Forsige
Business

Zhong Shanshan Beats Jack Ma To Emerge as 'China's' Wealthiest Person'

According to the Bloomberg Billionaires Index, Zhong Shanshan’s net worth reached $58.7 billion on Wednesday, $2 billion more than Jack Ma’s. Zhong is now the second-richest individual in Asia, behind Mukesh Ambani of India, and is the world’s 17th-richest, ahead of Charles Koch and Phil Knight.
After two IPOs, Zhong added nearly $52 billion this year, while Tech shares fell on Wednesday, seeing Elon Musk and Jeff Bezos losing all-time high.
In a day also marked by huge losses among the world’s tech elite, a bottled-water and vaccine tycoon has become China’s wealthiest individual.
Entitled ‘The Lone Wolf’ “for his escape from politics and clubby business groups. Zhong fortune jumped $51.9 billion in 2020, more than anybody else in the world except Jeff Bezos of Amazon.com Inc. and Elon Musk of Tesla Inc.
On Wednesday, both witnessed heavy declines as tech stocks struggled and Tesla collapsed after its “Battery Day” event fell short of expectations. Musk’s fortune fell by almost 10 billion dollars.
The initial public offering of the bottled-water company Nongfu Spring Co., which turned out to be the most successful retail investor in Hong Kong, propelled Zhong earlier this month to the top three wealthiest in China.
That came after the Beijing Wantai Biological Pharmacy Enterprise Co. vaccine maker’s April listing raised its net worth to $20 billion by early August.
In China, Zhong now leads a wealth list traditionally dominated by individuals who made their fortunes from tech companies.
While Zhong has surpassed Ma as the wealthiest in China, the tech tycoon could soon reclaim the top spot he held for much of the past six years since Alibaba went public in the United States.
Next month, Ant Group’s IPO is set to increase Jack Ma’s fortune, with its stake valued at $28 billion if the firm hits the $250 billion valuation that people who are familiar with the issue have said it is targeting.
For U.S. tech stocks, which tumbled the most since earlier this month, Wednesday was more surprising.
Musk’s wealth plunge was the highest among the people in the Bloomberg list of the 500 richest in the world, led by Bezos, whose net worth plummeted by $7.1 billion.
Musk is now worth 93.2 billion dollars and Bezos is worth 178 billion dollars. On Wednesday, Zhong added almost $4 billion, more than everyone else in the index.

More Forsige Stories

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Forsige uses cookies to improve your experience. We'll assume you're OK with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy