Chinese businessman Jack Ma is no longer the richest resident in his country. The man behind e-commerce giant Alibaba has been toppled by Zhong Shanshan in the rankings of the financial news agency Bloomberg. Shanshan runs Nongfu Spring, a beverage company that sells bottled water.
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Bloomberg estimates Zhong Shanshan’s fortune at $ 58.7 billion ($ 50.4 billion). Jack Ma is in second place with a fortune of 56.7 billion dollars (48.7 billion euros).
For years Jack Ma was at the top of the charts of China’s richest. That list is dominated by tech players such as the man behind Alibaba.
But Shanshan is the new richest man in China, partly thanks to the recent spectacular IPO of Nongfu Spring. The businessman is also one of the top executives of Beijing Wantai, a major vaccine manufacturer. The IPO of that company in April also explains the increase in its fortune. Beijing Wantai is working on a nasal spray against Covid-19.
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