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Billionaire Watch

China’s richest man worth $94.1 billion earned a fortune from selling bottled water

The Chinese-born billionaire is now the richest man in the world’s second-largest economy.

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Zhong Shanshan

The current seventh richest man on earth is Zhong Shanshan, the chairman of the bottled water company, Nongfu Spring, with a $94.1 billion net worth, thanks to an exponential rise in his company’s share price.

The Chinese-born billionaire is now the richest man in the world’s second-largest economy. His wealth has surpassed that of Chinese tech tycoons like co-founder and chief executive officer of Tencent Holdings, Ma Huateng ($74.3 billion); Pinduoduo founder, Colin Huang ($69.3 billion); and Alibaba founder, Jack Ma ($54.9 billion).

READ: World richest man, Jeff Bezos holds 5% of his wealth in cash

What you must know: His current wealth is estimated to be worth 51.8 million troy ounces of gold, which could buy 1.49 billion barrels of crude oil.

The Hong Kong-listed company went public in September 2020; its share price has more than tripled in value in about five months.

  • According to Nongfu Spring’s offering prospectus, the 66-year-old Chinese billionaire owns a massive 84.4% of the company; he and his wife’s extended family own an additional 6.2% combined, and 63 other investors, current and past employees and experts, own a collective 6%.
  • The leading Chinese beverage maker became publicly traded in Hong Kong at the end of Q3, 2020. The self-made billionaire also has a stake through investment vehicles, Hangzhou Youfu and Yangshengtang, according to the company’s prospectus for IPO.

READ: Billionaires worth over $100 billion made $270 billion in 2020

In addition, Zhong Shanshan has a majority stake in publicly traded Beijing Wantai Pharmacy Enterprise, a vaccine and hepatitis test-kit maker in the world’s second-largest economy.

“I used to be a journalist. I know exactly what goes on to the front page. On the other hand, it (the sudden shift in strategy) also harmed us, as the day before the announcement, we were still making purified water,” Zhong told China Daily in 2016.

READ: Wallstreetbets triggers top 5 richest billionaires to suffer daily loss of $20 billion

“I don’t like making friends with business-people. In the business world, I want it to be just business,” he added.

Nongfu Spring Co. Ltd. develops and produces bottled mineral water, sports drinks, fruit juice, and tea drinks. The China-based company also offers barreled mineral water door-to-door services.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Billionaire Watch

Dangote’s net worth declines by $1.2 billion in February

Africa’s richest man, Aliko Dangote lost $1.2 billion of his estimated net worth.

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Dangote finally addresses how he amassed his wealth without father’s money, Dangote talks about when he will buy Arsenal , Aliko Dangote defends border closure, reacts to Dangote Cement result, Can Nigeria's King Cement maker Dangote Cement withstanding COVID-19?, Aliko Dangote and his slide from $25 billion to $7 billion

Aliko Dangote, the founder of Africa’s most diversified manufacturing conglomerate, Dangote Industries, has seen his net worth decline by a whopping $1.20 billion in the month of February alone.

Africa’s richest man whose wealth peaked at $18.4 billion this year, saw his wealth declined by $1.20 billion, to $16.6 billion from $17.8 billion recorded on the 31st of January 2021, data retrieved from Bloomberg Billionaire Index reveals.

Source: Bloomberg Billionaire Index

The fall in Dangote’s net worth is partly attributable to the decline in the share price of his flagship company, Dangote Cement Plc (DCP), as well as the share price of his integrated sugar business, Dangote Sugar Refinery Plc (DSR).

The decline in the share price of these companies which impacted their market capitalization was occasioned by profit-taking activities by investors in February, across the market spectrum.

Facts about Dangote’s networth valuation

The majority of Dangote’s fortune is derived from his 86% stake in the publicly-traded Dangote Cement, as the billionaire holds the shares of the company directly and through his conglomerate, Dangote Industries.

He holds stakes in Nascon Allied Industries and United Bank for Africa, directly and through Dangote Industries, a conglomerate that also owns closely held businesses operating in food manufacturing, fertilizer, oil and other industries.

Dangote’s most valuable closely held asset is his fertilizer plant with a capacity to produce up to 2.8MT of urea annually. The $2.5 billion fertilizer plant owned by Africa’s richest man Aliko Dangote, is expected to commence operation in the first quarter of 2021.

The billionaire also owns a $12 billion oil refinery which is expected to be completed this year. However, the plant is not included in his net worth valuation, for some reason.

What you should know

  • The shares of Dangote Cement at the close trading activities for the month of February declined by 6.78%, extending the YTD loss on the shares of the cement behemoth to over 10%.
  • On the flip side, shares of Dangote Sugar Refinery also declined by 15.29% to close the month lower at N18 per share, thus correcting the YTD gains of its shares to 2.27%.

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Billionaire Watch

Battle of Titans: Elon Musk, Jeff Bezos share world’s richest title

Stiff competition prevails as both Jeff Bezos and Elon Musk share the world’s richest title.

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Jeff

The battle for the worlds richest has suddenly become so intense that both Elon Musk and Jeff Bezos both share the world’s richest man title on the account they both have a net worth of $184 billion.

 

Bezos, the man behind the world’s most valuable retail company, Amazon, has steadily been seeing his wealth valuation appreciate amid high market volatility currently prevailing at global financial markets.

The 49-year-old self-made billionaire, Elon Musk is sharing, the world’s richest when recent data revealed Tesla recorded impressive gains of about $9.75 at the end of Monday’s trading session.

Investors are currently increasing their buying pressure on Tesla as they weigh reports that the electric vehicle industry is expected to grow into a $5 trillion market over the next decade, thereby giving the world’s most valuable car company room for more upside.

READ: China’s richest man worth $94.1 billion earned a fortune from selling bottled water

It’s important to note that both mega billionaires have in recent times focused their considerable brainpower on space technology as Bezos recently accelerated his space-travel efforts through his firm popularly known as Blue Origin.

Recent reports suggest SpaceX founded by Musk raised another $850 million this month from a group of leading institutional investors led by Sequoia Capital.

Such investment now puts SpaceX’s valuation at $74 billion, a 60% jump from August, and helped boost Musk’s net worth by about $11 billion, according to the index.

Bezos who is now the Chairman of the $1.58 trillion valued company, Amazon has about $9.63 billion cash in the bank.

READ: Apple’s market value cross $ 2 trillion

The online retail giant returns have under his tenure as the chief executive officer of the e-commerce giant actually ranked second among all S&P stocks since the IPO in May 1997.

The 57-year-old billionaire is the founder of Amazon, the world’s biggest online retailer company on earth. The American-based company sells books, household goods, and other retail products through its flagship platform.

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His company also controls the Whole Foods grocery chain and offers video streaming services and remains the biggest cloud computing provider worldwide.

READ: Billionaires worth over $100 billion made $270 billion in 2020

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That being said, both Elon Musk and Jeff Bezos’s wealth valuation would currently buy 107 million troy ounces of gold or 2.91 billion barrels of crude oil.

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