Money & Finance

Millionaires & Billionaires: China’s 10 Richest People In 2021 Revealed.

By Eric Yang | YEET MAGAZINE | Published 1135 GMT (1935 HKT) June 25, 2021 Not only does China have more billionaires than ever, but its richest have bigger fortunes. The collective net worth of China's 626 billionaires, which stands at $ 2.5 trillion.

YEET MAGAZINE

Jun 25, 2021 • 12 min read

By Eric Yang | YEET MAGAZINE | Published 1135 GMT (1935 HKT) June 25, 2021

Rankings , #China , money , fortunes, world's richest , business, tycoons

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billionaires | Source: Getty Images

From the man behind TikTok to the bottled water mogul, Chinese billionaires have had a year of rebound, as the richest 10 nearly doubled their fortunes from last year.

In a record year, China tops the ranking of billionaires of the 35 ^th annual list of Forbes billionaires of the world. The Middle Empire now has 626 billionaires, up from 388 last year, and is now second only to the United States, which has 724 billionaires.

The boom in the Chinese stock market and China's rapid recovery after the Covid-19 pandemic allowed the arrival of 205 newcomers, while 53 others, who had left the list in previous years, are back this year. China's list does not include Hong Kong and Macau, which Forbes lists separately.

Not only does China have more billionaires than ever, but its richest have bigger fortunes. The collective net worth of China's 626 billionaires, which stands at $ 2.5 trillion, is more than double the total last year, when the fortunes of the Chinese tycoons on the list were worth $ 1.2 trillion.

The average net worth of a billionaire in the eastern nation is $ 4 billion, a 33% jump from a year ago. The fortunes of the top ten in the rankings are together worth $ 447 billion, nearly double the $ 224 billion a year ago. Chinese billionaires now account for nearly a fifth of the list's total wealth,

The biggest winner, in terms of dollars and percentage, is bottled water tycoon Zhong Shanshan, who earned $ 66.9 billion last year after listing Nongfu Spring on the Hong Kong Stock Exchange. Zhong Shanshan, who reportedly dropped out of school at the age of 12 and worked as a construction worker and erectile dysfunction pill salesman, founded the beverage company in 1996. He still owns 84% of the company.

Some of the top 10 mainstays had a tumultuous year, but they still got richer. Jack Ma, who co-founded e-commerce conglomerate Alibaba, has seen his company come under increased scrutiny from the Chinese Communist Party as the government seeks to crack down on big tech companies. Its fintech giant, Ant Group, which was forecasting a record double listing in Shanghai and Hong Kong, also saw its IPO canceled by regulators just days before its launch on November 5.

But thanks to the increase in online shopping, Jack Ma is still richer by $ 9.6 billion compared to last year, despite having gone from being the richest person in China to that of n ° 4.

Zhang Yiming, the social media guru, has also had to navigate turbulent political waters. Former President Donald Trump ordered his TikTok short video app to sell its business in the United States, but the new Biden administration has reportedly suspended those plans.

In December, ByteDance, the parent company of TikTok, raised an additional $ 2 billion for a valuation of $ 180 billion, increasing Zhang Yiming's net worth by $ 19.4 billion.

Here are the 10 richest people in China; net fortunes have been calculated as of March 5, 2021.

# 1 | ZHONG SHANSHAN

NET FORTUNE: $ 68.9 BILLION

SOURCE OF WEALTH: DRINKS

RESIDENCE: HANGZHOU

The September 2020 IPO of his bottled water company, Nongfu Spring, boosted his fortune by 3,345%, making him the biggest percentage winner of the year and the most recent new person. rich from China. Zhong Shanshan also chairs Beijing Wantai Biological Pharmacy, which went public in Shanghai in April 2020.

# 2 | MY HUATENG

NET FORTUNE: $ 65.8 BILLION

SOURCE OF WEALTH: INTERNET MEDIA

RESIDENCE: SHENZHEN

Its internet media giant Tencent, which owns stakes in Tesla, Snap and Spotify, took another victory with the February public offering of video-sharing app Kuaishou. Tencent, which is best known for its messaging and social media app WeChat, owns 18% of the Hong Kong-listed company.

# 3 | COLIN ZHENG HUANG

NET FORTUNE: $ 55.3 BILLION

SOURCE OF WEALTH: E-COMMERCE

RESIDENCE: SHANGHAI

The founder of the online discount store Pinduoduo resigned as chairman in March to focus on food and life science research; he stepped down as CEO last July. In 2020, Pinduoduo overtook Alibaba as China's most popular e-commerce company with 788.4 million users, just five years after the company was launched by Colin Zheng Huang. The latter's annual income ($ 72 billion) still minimizes that of Pinduoduo ($ 9.1 billion).

# 4 | JACK MA

NET FORTUNE: $ 48.4 BILLION

SOURCE OF WEALTH: E-COMMERCE

RESIDENCE: HANGZHOU

The Alibaba co-founder has kept a low profile since the double listing of its fintech giant, Ant Group, was halted by Chinese authorities in November. Its e-commerce empire is also under pressure; Chinese regulators launched an anti-monopoly investigation into the company in December.

# 5 | WANG WEI

NET FORTUNE: $ 39 BILLION

SOURCE OF WEALTH: DELIVERY OF PACKAGES

RESIDENCE: SHENZHEN

The turnover of his company SF Express - the "Chinese FedEx" - increased by 37% in 2020 thanks to the rise of e-commerce during the period of containment of Covid-19 in China. Wang Wei founded the company in 1993 and listed it on the Shenzhen Stock Exchange 24 years later through a reverse merger; he still owns nearly 60% of the shares.

# 6 | HE XIANGJIAN

NET FORTUNE: $ 37.7 BILLION

SOURCE OF WEALTH: HOUSEHOLD APPLIANCES

RESIDENCE: FOSHAN

The co-founder of electrical appliance maker Midea Group reportedly escaped a kidnapping attempt last June when several men tried to break into his home using explosives. Her son is said to have come out of the house and swim across a river to alert the authorities. He left Midea's presidency in 2012, but he still owns a controlling stake with his family.

# 7 | ZHANG YIMING

NET FORTUNE: $ 35.6 BILLION

SOURCE OF WEALTH: TIKTOK

RESIDENCE: BEIJING

Zhang Yiming founded ByteDance, creator of the popular video sharing app TikTok, in a four-room apartment in 2012. The company first found success with the Toutiao news aggregator app in China, before conquer the world with TikTok. A funding round in December valued the unicorn at $ 180 billion.

# 8 | QIN YINGLIN AND HIS FAMILY

NET FORTUNE: $ 33.5 BILLION

SOURCE OF WEALTH: BREEDING PIGS

RESIDENCE: NANYANG

Qin Yinglin founded China's first pork producer, Muyuan Foodstuff Co., in 1992 with his wife Qian Ying and only 22 pigs. The group now has 140,000 employees and produced more than 18 million pigs in 2020. Qin Yinglin is chairman, while Qian Ying, who is also a billionaire, sits on the board.

# 9 | WILLIAM LEI DING

NET FORTUNE: $ 33 BILLION

SOURCE OF WEALTH: ONLINE GAMES

RESIDENCE: HANGZHOU

Revenue at his Nasdaq-listed company NetEase increased 24% in 2020 as lockdowns due to the pandemic boosted demand for its online games and distance learning products. The company's game portfolio includes "Harry Potter: Magic Awakened", "The Lord of the Rings: Rise to War" and "Pokémon Quest".

# 10 | YANG HUIYAN AND HIS FAMILY

NET FORTUNE: $ 29.6 BILLION

SOURCE OF WEALTH: REAL ESTATE

RESIDENCE: FOSHAN

The heiress is the main shareholder of real estate developer Country Garden Holdings. His stake was transferred to him by his father Yeung Kwok Keung, who founded the company and is still its president. Young Yang Huiyan is president of the education company Bright Scholar Education Holdings, which is listed on the United States stock exchange.

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