The battle for ‘China’s richest man’: Nongfu Spring’s Zhong Shanshan is currently No 1, even briefly topping Asia’s richest billionaire Mukesh Ambani – but he might not keep his crown for long

Mar 25 , 2021

Jack Ma, Zhong Shanshan and Pony Ma. Photos: EPA-EFE, Nongfu Spring, Reuters

As China overtook the US as the country with the most billionaires last year, it’s no surprise that there’s an equally fierce battle for the title of “richest man in China”.

Earlier this year, Nongfu Spring founder Zhong Shanshan was announced as the richest man in China with an estimated net worth of US$68.5 billion, replacing Tencent founder Pony Ma who held the title in 2020. Then in mid-March, Ma booted Zhong out of the top spot, only to lose his crown to Zhong again just days later as both companies’ stocks fluctuated. Zhong even briefly outran Asia’s richest man Mukesh Ambani.

As the Chinese saying goes, “there will always be a mountain higher than another”. In other words, the fight to become the wealthiest in the nation will probably never end. But here are five billionaires – whose net worths were referenced from Forbes – who we feel are most likely to come out on top, even if just for a moment …

1. Zhong Shanshan

Zhong Shanshan, the founder of Nongfu Spring and one of China's richest people. Photo: Weibo

Zhong Shanshan, 66, holds the title of China’s richest man with a net worth of US$62.9 billion at the time of writing. He is the chairman of Nongfu Spring and owner of Beijing Wantai Biological Pharmacy Enterprise. After dropping out of junior school during China’s Cultural Revolution, Zhong’s journey to the top was far from smooth sailing. The Hangzhou native worked as a construction worker, journalist, mushroom farmer, curtain salesman and sales agent for Wahaha beverage company before finding his fortune.

2. Pony Ma

Pony Ma, chairman and CEO of Tencent, in November, 2018. Photo: Simon Song

Tencent Holdings chairman and CEO Pony Ma, 49, currently takes the second place with an estimated net worth of US$60.3 billion. Ma and his former university classmates made their fortune by creating the instant messaging software now known as WeChat. Tencent then evolved to become one of the world’s largest internet and technology companies that also provides media, entertainment and gaming services.

3. Colin Huang

Colin Huang, founder and CEO of the online group discounter Pinduoduo, in July, 2018. Photo: CNS via Reuters

Colin Huang, founder of Pinduoduo, takes the third place with his estimated net worth of US$47.9 billion. Huang recently stepped down as the chairman of the e-commerce company to focus on researching food and life sciences, “where breakthroughs could drive the future of China’s largest agriculture platform”, he said in a statement.

4. Jack Ma

Jack Ma, billionaire and chairman of Alibaba Group Holding Ltd, in January 2015. Photo: Bloomberg

Jack Ma recently dropped to No 4 with his estimated net worth of US$48.8 billion. Ma is the founder of China’s largest e-commerce company, Alibaba (owner of the South China Morning Post), and recently returned to the public eye in January following a few months away from the spotlight.

5. He Xiangjian

He Xiangjian is the co-founder of Midea. Photo: Weibo

He Xiangjian, founder of Midea Group, takes the fifth spot with an estimated net worth of US$34.9 billion. He established the company when he was only 26, producing bottle lids and car parts. Later it expanded and is now one of the world’s biggest home appliance manufacturers.

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Millionaires and billionaires

Zhong Shanshan just booted Tencent CEO Pony Ma, whose success began with the creation of WeChat, from the top spot
Jack Ma and Colin Huang, of e-commerce giants Alibaba and Pinduoduo, aren’t far behind – but neither is He Xiangjian, who founded home appliance company Midea