Vaccine tycoon overtakes Jack Ma to become China's richest, Asia's second-wealthiest

WION Web Team
New Delhi, Delhi, IndiaUpdated: Sep 24, 2020, 01:32 PM IST

Jack Ma Photograph:(Zee News Network)

Story highlights

Popularly known as 'Lone Wolf', Shanshan's net worth stood at $58.7 billion on Wednesday, $2 billion more than that of Ma

Vaccine tycoon Zhong Shanshan has become China's wealthiest and Asia's second-richest person on Wednesday after his wealth overtook that of Jack Ma. 

Popularly known as "Lone Wolf", Shanshan's net worth stood at $58.7 billion on Wednesday, $2 billion more than that of Ma, according to the Bloomberg Billionaires Index. 

A Bloomberg report said the Chinese tycoon's wealth has risen $51.9 billion this year, which is more than any other individual apart from Amazon chief Jeff Bezos and SpaceX and Tesla CEO Elon Musk. 

Both Musk and Bezos witnessed major declines in their wealths on Wednesday as tech stocks declined and Tesla shares fell following below par performance from its "Battery Day" event. 

Shanshan's fortunes changed drastically earlier this month as he entered into the list of China's top three richest persons after his popular bottled-water company Nongfu Spring Co's initial public offering became a hit in Hong Kong.

Also, in April, the listing of his Beijing Wantai Biological Pharmacy Enterprise Co. led to a rise in wealth to $20 billion by early August.

Interestingly, the "Lone Wolf" is leading that wealth ranking list in China, which is largely dominated by tech giants. 

Meanwhile, Wednesday proved to be an extremely disappointing day for US tech stocks, which caused Musk's wealth plunge the most out of the people in the Bloomberg's ranking of world's richest 500.