Beijing, September 24: China has a new richest person and Ja Ma has been dethroned from top rank. Zhong Shanshan’s net worth reached $58.7 billion on Wednesday, $2 billion more than Jack Ma’s, according to the Bloomberg Billionaires Index.  Zhong is now Asia’s second-richest person, behind India’s Mukesh Ambani.

Zhong nicknamed  “Lone Wolf” saw his fortune jump $51.9 billion in 2020, more than anyone else in the world except Inc.’s Jeff Bezos and Tesla Inc.’s Elon Musk.  Zhong, the owner of China’s largest bottled water maker is the 17th wealthiest in the world, ahead of Charles Koch and Phil Knight. Jack Ma 56th Birthday Special: 5 Most Expensive Things Owned by Chinese Business Magnate.

Who is Zhong Shanshan? 

According to a Financial Times report, the Chinese businessman’s fortune trebled following Nongfu’s listing on Hong Kong’s stock exchange earlier this month. The shares of the company, in which Zhong has a stake of four-fifths, have soared by more than 80 per cent. Zhong's early career encompassed mushroom farming and the sale of erectile dysfunction pills.

Zhong also controls Wantai Biological Pharmacy Enterprise Co, a maker of hepatitis vaccines and Covid-19 test kits, and whose share price has soared by more than 14 times since it got listed in April.


(The above story first appeared on LatestLY on Sep 24, 2020 12:27 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website