China’s Richest Man Risks Losing Crown After $13 Billion Wipeout
China’s richest man is at risk of losing the pole position he’s held for almost three years, with his wealth slipping the most among billionaires worldwide as intensifying competition and public relations challenges plague his bottled water giant.
Zhong Shanshan, chairman of Hangzhou-based Nongfu Spring Co., has lost $13 billion so far in 2024, according to the Bloomberg Billionaires Index, with a fortune of $54.8 billion as of Monday. That keeps him a whisker above Colin Huang, founder of online shopping platform PDD Holdings Inc. Huang’s fortune stands at $47.3 billion.
The potential changing of the guard reflects a consumer sector that’s increasingly complex for businesses to navigate, as the economy slows and competition from upstart brands intensifies.
Source: REUTER