China’s richest man, Zhong Shanshan, has lost $11.9 billion so far this year, according to the Bloomberg Billionaires Index.
This significant decline in wealth can be attributed to a number of factors, including the ongoing conflict in Russia and Ukraine, the impact of Beijing’s zero-COVID measures on his companies, and the falling stock markets in mainland China and Hong Kong.
Research by NewsOTG shows that the drop in Zhong’s net worth from $79.8 billion at the beginning of the year to $67.9 billion can be linked to the performance of his equity interest in Nongfu Spring, a Chinese bottled water and beverage company, and his stake in Beijing Wantai Biological Pharmacy Enterprise, a maker of vaccines and hepatitis test-kits.
The share price of Nongfu Spring on the Hong Kong Stock Exchange has declined by over 16% this year, while the share price of Beijing Wantai Biological Pharmacy Enterprise on the Shanghai Stock Exchange has fallen by more than 25%.
Despite the challenges he has faced this year, Zhong remains the richest man in China and the 14th richest man globally. It will be interesting to see how he navigates 2023, and whether he is able to recover some of his lost wealth.
The Chinese billionaire still holds a total of $2.03 billion in cash in his bank account, representing just 3% of his $67.9 billion fortune.
