Connect with us

Hi, what are you looking for?

Economy

China’s bottled-water king is now richer than Warren Buffett

Zhong Shanshan, chairman of Nongfu Spring Co., a bottled-water company that’s ubiquitous in China, dethroned India’s Mukesh Ambani as Asia’s wealthiest person last week and is close to entering the rarefied realm of individuals worth more than $100 billion. Image via Nongfu Spring

Zhong Shanshan is setting new wealth records.

The chairman of Nongfu Spring Co., a bottled-water company that’s ubiquitous in China, is now richer than Warren Buffett as his fortune surged $13.5 billion to $91.7 billion since the start of the year, according to the Bloomberg Billionaires Index.

Mr. Zhong, 66, is now the sixth-wealthiest person on the planet. Nongfu shares jumped 18% in the first two trading days of 2021, taking the advance since their September listing to 200%.

It’s only the second time a Chinese national has broken into the world’s Top 10—property tycoon Wang Jianlin hit No. 8 in 2015—and no one from the mainland has ever ranked this high on Bloomberg’s wealth index since it launched in 2012.

Nicknamed locally as the “Lone Wolf” for avoiding involvement in clubby business groups or politics, Mr. Zhong also took vaccine maker Beijing Wantai Biological Pharmacy Enterprise Co. public in April. The stock has soared more than 2,500%.

Mr. Zhong dethroned India’s Mukesh Ambani as Asia’s wealthiest person last week and is close to entering the rarefied realm of individuals worth more than $100 billion. Mr. Buffett is outside that group with an $86.2 billion fortune, but the Berkshire Hathway Inc. founder has given away more than $37 billion of stock since 2006.

Investors are snapping up Chinese consumer shares as the country demonstrates it’s recovering from COVID-19, while analysts have grown increasingly bullish on Nongfu.

Mr. Zhong has also helped four relatives become billionaires. His younger sister, Zhong Xiaoxiao, and three of his wife’s siblings each hold a 1.4% stake in Nongfu worth $1.3 billion, based on the ownership listed in the company’s prospectus from last year. The firm has produced dozens of millionaires, including more of Mr. Zhong’s relatives and employees.

While COVID-19 upended much of the global economy in 2020, it was a good year for the world’s ultra-rich. The 500 wealthiest people added $1.8 trillion to their fortunes and were worth a combined $7.6 trillion by year-end. Mr. Zhong, the biggest winner from Asia, amassed more than $71 billion, the most after Tesla Inc.’s Elon Musk and Amazon.com Inc.’s Jeff Bezos.

One notable exception is Jack Ma, until recently Asia’s richest person. He’s not been seen in public since Chinese regulators torpedoed Ant Group Co.’s $35 million initial public offering. His net worth has dropped about $10 billion since October and he’s now the world’s 25th-richest person. — Venus Feng and Pei Yi Mak/Bloomberg

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

Federal Land, Inc. celebrates five decades of solid commitment to property development By Adrian Paul B. Conoza Philippine business visionary Dr. George S.K. Ty’s...

Economy

APPROVED foreign investment pledges more than doubled in the second quarter from a year ago, as the Philippine economy continued to reopen amid looser...

Economy

By Abigail Marie P. Yraola, Researcher APPROVED foreign investment pledges more than doubled in the second quarter from a year ago, as the Philippine...

Economy

PRESIDENT Ferdinand R. Marcos, Jr. is looking into the possibility of allowing food manufacturers to directly import sugar amid tight domestic supply and high...

Economy

By Alyssa Nicole O. Tan, Reporter A SENATOR raised the possibility of legalizing the commercial importation of secondhand garments amid the proliferation of stores...

Economy

DESPITE the president’s protectionist pronouncements, the Marcos administration will likely continue to pursue economic liberalization, analysts said. This, despite concerns over local firms’ competitiveness...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Investing

Instagram still holds the top spot for social media in terms of building brand reputation and expanding business potential. Every day, more and more...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.