China’s king of bottled water Zhong Shanshan surpasses Mukesh Ambani as the richest man in Asia

Photographer: Imaginechina / AP Photo

Zhong Shanshan is a private billionaire who is rarely quoted in the press.

Now, after an unlikely career spanning journalism, mushroom farming and health, he has become Asia’s richest person, eclipsing India’s Mukesh Ambani and a group of Chinese tech titans, including Jack Ma.

Zhong’s net worth increased $ 70.9 billion this year to $ 77.8 billion, making him the 11th richest person on the planet, according to the Bloomberg Billionaires Index. It is one of the fastest accumulations of wealth in history, and even more remarkable considering that until this year it was little known outside of China.

Zhong, 66, is not involved in politics and his commercial interests are not linked to other wealthy families, such as property tycoons, so he is known locally as the “Lone Wolf”.

Read more: ‘Lone Wolf’ tycoon creates 68 millionaires

He owes his success to two unrelated fields. He made vaccine maker Beijing Wantai Biological Pharmacy Enterprise Co. public in April, months later Nongfu Spring Co., a manufacturer of bottled water, has become one of the hottest listings. Nongfu’s shares have jumped 155% since its debut, and Wantai’s shares have risen more than 2,000%.

Ambani also had an extraordinary year – closing deals to transform his Reliance Industries Ltd. conglomerate into a titan of technology and e-commerce – and seeing his fortune rise from $ 18.3 billion to $ 76.9 billion.

While Ambani was at one point in the world the fourth richest person, his Reliance’s shares have stalled while he’s under pressure to deliver on the digital transformation he promised.

Meanwhile, Nongfu’s stock peaked this week after Citigroup Inc. analysts said the company solidified its market dominance and enjoys ample cash flow. Zhong’s other company, Wantai, is among the develop a Covid-19 vaccine.

Zhong also rose in the ranking, as China’s technology companies fell under increasing government scrutiny. Jack Ma, the richest person in Asia before Ambani took over this year, is now worth $ 51.2 billion, up from $ 61.7 billion in October.

– With the help of Jack Witzig