China has quickly become a global powerhouse in terms of economic output and growth. Formerly a communist economy, the Chinese government in the past few years has loosened its stance regarding private ownership and the ability to found a private business. As a result, many of the world’s millionaires and billionaires are now found in China where, unsurprisingly, technology start-ups dominate the entrepreneurial landscape.
Influential Chinese Entrepreneurs
Many of China’s millionaires and entrepreneurs come from a tech background. Given their access to low-cost electronics, it makes sense. However, many of the influential entrepreneurs on this list made their money in traditional businesses, like energy supply and mining.
Liu Chuanzhi
Net worth: $393 million (as of August 2024)
Liu is the founder of the personal computer (PC) maker Lenovo (LNVGY). Created in 1984 in a garage near the Chinese Academy of Sciences in Beijing as a small computer reseller, Lenovo is one of the world’s leading makers of PCs, including desktops, notebooks, and servers. Lenovo famously acquired IBM’s (IBM) PC business in 2005. In December 2019, the company announced that Liu would retire as the chair of Lenovo Group’s parent company, Legend Holdings, at the end of 2019.
Liu Qiangdong
Net worth: $5.6 billion (as of August 2024)
China’s version of Amazon (AMZN), JD.com (JD), was founded in 1998 by Liu Qiangdong, also known as Richard Liu. The e-commerce giant boasted nearly $28.5 billion in net revenues for the second quarter of 2020. This was an increase of 33.8% from the second quarter of 2019.
On June 18, 2020, JD.com successfully listed on the Main Board of the Stock Exchange of Hong Kong Limited with a global offering of 152,912,100 new Class A ordinary shares. These shares are fully fungible with JD.com’s American depositary shares (ADSs) listed on the Nasdaq Stock Exchange, based on the ratio of two ordinary shares per ADS.
Lei Jun
Net worth: $14.5 billion (as of August 2024)
Lei founded Xiaomi, one of the largest mobile phone producers in the world. Created in 2010 to manufacture inexpensive smartphones, it has also branched out into app development through its subsidiaries Kingsoft and Cheetah Mobile. Jun also created internet services provider Xunlei.
Wang Wenyin
Net worth: $12.7 billion (as of August 2024)
Wenyin is the chair of Amer International Group, a company dealing in metals and mining as well as industrial products. Wenyin has capitalized on China’s increasing demand for raw materials and metals in building its cities and infrastructure. He stepped down from Amer in October 2023.
Zong Qinghou
Net worth: $5.9 billion (as of August 2024)
Zong founded food and beverage maker Hangzhou Wahaha Group, which started as a small shop in a children’s school in the city of Hangzhou. The company’s core products are bottled water and tea drinks that are exceedingly popular throughout Asia. He passed away in February 2024.
Li Hejun
Net worth: $1.9 billion
Li is the chair of renewable energy giant Hanergy Holding Group, which specializes in solar panel technology. Capitalizing on strong government incentives in China to develop and extend alternative energy sources, Hejun made a fortune that put his net worth over $13 billion.
Since his peak, his companies have fallen on some hard times, and his net worth is not what it once was. His company also runs one of the world’s largest hydroelectric power plants.
Wang Jianlin
Net worth: $6.2 billion (as of August 2024)
Wang Jianlin chairs Dalian Wanda Group, a conglomerate consisting of luxury hotel properties, commercial real estate, and e-commerce ventures. Jianlin was once worth tens of billions due to the incredible property boom that China has experienced over the past decade. He has since sold most of his portfolio. He also once held a large stake in the European soccer club Atletico Madrid.
Ma Huateng
Net worth: $39.8 billion (as of August 2024)
“Pony Ma” Huateng is the founder of Tencent (TCEHY), China’s largest internet service provider. The company’s most popular social media app, WeChat, has grown to attract over 1.3 billion users. The company also offers online games and free add-on services such as text messaging.
Robin Li
Net worth: $5.4 billion (as of August 2024)
Li is the CEO and chair of Baidu (BIDU), China’s number one search engine, sometimes referred to as China’s Google. Li first worked as a senior computer engineer at American internet startup Infoseek. Li co-founded Baidu in 2000 and since its inception has dominated the Chinese search engine market.
Jack Ma
Net Worth: $54.1 billion (as of August 2024)
Ma founded Alibaba Group (BABA). Alibaba was created in 1999 as a Chinese e-commerce site reminiscent of Amazon or eBay. It soon found popularity as a place for Chinese factories to offer their products in bulk worldwide. Alibaba was the biggest IPO of 2014.
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