New York in 2017. In March, 35-year-old Luo announced that he will not accept any salary or bonus from the company before its market value exceeds US$100 billion, although he earned a lot of money from his shares . This caused something of a PR crisis that triggered a slump of more than 70 per cent of the issue price of its shares.

Cheng Wei (net worth: US$1.2 billion)

In 2012, aged 29, Cheng launched the ride-hailing platform Didi Chuxing (he is chief executive of the company). Before that, Cheng spent eight years at internet giant Alibaba (Alibaba is the owner of the SCMP) and worked in regional marketing.

IN 2012, he and the other co-founders reached out to more than 100 taxi companies to try and persuade them to get their customers to book through their hailing platform . Two years later the company expanded to almost 300 cities making it the largest ride-hailing platform in the world. In 2017, Cheng and the company’s president Liu Qing made “The 20 most influential people in tech right now” list selected by Time Magazine, the only two Chinese entrepreneurs included.