Bottled-water businessman dethrones Jack Ma to become China’s richest person


Zhong Shanshan, a bottled-water and vaccine tycoon added almost $52 billion to his fortune this year, dethroning Alibaba’s founder, Jack Ma to become the richest person in China. (TNG) reports Shanshan’s net worth reached $58.7 billion on Wednesday, $2 billion more than Jack Ma’s net worth, according to the Bloomberg Billionaires Index.

Shanshan is now Asia’s second-richest person behind India’s Mukesh Ambani, and he is the 17th wealthiest person in the world, ahead of Charles Koch and Phil Knight.

The bottled-water businessman now leads a wealth ranking in China that is typically dominated by people who made their fortunes from tech companies.

Shanshan’s fortune has jumped by $51.9 billion in 2020, more than anyone else in the world except Amazon’s Jeff Bezos and Tesla’s Elon Musk.

Both suffered heavy declines on Wednesday as tech stocks stumbled and Tesla plunged after its “Battery Day” event fell short of expectations.

Musk’s fortune dropped by almost $10 billion.

Shanshan was propelled to China’s top three richest earlier this month by the initial public offering of his bottled-water company, Nongfu Spring Co.

TNG reports Nongfu Spring Co. turned out to be Hong Kong’s most popular among retail investors. (TNG)

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