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Zhong Shanshan, China’s bottled-water king, is now richer than Warren Buffett

01:43 PM Jan 06, 2021 | FPJ Web Desk

Zhong Shanshan, the chairman of Nongfu Spring Co, a bottled-water company China, is now richer than Warren Buffett as his fortune surged to US $91.7 billion. Zhong acquired vaccine maker Beijing Wantai Biological Pharmacy Enterprise Co public in April.

According to the Bloomberg Billionaires Index, Zhong's fortune increased US $13.5 billion to US $91.7 billion since the start of the year. Mr Zhong, the biggest winner from Asia, amassed more than US $71 billion this years, the most after Tesla's Elon Musk and Amazon.com's Jeff Bezos.

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Nongfu shares jumped 18 per cent in the first two trading days of 2021 alone.

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Nicknamed locally as the "Lone Wolf", the 66-year-old billionaire is now the sixth-richest person on the planet. He dethroned India's Mukesh Ambani as Asia's wealthiest person last week.

According to Bloomberg's wealth index, this is only the second time a Chinese national rank into the world's Top 10 - property tycoon. Earlier Wang Jianlin hit No 8 in 2015 - and no one from the mainland has ever reached this high so far.

Warren Buffett is outside that group with a US $86.2 billion fortune, but the Berkshire Hathway founder has given away more than US $37 billion of stock since 2006, the report revealed.

Analysts are bullish on Nongfu and Investors are bullish on Chinese consumer shares as China is recovering from Covid-19.

Zhong is also reported to helped his relatives become billionaires. His younger sister, Zhong Xiaoxiao, and three of his wife's siblings each hold a 1.4 per cent stake in Nongfu worth US $1.3 billion, based on the ownership listed in the company's prospectus from last year.

China's Zhong Shanshan replaces Mukesh Ambani as Asia's richest

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