Mukesh Ambani dethroned: How China’s Zhong Shanshan became Asia’s richest man, earning US$71 billion in 2020 from vaccines and Nongfu Spring water

Jan 7 , 2021

Zhong Shanshan has unseated Mukesh Ambani as Asia’s richest man – so what do we know about the Chinese billionaire? Photos: @newmoney_gr/Instagram, Reuters

Mukesh Ambani might have enjoyed a sweet end to 2020 by welcoming his first grandchild, but the beginning of 2021 is less rosy – the Reliance Industries kingpin has been spectacularly booted from his position as Asia’s richest person.

So who is the man who stole Ambani’s title, and what do we know about him?

His name is Zhong Shanshan and his incredible rise from mushroom farmer and construction worker to the global rich list has enraptured the world. Here’s everything you need to know about the “lone wolf”.

Right, so how rich is he?

Last year saw the rich getting richer, and 66-year-old Zhong made most of his fortune during 2020 alone: his wealth grew by a staggering US$71 billion throughout the year, bringing his estimated net worth to US$77.8 billion. Not only is he the richest man in Asia – he’s also now the 11th richest person in the world.

How did he get so rich so quickly?

Beijing Wantai Biological. Photo: Beijing Wantai Biological

One of the biggest reasons Zhong has been making headlines is because of the sheer speed by which his wealth ballooned. So what was the key to his success?

His pharmaceutical company Beijing Wantai Biological and his bottled water company Nongfu Spring went public. The former manufactures vaccines and hepatitis E test kits while the latter is considered the largest and cleanest packaged water manufacturer in China, where tap water is not considered safe to drink. Zhong has also attracted attention for being one of a handful of billionaires who aren’t in the tech or retail industries, unlike other big players.

Why the “lone wolf” nickname?

Nongfu Spring’s factory. Photo: Nongfu Spring Co.

Although the 66-year-old’s name is not unknown in the business world, he remains a bit of a mystery. He was nicknamed “the lone wolf” due to way he has steered away from politics and big business groups. Zhong makes few public appearances and practically never speaks to the media, which makes him one of the most elusive businessmen on the world’s rich list.

He dropped out of school

Zhong Shanshan didn’t even finish high school. Photo: @newmoney_gr/Instagram

Zhong may be revered now for his business acumen, but he dropped out of school at just 12 years old. Little is known about his rags to riches story, but he apparently stopped his education because of the Cultural Revolution.

He ran the gamut of odd jobs

Before he became a billionaire, Zhong gave mushroom farming a shot. Photo: @presetbase/Unsplash

Zhong may have finally attained his long awaited fortune, but it didn’t come easy. Before founding his companies, Zhong tried his hand at many a career, from newspaper reporting to construction work and mushroom farming, apparently. Zhong eventually decided to become an entrepreneur and start his own business. Now, many years later, he is reaping the rewards of all of his efforts.

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Millionaires and billionaires

The Chinese entrepreneur made billions overnight when his Beijing Wantai Biological and Nongfu Spring companies went public – who would have thought the former mushroom farmer dropped out of school during the Cultural Revolution?