Asia's new richest individual is a Chinese vaccine investor who made $70 billion in 2020, surpassing Indian billionaire Mukesh Ambani thumbnail

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Summary List PlacementMukesh Ambani’s two-year reign as Asia’s wealthiest person has actually concerned an end.
Chinese mineral water billionaire and vaccine financier Zhong Shanshan has exceeded the Indian entrepreneur to end up being the continent’s wealthiest male, Bloomberg reported.
Shanshan’s fortune grew by more than $70 billion in 2020, putting his net worth at an approximated $778 billion, according to Bloomberg’s Billionaire Index. He’s now the world’s 11 th-richest individual after Oracle co-founder Larry Ellison. And while Ambani may have lost the leading area in Asia, he’s not far behind: the Reliance Industries chairman is still worth $769 billion.
The sources of Shanshan’s wealth are his functions as chairman at two major companies: mineral water maker Nongfu Spring and Beijing Wantai Biological Pharmacy Business, which makes vaccines and liver disease test-kits. Nongfu Spring reported $3.5 billion in revenue in 2019, while Shanshan’s pharmacy business reported income of $171 million, per Bloomberg.
In 2020, Shanshan’s net worth escalated as he took both of his business public. Beijing Wantai Biological Pharmacy Business went public on the Shanghai Stock Market in April, and Nongfu Spring’s $1.1 billion initial public offering in Hong Kong in September made Shanshan China’s third-richest individual overnight..
The 66- year-old billionaire is referred to as the “Lone Wolf” since he’s not associated with politics or business groups, per Bloomberg. He hardly ever reveals appearances or talks to the media, according to Chinese publication The Paper.
” I am a singular individual, and I do not care what my colleagues are doing or thinking,” Shanshan as soon as said, according to the Paper.

Born in 1954 in Hangzhou, Shanshan attended the Open University of China and worked as a paper press reporter in the 1980 s before establishing pharmaceutical company Yangshengtang Co., Ltd. In 1996, he founded Nongfu Spring and today directly manages the business’s sales, branding, and human resources as executive chairman, according to his business bio..
While he may now have actually been edged out of the top spot by Shanshan, Ambani is still the 12 th-richest person on the planet. In 2020, his fortune grew by more than $18 billion as he secured a $5.7 billion financial investment from Facebook in his mobile telecom service and a $775 million investment from American private equity company KKR. Briefly, in August 2020, Ambani was the world’s 4th richest individual.
Agents from Shanshan’s business and Ambani’s business did not immediately react to Service Expert’s request for remark for this story.SEE ALSO: Satisfy the Ambanis, who reside in a $1 billion skyscraper and join royals and Bollywood stars.
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