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Vaccine and water unseats Mukesh Ambani as Asia’s richest person


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#Asia has a new richest person thanks to his vaccine-making firm and bottled water company.

#Zhong #Shanshan has seen his wealth surge $7bn (£5.1bn) this year, helping him leapfrog #India’s #Mukesh #Ambani and #China’s #Jack #Ma.

#His is worth $77.8bn, making him the world’s 11th richest person according to the #Bloomberg #Billionaires #Index.

#Nicknamed the “lone wolf” #Mr #Zhong’s career has spanned journalism, mushroom farming and healthcare.

  • #China’s new richest person is a bottled water tycoon

  • #Is the #Ant #Group shake-up a sign of things to come?
  • #Facebook’s $5.7bn bet on #India’s richest man

#Mr #Zhong took vaccine-maker #Beijing #Wantai #Biological public in #April listing its shares on the #Chinese stock market.

#Three months later he did the same thing with #Nongfu #Spring, his bottled water company, publicly listing it in #Hong #Kong.

#At the time this propelled him above #Alibaba’s founder #Jack #Ma who had previously been #China and #Asia’s richest person.

#Since then #Nongfu #Spring has become one of #Hong #Kong’s hottest listings and its shares have jumped 155% since their debut.

#Beijing #Wantai #Biological’s shares are up more than 2,000% and is among those developing a #Covid-19 vaccine.

image copyright#Getty #Images
image caption#Jack #Ma

#This dramatic rise has pushed #Mr #Zhong up to first place in #Asia and is one of the fastest accumulations of wealth in history, according to #Bloomberg.

#Rich get richer

#Many of the world’s wealthiest individuals have seen their fortunes soar during the pandemic including #Amazon founder #Jeff #Bezos.

#In #India, #Mr #Ambani saw his fortune surge $18.3bn to $76.9bn as he struck deals to transform his conglomerate #Reliance #Industries into a technology and e-commerce titan.

#Earlier this year, #Facebook said it was investing $5.7bn in cut-price #Indian mobile internet company #Reliance #Jio, which is owned by #Mr #Ambani.

#However, #Jack #Ma has seen his wealth drop from a high of $61.7bn in #October down to $51.2bn as his #Alibaba empire faces increased scrutiny from #Chinese regulators.

#Alibaba is being investigated over claims of monopolistic behaviour while its affiliate #Ant #Group had its bumper stock market listing blocked in #November.

#Most of #China’s new billionaires come from the tech industry. #But rising tensions between #China and the US over #Huawei, #TikTok and #WeChat have also pushed down valuations of #Chinese tech stocks.

#You may also be interested in…

media caption#Five things to know about #Amazon boss #Jeff #Bezos

#Related #Topics

  • #Jack #Ma

  • #India
  • #Billionaires
  • #China
  • #Alibaba



[ source link ]
https://www.bbc.co.uk/news/business-55481792

##Vaccine #water #unseats ##Mukesh ##Ambani ##Asias #richest #person

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