Zhong Shanshan
Photographer: Imaginechina / AP Photo
Photographer: Imaginechina / AP Photo
Zhong Shanshan is a private billionaire who rarely appears in the press.
Now, after an unlikely career spanning journalism, mushroom growing and healthcare, he has become the richest person in Asia, eclipsing Indian Mukesh Ambani and a group of Chinese tech titans, including Jack Ma .
Zhong’s net worth has risen $ 70.9 billion this year to $ 77.8 billion, making him the eleventh richest person on the planet, according to the Bloomberg Billionaire Index. It is one of the fastest accumulations of wealth in history, and much more remarkable considering that until this year it was little known outside China.
Zhong, 66, is not involved in politics and his business interests are unrelated to other wealthy families such as property moguls, which is why he is known locally as the “Lone Wolf.”
Read more: The “Lone Wolf” mogul creates 68 millionaires
It owes its success to two unrelated fields. Published by vaccine manufacturer Beijing Wantai Biological Pharmacy Enterprise Co. in April, and months later Nongfu Spring Co., a bottled water manufacturer, became one of Hong Kong’s hottest listings. Shares of Nongfu have jumped 155% since its debut, and those of Wantai have risen more than 2,000%.
The rise of the “lone wolf”
Zhong Shanshan becomes the richest person in Asia
Source: Bloomberg Billionaires Index
Ambani has also had an extraordinary year: amazing deals to transform its conglomerate Reliance Industries Ltd. in a technology and e-commerce titan, and saw his fortune increase by $ 18.3 billion to $ 76.9 billion.
While Ambani was at one time the world fourth richest person, the actions of his dependency have stalled as he is pressured to fulfill the digital transformation he has promised.
Meanwhile, Nongfu shares peaked this week after Citigroup Inc. analysts said the company has consolidated its market dominance and enjoys a wide cash flow. Zhong’s other company, Wantai, is among them developing a Covid-19 vaccine.
Zhong has also risen in the ranks, as China’s technology companies have fallen into an increase in government control. Jack Ma, the richest person in Asia before Ambani took over this year, is now worth $ 51.2 billion, down from a high of $ 61.7 billion in October.
– With the assistance of Jack Witzig