Vaccine and water unseats Mukesh Ambani as Asia’s richest individual

Zhong's net worth has surged $70.9bn this year to $77.8bn.

picture copyrightVCG

Asia has a brand new richest individual due to his vaccine-making agency and bottled water firm.

Zhong Shanshan has seen his wealth surge $7bn (£5.1bn) this yr, serving to him leapfrog India’s Mukesh Ambani and China’s Jack Ma.

His is value $77.8bn, making him the world’s eleventh richest individual based on the Bloomberg Billionaires Index.

Nicknamed the “lone wolf” Mr Zhong’s profession has spanned journalism, mushroom farming and healthcare.

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Mr Zhong took vaccine-maker Beijing Wantai Organic public in April itemizing its shares on the Chinese language inventory market.

Three months later he did the identical factor with Nongfu Spring, his bottled water firm, publicly itemizing it in Hong Kong.

On the time this propelled him above Alibaba’s founder Jack Ma who had beforehand been China and Asia’s richest individual.

Since then Nongfu Spring has change into certainly one of Hong Kong’s hottest listings and its shares have jumped 155% since their debut.

Beijing Wantai Organic’s shares are up greater than 2,000% and is amongst these growing a Covid-19 vaccine.

picture copyrightGetty Pictures
picture captionJack Ma

This dramatic rise has pushed Mr Zhong as much as first place in Asia and is among the quickest accumulations of wealth in historical past, based on Bloomberg.

Wealthy get richer

Lots of the world’s wealthiest people have seen their fortunes soar through the pandemic together with Amazon founder Jeff Bezos.

In India, Mr Ambani noticed his fortune surge $18.3bn to $76.9bn as he struck offers to rework his conglomerate Reliance Industries right into a know-how and e-commerce titan.

Earlier this yr, Fb mentioned it was investing $5.7bn in cut-price Indian cellular web firm Reliance Jio, which is owned by Mr Ambani.

Nevertheless, Jack Ma has seen his wealth drop from a excessive of $61.7bn in October right down to $51.2bn as his Alibaba empire faces elevated scrutiny from Chinese language regulators.

Alibaba is being investigated over claims of monopolistic behaviour whereas its affiliate Ant Group had its bumper inventory market itemizing blocked in November.

Most of China’s new billionaires come from the tech business. However rising tensions between China and the US over Huawei, TikTok and WeChat have additionally pushed down valuations of Chinese language tech shares.

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Associated Subjects

  • Jack Ma

  • India
  • Billionaires
  • China
  • Alibaba

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