Chinese tycoon Zhong Shanshan overtakes Mukesh Ambani to become Asia’s richest person
- Zhong’s net worth has surged US$70.9 billion this year to US$77.8 billion thanks to two unrelated fields
- It’s one of the fastest accumulations of wealth in history, and until this year he was little known outside China
Zhong Shanshan is a private billionaire who’s rarely quoted in the press.
Zhong’s net worth has surged US$70.9 billion this year to US$77.8 billion, making him the 11th-richest person on the planet. It’s one of the fastest accumulations of wealth in history, and all the more remarkable considering that until this year he was little known outside China.
Zhong, 66, isn’t involved in politics and his business interests aren’t entwined with other rich families such as the property tycoons, which is why he’s known locally as the “Lone Wolf”.
He owes his success to two unrelated fields. He took vaccine maker Beijing Wantai Biological Pharmacy Enterprise public in April, then months later Nongfu Spring, a maker of bottled water, became one of Hong Kong’s hottest listings. Nongfu shares have jumped 155 per cent since their debut, and Wantai’s are up more than 2,000 per cent.
Ambani has also had an extraordinary year – striking deals to transform his conglomerate Reliance Industries into a technology and e-commerce titan – and seeing his fortune surge US$18.3 billion to US$76.9 billion.
Pinduoduo founder is now China’s second-richest person
Meanwhile, Nongfu stock hit a peak this week after Citigroup analysts said the company has solidified its market dominance and enjoys ample cash flow. Zhong’s other firm, Wantai, is among those developing a Covid-19 vaccine.
Zhong has also climbed the ranks as China’s tech companies have tumbled among increased government scrutiny. Jack Ma, Asia’s richest person before Ambani took over this year, is now worth US$51.2 billion, down from a high of US$61.7 billion in October.
