![China has a new richest man: Zhong Shanshan overtakes Jack Ma China has a new richest man: Zhong Shanshan overtakes Jack Ma](https://morningtopnews.com/wp-content/uploads/2020/09/200923234133-zhong-shanshan-file-restricted-super-tease-768x432.jpg)
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“You would have typically expected the number one in China to come from [technology],” said Rupert Hoogewerf, chairman of wealth research firm Hurun Report.
Zhong is also known for being more low-profile and reclusive compared to other top business leaders, which has earned him the nickname “lone wolf.”
“He’s not known to have many entrepreneur friends,” said Hoogewerf, a longtime China watcher who is based in Shanghai. “He just kind of gets on with his own business.”
But even prior to his latest success, Zhong’s track record was impressive.
“Zhong Shanshan is one of the few people in China to not just build one $10 billion business, but two $10 billion businesses,” said Hoogewerf. “It’s pretty remarkable.”
New breed of billionaires
Zhong’s ascent underscores the rapid pace of wealth creation in China.
The boom is expected to continue.
Hong Kong is the world’s second most popular venue for stock market listings so far this year, behind only the tech-heavy Nasdaq in New York, according to data provider Refinitiv.
The event could easily let Jack Ma reclaim his title as the country’s richest man.
That will likely spawn even more billionaires in China, Hoogewerf predicts.
He estimates that about 100 new billionaires will be created in China this year because of the IPO boom. That’s “one every four days. Two a week,” he said.
— Laura He contributed to this report.
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