Billionaire Zong Qinghou
The once richest person in China is dead
February 25, 2024, 10:52 a.m
Listen to article
This audio version was artificially generated. More info | Send feedback
He was a billionaire, but claimed throughout his life that he lived on less than $6,000 a year: Zong Qinghou, once the richest man in China, has died at the age of 79. His daughter has been running his company, Wahaha, which helped him become wealthy, for some time now.
The Chinese billionaire Zong Qinghou, who was once considered the richest man in the People’s Republic, is dead. The founder of the drinks manufacturer Wahaha died on Sunday at the age of 79, according to the company. The treatment for an illness did not work for Zong, Wahaha explained on the Weibo online service. The company did not provide further information about the cause of death. A memorial service is scheduled to take place on Wednesday at the company’s headquarters in the eastern Chinese city of Hangzhou.
Zong was already over 40 years old when he started his own business selling drinks. He was reportedly so short of money at one point that he had to sleep under a bridge in Beijing because he couldn’t afford a hotel. In 1987 he founded his company Wahaha, which he turned into the largest manufacturer of mineral water, lemonade and other soft drinks in China.
In 2010, according to the US magazine Forbes, Zong was the richest person in China with a fortune of eight billion dollars (almost 7.4 billion euros). Last year it was only in 53rd place with $5.9 billion. Despite his wealth, Zong claimed to live on less than $6,000 a year and said he had learned frugality from the teachings of Mao Zedong.
Zong repeatedly advocated tax cuts throughout his life as a strategy to stimulate investment. Growing wealth inequality didn’t seem to be a problem for him, as he told reporters in 2013. “If we had egalitarianism, we wouldn’t have enough to eat,” the billionaire said at the time. “It’s best to encourage people to create wealth.”
Wahaha – the company’s name means “laughing child” in Chinese – has now expanded its production to include baby milk and clothing. In 2021, Zong took a back seat in the company and appointed his daughter Zong Fuli as vice chairman and managing director.