Zhong Shanshan
Photographer: Imaginechina / AP Photo
Photographer: Imaginechina / AP Photo
Zhong Shanshan is a private billionaire rarely quoted in the press.
Now, after an unlikely career of journalism, mushroom growing and healthcare, he has become Asia’s richest person, eclipsing the Indian Mukesh Ambani and a band of Chinese tech titans including Jack Ma.
Zhong’s net worth has increased by $ 70.9 billion to $ 77.8 billion this year, making him the 11th richest person in the world, according to the Bloomberg Billionaires Index. It is one of the fastest accumulations of wealth in history, and all the more remarkable given that it was little known outside of China until this year.
Zhong, 66, is not involved in politics and his business interests are not intertwined with other wealthy families, such as the real estate tycoons, which is why he is known locally as the “Lone Wolf”.
Read more: ‘Lone Wolf’ tycoon creates 68 millionaires
It owes its success to two unrelated fields. He took over vaccine manufacturer Beijing Wantai Biological Pharmacy Enterprise Co. public in April and months later Nongfu Spring Co., a maker of bottled water, became one of Hong Kongs most popular offers. Nongfu shares are up 155% since their debut and Wantai’s are up more than 2,000%.
Climbing the ‘Lone Wolf’
Zhong Shanshan becomes the richest person in Asia
Source: Bloomberg Billionaires Index
Ambani has also had an extraordinary year – with notable deals for its conglomerate Reliance Industries Ltd. into a technology and e-commerce titan – and saw his fortune increase by $ 18.3 billion to $ 76.9 billion.
While Ambani was the world at one point the fourth richest person, shares of his Reliance have stalled as he is under pressure to deliver on the promised digital transformation.
Meanwhile, shares of Nongfu peaked this week after Citigroup Inc. analysts said Company has reinforced its dominance in the market and has a large cash flow. Zhong’s other firm, Wantai, is one of them developing a Covid-19 vaccine.
Zhong has also risen in the ranks as Chinese tech companies have fallen under increased government scrutiny. Jack Ma, Asia’s richest person before Ambani took over this year, is now worth $ 51.2 billion, down from an October high of $ 61.7 billion.
– With the help of Jack Witzig