Bloomberg Billionaires Index

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#96 Li Shu Fu $13.4B

Random fact: Geely owns the company that makes London’s iconic black cabs.

Overview

Li is the founder and largest shareholder of Zhejiang Geely Holding Group, a maker of cars and related components. The Hangzhou-based company made the biggest acquisition of a foreign carmaker by a Chinese company when it bought Volvo for $1.5 billion in 2010. It had revenue of 208 billion yuan ($33.3 billion) in 2016.

As of May 27, 2018:
Last change -$106M (-0.8%)
YTD change +$2.08B (+18.4%)
Industry Industrial
Biggest asset Zhejiang Geely Holding Group
Citizenship China
Age 54
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Li Shu Fu's net worth of $13.4B can buy ...

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troy ounces of gold
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barrels of crude oil

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of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Li's fortune is derived from a 90 percent stake in closely-held Zhejiang Geely Holding Group, a maker of cars and related components. The Hangzhou-based company had revenue of 208 billion yuan ($33.3 billion) in 2016, according to its annual report.

The valuation of Zhejiang Geely Holding Group is based on the financials disclosed in its annual report and the price-to-earnings multiples of five publicly-traded peer companies: Geely Automobile, Great Wall Motor, Guangzhou Automobile, Baic Motor Corp. and Dongfeng Motor. Prior to Feb. 7, 2018, the valuation of Zhejiang Geely Holding Group only included its public shareholdings. Since this date, Zhejiang Geely has been included in the analysis as a standalone asset and this change led to an increase of more than $3 billion in the net worth calculation.

Li also owns about 23 million shares in publicly traded Geely Automobile directly, according to a Hong Kong stock exchange filing dated Jan. 19, 2018. His stake held through Zhejiang Geely Holding Group has been excluded since Feb. 7, 2018 to avoid double counting.

The billionaire owns 1 percent of the shares in publicly traded investment company Honbridge Holdings directly, according to a Hong Kong Stock Exchange filing dated Nov. 14, 2017.

A spokesperson for Zhejiang Geely Holding Group declined to comment on Li's net worth.

Biography

Birthdate: 6/25/1963
Family: Married, 2 children
Education: Yanshan University, Master's Degree, Engineering Harbin Polytechnical University, Bachelor's Degree

Li was born in June 1963 in Taizhou, Zhejiang province. At age 19, he used 100 yuan ($16) his father had given him to buy a camera and start a photography business taking photos of tourists. Later, he set up his own studio to sell handmade camera accessories. The billionaire graduated from Yanshan University with a master's degree in engineering. He founded Geely as a refrigerator parts company in 1986. Geely, which means "lucky" in Chinese, began producing motorcycles eight years later, after Li acquired a bankrupt state-owned manufacturer. Geely became China's first private carmaker in 1997, according to its website. The company's first model, the Haoqing SRV, rolled off its production line a year later. Geely expanded rapidly in the years that followed, selling more than 600,000 motorcycles and 150,000 cars by 2000. The company had its initial public offering on the Hong Kong Stock Exchange in 2005.

Li's profile rose significantly with Geely's purchase of Sweden-based Volvo Cars from Ford Motor Co. for $1.5 billion in 2010, after nearly two years of talks.

Milestones
  • 1986 Started Geely as a maker of refrigerator parts.
  • 1994 Geely produces its first motorcycle.
  • 1997 Announces Geely's entrance into the car industry.
  • 1998 Geely unveils its first car, the Haoqing SRV.
  • 2000 Sets up a private university, Beijing Geely.
  • 2002 Becomes one of China's top 10 carmakers.
  • 2005 Geely begins trading on the Hong Kong Stock Exchange.
  • 2010 Completes buyout of Volvo from Ford.