Wednesday, January 06, 2021
Richest Chinese always richer
"Lone Wolf" overtakes Warren Buffett
Zhong Shanshan is worth almost $ 100 billion – and the number is rising. The Chinese entrepreneur is richer than investment legend Warren Buffett. Zhong stays away from politics. This is obviously paying off.
Once he was a construction worker and journalist, now he is one of the ten richest people on the planet: Zhong Shanshan. According to the "Billionaire Index" compiled by Bloomberg, his wealth has increased by 13.5 billion to a whopping 91.7 billion dollars since the beginning of the year. This puts the Chinese in 6th place – and even ahead of Warren Buffett. Bloomberg estimates the investment legend's net worth at $ 86.2 billion.
Zhong's wealth is mainly based on the drinking water bottler Nongfu Spring, which he founded. The mineral water brand is widely used in China. Last September, the company managed a brilliant IPO. Since then the shares have gained around 200 percent, by 18 percent since the beginning of the year alone.
Zhong also has a stake in the vaccine manufacturer Beijing Wantai, which the 66-year-old floated on the stock exchange in April. So far, the price has increased by more than 2500 percent.
According to Bloomberg, the billionaire stays out of politics and does not come into conflict with the leadership of the Communist Party. In addition, unlike other entrepreneurs, he avoided exclusive business clubs. This reluctance is obviously paying off and has earned Zhong the name "Lone Wolf".
Zhong's relatives are also billionaires. His younger sister and his wife's three siblings hold shares in Nongfu Spring, currently worth around $ 1.3 billion each.
Good year for the rich, bad year for Jack Ma
2020 was a good year for the mega-rich. Because despite the corona pandemic, the stock exchanges were booming. But there are exceptions – such as Zhong's compatriot Jack Ma. The founder of the online giant Alibaba had messed with the party leadership and criticized them publicly. The background: The communist leadership wants to curb the rapidly growing market power of private Chinese tech companies and therefore temporarily prevented the IPO of Alibaba's financial subsidiary Ant. After criticism from Ma, the authorities followed up and initiated an investigation against Alibaba for possible "monopoly practices".
And since the end of October Ma, still one of the richest men in China, has disappeared from the public eye.