Meet China’s newest richest person, Zhong Shanshan – Rupert Hoogewerf

Rupert Hoogewerf

Zhong Shanshan, founder of the bottled water company Nongfu Spring, pushed Alibaba’s Jack Ma from his position as the richest in China. Rupert Hoogewerf, chief researcher of the Hurun China Rich List, explains how Zhong made it to the top, at CNN Business. Hoogewerf expects a new boom in billionaires from China, he says.

CNN Business:

Zhong’s new status also puts him ahead of Pony Ma, who founded Tencent. Unlike Jack Ma and Pony Ma, Zhong is not a tech entrepreneur. Outside of his stake in Nongfu Spring, he is the head of a vaccine maker, Beijing Wantai Biological Pharmacy. That company went public in Shanghai this year, which also helped boost Zhong’s wealth.

“You would have typically expected the number one in China to come from [technology],” said Rupert Hoogewerf, chairman of wealth research firm Hurun Report.

Zhong is also known for being more low-profile and reclusive compared to other top business leaders, which has earned him the nickname “lone wolf.”

“He’s not known to have many entrepreneur friends,” said Hoogewerf, a longtime China watcher who is based in Shanghai. “He just kind of gets on with his own business.”

But even prior to his latest success, Zhong’s track record was impressive.

“Zhong Shanshan is one of the few people in China to not just build one $10 billion business, but two $10 billion businesses,” said Hoogewerf. “It’s pretty remarkable.”

Zhong’s ascent underscores the rapid pace of wealth creation in China.

Earlier this year, China was already home to most of the world’s billionaires, with more than the United States and India combined, according to a global rich list compiled by the Hurun Report….

A report released by Deloitte on Wednesday said that “several other developments are set to sustain the prevailing trend of listings in the Chinese Mainland and Hong Kong over the rest of this year,” including the approval of cross-listing rules and a new tech index in Hong Kong.

That will likely spawn even more billionaires in China, Hoogewerf predicts.

He estimates that about 100 new billionaires will be created in China this year because of the IPO boom. That’s “one every four days. Two a week,” he said.

More at CNN Business.

Rupert Hoogewerf is a speaker at the China Speakers Bureau. Do you need him at your (online) meeting or conference? Do get in touch or fill in our speakers’ request form.

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US billionaires keep global top, despite China gains - Rupert Hoogewerf

Rupert Hoogewerf

The number of billionaires from China might be growing fast, US billionaires still earn far more, says Hurun China Rich List founder Rupert Hoogewerf to the Washington Post. The wealthiest in China was e-commerce giant Alibaba's founder Jack Ma, the world's 22nd-most-wealthy person, with US$39 billion.

The Washington Post:

The biggest gains in wealth last year came in the areas of technology, media and telecommunications, followed by real estate and other investments, manufacturing and retailing. 

The wealthiest in China was e-commerce giant Alibaba's founder Jack Ma, the world's 22nd-most-wealthy person, with $39 billion. Pony Ma Huateng of the Internet giant Tencent Holdings, with $38 billion, and Xu Jiayin of property developer Evergrande, with $37 billion, were close behind. 

Though people in China and other Asian nations are steadily gaining in wealth, Amazon founder Jeff Bezos topped the global chart for the second year running, with wealth estimated by the Hurun rich list at $147 billion. Bill Gates ranked second, with $96 billion, and Warren Buffett was third, with $88 billion. 

Gates' fortune rose by $6 billion in 2018 despite his enthusiasm for philanthropy, said Hurun Report Chief Executive Officer Rupert Hoogewerf. 

President Donald Trump's wealth fell by $500 million last year, the report said, to $3 billion, or 793rd. 

The only Asian among the 10 richest people in the world was Mukesh Ambani of Indian conglomerate Reliance Industries, who ranked No. 8 with wealth estimated at $54 billion. 

"Poor stock market performances and an appreciating dollar were the main reasons for this year's record drop in billionaires," Hoogewerf said in a statement. "Despite the strong dollar and its tax cuts, the USA added only 13 billionaires, but made it harder for the rest of the world to make the cut." 

Overall, the report said, there were 2,470 billionaires in the world, down 224 from last year. Their total overall wealth fell by $950 billion from the year before, to $9.6 trillion, because of stock market gyrations and a strong U.S. dollar, it said. 

Hoogewerf said he believes that the world's billionaires may number more than 6,000 people, since many seek to hide the extent of their wealth, especially in the Middle East. Forty billionaires from last year's list died in 2018. 

The newly minted Chinese billionaires included Colin Huang Zheng of e-commerce platform Pinduoduo and restaurant-group owner Zhang Yong and his, wife Shu Ping. Others were Zhang Yiming of ByteDance, an Internet technology firm valued at $75 billion, and Zhan Ketuan of bitcoin miner Bitmain.

More in the Washington Post.

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How Jack Ma changed China - William Bao Bean

William Bao Bean

Traditionally China's youngsters wanted a job with the government, but Alibaba's Jack Ma changed that perspective and starting a startup became the choice of many, says William Bao Bean, a Shanghai-based partner at venture capital firm SOS, one of the largest VC's, to Bloomberg. How Jack Ma changed China.

Bloomberg:

“The China startup scene wouldn’t exist in the same way without Jack Ma,” said William Bao Bean, a Shanghai-based partner at venture capital firm SOSV. “The celebrity of Jack Ma and the success of Alibaba made startups an acceptable career choice, which has fueled one of the biggest technology markets in the world." 

Ma wasn’t just successful. He broke the mold for China’s business leaders, typically faceless chiefs running mammoth state-owned enterprises like PetroChina and China Mobile. He dressed up like Michael Jackson and tried the moon walk. He wore a three-foot feather Mohawk and makeup to perform at a company party. And he dispensed Yoda-like axioms that were collected in dozens of management books. 

"To many he’s the face of China’s internet -- no one really knows what Pony Ma looks like," said Bean, referring to the CEO of Tencent Holdings Ltd.

More at Bloomberg.

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China's billionaires: moving up in the 2018 Global Rich List - Rupert Hoogewerf

Rupert Hoogewerf

Americans still dominate the 2018 Global Rich List, but with four new billionaires a week, China is moving up very fast, says Hurun Rich List chief researcher Rupert Hoogewerf at the release of the annual overview. Tencent's CEO Pony Ma is now the highest listed Chinese billionaire at no.15, beating Xu Jiayin of Evergrande and Jack Ma of Alibaba this year.

The Hurun Rich List:

The Hurun Global Rich List 2018 ranked 2,694 billionaires from 68 countries and from 2,157 companies in another record-breaking year for the world’s billionaires. 

Total wealth increased by a staggering 31% to US$10.5 trillion, equivalent to 13.2% of global GDP, and almost double the 7% of global GDP six years ago. Rupert Hoogewerf said, “Never has so much wealth been concentrated in the hands of so few.” 

It has been an outstanding year for billionaires: 1508 saw their wealth increase and there were 567 new faces. 

Chinese billionaires are pulling away from the USA for the third year running, 819 compared with 571.  Just two years ago, they were neck and neck at 534 and 535. Hoogewerf said, “China is going through an amazing period of entrepreneurship, adding 210 billionaires in the past year.” 

It has been a good year for India, claiming back its third place after adding 31 billionaires, on the back of a record performance of the Indian stock markets. 

The average lister is aged 63, one year younger than last year. 

Rupert Hoogewerf says, “The world today has the best part of 6,000 dollar billionaires, assuming that for every one we found, we have probably at least one if not more, particularly from the Gulf states.” 

Hoogewerf continues, “A boom in China, a weak dollar and a 26% hike in Nasdaq have led to a surge in dollar billionaires across the world. The US dollar depreciated 16% against the Euro, 12% against the British Pound, 10% against the Chinese Yuan and 6% against the Indian Rupee. Global economic growth was at 3% last year, the fastest rate since 2011 and a significant acceleration compared with 2.4% the previous year.”

More at official the Hurun Rich List.

Rupert Hoogewerf is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers' request form.

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Tencent's Pony Ma: the consistent growth factor - Rupert Hoogewerf

Rupert Hoogewerf

In the dramatic battle between the two major Chinese IT giants, Alibaba and Tencent, Alibaba's Jack Ma often grabs the attention, outspoken and in excellent English. Tencent's CEO Pony Ma is a dark horse, but now Time dives into his background. For Rupert Hoogewerf, founder of the Hurun China Rich List, Pony Ma has been a factor of constant growth, he tells the magazine.

Time:

This year has been an exceptional one for (Pony) Ma, thanks to surging stock prices in China. Prior to 2017, Ma was worth $20.8 billion, according to Bloomberg’s billionaire index. In 2017 alone, Ma has made $21.5 billion according to the index — 5th-most on the index and second in China only to industrialist Hui Ka Yan, whom MONEY profiled earlier this year. Five of the top-10 wealth gainers in 2017 have been Chinese, according to Bloomberg. But it is Ma — no relation to Yahoo owner Jack Ma — who is set to have an increasing presence on the world stage. 

“Pony is unique in that he has been one of the most consistent players on the Hurun China Rich List,” Rupert Hoogewerf, publisher of the Hurun rich list, which tracks Chinese wealth, told MONEY in an email. “I can’t think of anyone else that has grown so consistently.”

Pony Ma

More about Pony Ma in Time.

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Tencent's Ma: the Don Corleone of China - Andy Mok

Andy Mok

Tencent has become the major force in China, and refusing an offer by the giant is impossible for any startup, says internet expert Andy Mok to Bloomberg. Pony Ma, the CEO of Tencent, is almost like Don Corleone, he says. And it is going international too.

Bloomberg:

WeChat now has 937.8 million active users, more than a third of whom spend in excess of four hours a day on the service. To put that in context, consider that the average person around the world spends a little more than an hour a day on Facebook, Instagram, Snapchat, and Twitter combined. Tencent’s services are so pervasive in China that startups there find it difficult to refuse forging alliances with or accepting investment dollars from the company. 

“It’s a little bit like the Godfather Don Corleone saying, ‘I’m going to make you an offer you can’t refuse,’ ” says Andy Mok, founder and president of Beijing-based consultant Red Pagoda Resources LLC. “If you don’t take their money, and they invest in a competitor, it can be deadly. 

With WeChat’s rise, Tencent has tried to act like, or at least look like, a global technology leader. Later this year it will join Apple, Amazon.com, and Facebook in opening pricey new headquarters—a pair of conjoined glass skyscrapers designed by Seattle-based architecture firm NBBJ Design LLP. The towers, linked by three angular skybridges, resemble giant, slow-dancing robots.

More in Bloomberg.

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A bold move by Tencent's Pony Ma - Andy Mok

Andy Mok

Tencent's CEO Pony Ma is not very well known for his media appearances. So, when he joined the discussion about Hong Kong's future, it took political analysts like Andy Mok by surprise, he tells Bloomberg.

Bloomberg:

“The typical move is just to keep your head down ahead of July 1 and the Party Congress,” said Andy Mok, managing director for Beijing-based internet consultancy Red Pagoda Resources, referring to a leadership reshuffle later this year. “It could be that Tencent sees this as an internal strategic move to strengthen its dominance in gaming, finance, and it also creates a symbolic meaning of leadership,” he said, calling Ma’s effort “a bold move.” 

Ma’s emergence into the spotlight is highly unusual for a Chinese entrepreneur who shuns media appearances and interviews. He graces at most a couple high-profile events a year, at which he consistently refrains from extensive public pronouncements. It reflects how a new generation of Chinese tech tycoons are fast becoming de-facto ambassadors for their country. Jack Ma is among the most assured of his cohort, jetting around the world to plug his vision of helping small businesses thrive.

More at Bloomberg. Andy Mok is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers' request form.

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IT-firms galore in wealth creation - Rupert Hoogewerf

Rupert Hoogewerf

The Rupert Hoogewerf´s Hurun China IT List illustrated over the years where money in generated in China´s economy. IT-tycoons are super wealth creators, says Hoogewerf to the China Daily, not only for themselves, but for many others too.

The China Daily:

Jack Ma, founder and executive chairman of e-commerce giant Alibaba Group Holding Ltd topped the ranking of China's richest IT people for the third consecutive year, defending his position against rivals including Tencent Holdings Ltd founder Pony Ma. 

Jack Ma and his family's total wealth in IT industry was 195 billion yuan, followed by Pony Ma, whose wealth increased by 30 percent year-on-year to 134 billion yuan, according to the Shanghai-based Hurun Research Institute. 

Due to the rapid growth of the online gaming sector, NetEase Inc founder Ding Lei doubled his wealth to 96 billion yuan, surpassing Baidu Inc Chairman Robin Li and ranking third in the IT rich list. 

Hurun Chairman Rupert Hoogewerf said: "Those entrepreneurs should be called 'super wealth creators' instead of simply 'rich people', which could highlight their contribution to China's society and economy. They've created such a lot of opportunities and jobs."

More in the China Daily.

Rupert Hoogewerf is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers´request form.

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