asia

China's billionaire surpasses Buffett after toppling Ambani as Asia's richest


Zhong Shanshan


Zhong Shanshan&nbsp

Key Highlights

  • Zhong Shanshan surpasses Warren Buffett on global rich list

  • Zhong Shanshan currently 6th richest in the world

  • Zhong Shanshan less than $10-billion away from $100-billion club

Chinese billionaire Zhong Shanshan has surpassed the net worth of Warren Buffett after dethroning Mukesh Ambani as Asia’s richest. Zhong’s net worth has surged $13.5-billion in 2021 to $91.7-billion making him the sixth richest person on the planet ahead of Warren Buffett with net worth of $86.2-billion. His wealth addition in 2021 has been almost double than that of Elon Musk as $6.7-billion. He is on track to become the world’s 6th person with a net worth in excess of $100-billion after Jeff Bezos ($188.2-billion), Elon Musk ($176.4-billion), Bill Gates ($131.2-billion), Bernard Arnault ($112.6-billion) and Mark Zuckerberg ($102.7-billion.)

Zhong is the chairman of Nongfu Spring, a bottled water company and Beijing Wantai Biological Pharmacy Enterprise, maker of vaccines & hepatitis kits. He took both companies public in 2020. Shares of Nongfu have risen 200 per cent from its IPO price and 18 per cent so far this year while Beijing Wantai Biological Pharmacy Enterprise has surged over 25 times since listing and returned 26 per cent on a year to date basis.

For the better part of last year, Mukesh Ambani was the richest person of Asia. His current net worth stands at almost $76-billion, losing almost a billion since the start of the year. At one point in 2020, Ambani was the fourth richest person in the world. Shares of Reliance Industries have declined 19 percent from its all-time high. Last year, Reliance Industries had become India’s first company with over $200-billion in market capitalisation.

Once Asia’s richest, Jack Ma, founder of Alibaba group has slipped to 5th position with a net worth of little over $51-billion.



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