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China's 'water bottle' tycoon dethrones Ambani as Asia’s richest man

Dec 31, 2020 08:58 IST

After an improbable career spanning journalism, mushroom farming and health care, Chinese businessman Zhong Shanshan has become Asia’s richest person, surpassing India’s Mukesh Ambani. Zhong’s net worth has surged $70.9 billion this year to $77.8 billion, making him the 11th-richest person on the planet, as per the Bloomberg Billionaires Index. It’s one of the fastest accumulations of wealth in history. He owes his success to vaccine maker Beijing Wantai Biological Pharmacy Enterprise Co. and Nongfu Spring Co., a maker of bottled water. After getting listed this year, Nongfu shares have jumped 155% since their debut, and Wantai’s are up more than 2000%.

International