Lu is the chief executive of Wanxiang Group, an auto parts manufacturer. The Hangzhou, Zhejiang-based company reported revenue of 213.8 billion yuan ($29.7 billion) in 2024. Lu also owns stakes in Minsheng Life Insurance and Wanxiang Holding, a financial conglomerate that provides insurance and banking services in China.
The majority of Lu's fortune is derived from his full ownership in Wanxiang Group, a car parts maker founded by his late father. The group reported revenue of 213.8 billion yuan ($29.7 billion) in 2024, according to the All-China Federation of Industry and Commerce's top 500 companies list.
Through Wanxiang Group, Lu controls stakes in three public companies. He owns a 64% stake in Wanxiang Qianchao, according to its 2025 third-quarter report; a 62% stake in Shunfa Hengneng, according to its 2025 third-quarter report; and a 65% stake in Puxing Energy, according to its 2025 semi-annual report.
Lu also has a 94.6% stake in Wanxiang Holdings, a financial conglomerate that provides insurance and banking services. Through Wanxiang Holdings and Shanghai Guandingze, a holding vehicle owned by him and his son Lu Zepu, Lu owns 44% of Minsheng Life Insurance. The insurer had revenue of 26.3 billion yuan ($3.7 billion) in 2024, according to its annual report. It's valued using the average price-to-book multiple of four publicly traded peer companies.
Lu also owns a 39% stake in HashKey Holdings, a Hong Kong-listed digital asset platform, through holding vehicles GDZ International and HashKey Fintech III, according to its listing prospectus in December 2025.
The calculation of Lu's fortune was previously based on his closely held holding companies Wanxiang Group and Wanxiang Holding, which were valued with their reported financial results and public peer comparisons. This approach ceased on Feb. 26, 2026 and was replaced with an assessment that included the holding companies' public shareholdings. The change in methodology led to a decrease in the net worth calculation of about $2.7 billion.
Cash holdings are based on an analysis of dividends, insider transactions, taxes and market performance.
Yang, a spokesman for the billionaire, declined to comment on the net worth calculation.
Lu's father set up Wanxiang Group in 1969, two years before Lu was born.
Born in March 1971, Lu was sent to Singapore to study management by his father. He returned to China in 1992 to help his father manage the business. Lu was promoted to chief executive of the group in July 1994, the same year Wanxiang Qianchao began trading publicly on the Shenzhen Stock Exchange.
He became chairman of Minsheng Life Insurance in 2010.
Lu's father died in October 2017. Lu became the chairman of Wanxiang Group a month later, according to a company statement.