The powerful engine powering China’s billionaire class has suffered a setback, as demonstrated by a drop in the number of mainland Chinese billionaires on Forbes’ 37th annual World’s Billionaires list for the second year running. The total today stands at 495, down from 539 the previous year and significantly lower than the record 626 in 2021. The pandemic’s consequences, combined with geopolitical concerns, have caused stock values to fall and slowed economic growth in the world’s second-largest economy.
Below is the list of the 10 billionaires in China, reflecting the Forbes list of Chinese 100 Richest, converted into USD and based on the annual wealth and asset evaluation released by Forbes magazine.
1. Zhong Shanshan
Net Worth: $60.1 Billion
Source Of Wealth: Beverages, pharmaceuticals
Residence: Hangzhou
Zhong Shanshan’s net worth exceeds $60.1 billion, making him the unrivaled leader in China’s wealth scene. He is from Hangzhou and sits on the throne of luxury as chairman of Nongfu Spring, a titan in bottled water and tea production. Zhong’s financial prowess weathered storms as the shares of his Covid test supplier, Beijing Wantai Biological Pharmacy, fell. Despite difficulties, his hold on the No. 1 spot remains firm.
2. Zhang Yiming
Net Worth: $43.4 B
Source Of Wealth: Internet media
Residence: Beijing
Zhang Yiming, the founder of ByteDance, has a net worth of $43.4 billion and has made an everlasting influence on digital media. He founded TikTok, the world’s most popular short video social media app, while living in Beijing. Despite a rollercoaster valuation that fell from $250 billion to $225 billion amid U.S. market ban rumors, Zhang remains a key participant. Under government pressure, he stepped down as CEO and chairman, but he still owns a significant 20% share in ByteDance.
3. Colin Zheng Huang
Net Worth: $36.2 Billion
Source Of Wealth: E-commerce
Residence: Shanghai
Colin Zheng Huang, the pioneer of the e-commerce scene, with a net worth of $36.2 billion. He is the visionary founder of PDD Holdings, formerly known as Pinduoduo, and currently lives in Shanghai. PDD’s Nasdaq-traded shares have risen over the last year, owing to the success of Temu, a low-cost shopping site that competes in the US market. Despite stepping down as chairman in March 2021, Huang’s influence is still tangible, with approximately 28% of PDD Holdings.
4. Ma Huateng
Net Worth: $32.1 Billion
Source Of Wealth: Internet media
Residence: Shenzhen
Ma Huateng, also known as Pony Ma, has a net worth of $32.1 billion and leads the Shenzhen-based online media company Tencent. Despite a roughly 10% drop in the company’s Hong Kong-traded shares, Ma’s strategic prowess remains evident. Tencent’s success extends to investments, including a 40% interest in Epic Games, the creator of Fortnite, which was acquired for $300 million in 2013 and is now worth more than $6.8 billion.
5. William Lei Ding
Net Worth: $32 Billion
Source Of Wealth: Online games
Residence: Hangzhou
William Lei Ding, the CEO of NetEase, a gaming powerhouse registered on the Nasdaq and Hong Kong exchanges, is based in Hangzhou and has a $32 billion net worth. Despite obstacles, Ding’s fortunes improved as China relaxed prohibitions on foreign games. Beyond gaming, NetEase has ventured into movies, e-commerce, and online music, demonstrating Ding’s diverse business expertise.
6. Robin Zeng
Net Worth: $25.8 B
Source Of Wealth: Automotive
Residence: Ningde
Robin Zeng, who lives in Ningde and has a net worth of $25.8 billion, is the visionary creator and chairman of Contemporary Amperex Technology (CATL), a global leader in electric vehicle batteries. CATL’s influence extends to collaborations with major automakers like BMW and Volkswagen. Zeng’s influence is seen worldwide, with Ford announcing a $3.5 billion agreement for a Michigan manufacturing.
7. Jack Ma
Net Worth: $25.1 Billion
Source Of Wealth: E-commerce
Residence: Hangzhou
Jack Ma, co-founder of Alibaba, was once at the top of China’s wealth hierarchy and now has a net worth of $25.1 billion. After a quiet stay overseas due to changing government policy, Ma returned to China in March. Alibaba, which Ma still owns 3.8% of, announced an unprecedented split into six firms, ushering in a new chapter in his entrepreneurial adventure.
8. He Xiangjian
Net Worth: $21.2 Billion
Source Of Wealth: Home appliances
Residence: Foshan
He Xiangjian, a Foshan citizen with a net worth of $21.2 billion, is the co-founder of Midea Group and a home appliance magnate. He stepped aside as chairman in 2012 and now faces hurdles as Midea’s growth slows in China. Midea adapts to global markets by carefully selling its products in the United States and Europe, expanding its influence outside China.
9. Wang Chuanfu
Net Worth: $17.6B
Source of Wealth: Batteries, Automobiles
Residence: Shenzhen
With a net worth of $17.6 billion, Wang Chuanfu leads BYD, the world’s largest EV firm in terms of sales. BYD will surpass Tesla in 2022, accounting for 21% of the worldwide market. Wang’s rise from a small community to the head of a major EV company is a captivating success story. Wang’s BYD, with the backing of Berkshire Hathaway, will play a critical role in transforming the vehicle industry.
10. Eric Li Shufu
Net Worth: $15.3 Billion
Source of Wealth: Automobiles
Residence: Hangzhou
Eric Li, also known as Eric Li Shufu, has a net worth of $15.3 billion and leads the automobile business. Li, the chairman of Zhejiang Geely Holding, supervises stakes in major automakers including as Volvo, Daimler, Geely Automotive, and Polestar. Faced with a $4.7 billion drop in his fortune, Li navigates the changing terrain of car purchasing in China, prioritizing long-term growth in the competitive automotive business.
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