Bloomberg Billionaires Index

View profiles for each of the world’s 500 richest people, see the biggest movers, and compare fortunes or track returns.

#123 He Xiangjian $11.3B

Random fact: Chairman Fang Hongbo started as company's magazine editor.

Overview

He is founder and largest shareholder of Midea Group, China's biggest appliance maker. The Foshan, China-based company had revenue of 159 billion yuan ($23.9 billion) in 2016. Employing more than 108,000 people, the company produces a range of household appliances, including air conditioners, heaters, refrigerators and washing machines.

As of July 21, 2017:
Last change +$223M (+2.0%)
YTD change +$3.43B (+43.8%)
Industry Consumer
Biggest asset 000333 CH Equity
Citizenship China
Age 74
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

He Xiangjian's net worth of $11.3B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
0%
of the total wealth of the 500 richest people in the world
0%
of the top 100 U.S. college endowments
0%
of the top 200 U.S. executives’ total awarded compensation
0%
of U.S. existing home sales
0
times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of He's wealth is derived from his 35 percent stake in Midea Group, a Fosun-China based company that trades on the Shenzhen Stock Exchange. Midea went public in September 2013 through a merger with publicly traded subsidiary GD Midea. Midea is the world’s largest maker of major appliances, according to its website.

He holds the shares directly and through Midea Holding, according to the company's 2017 first-quarter report. He sold 32 million shares on May 12, 2017, according a filing to the Shenzhen exchange.

The value of his cash investments is based on an analysis of dividends, market performance and taxes.

Jiang Peng, secretary to the board, didn't respond to requests for comment on He's net worth.

Biography

Birthdate: 8/1942
Family: Married, 3 children

He Xiangjian was born in Shunde, Guangdong province in 1942. He started his business with 23 villagers making glass bottles and plastic lids. At age 38, He switched to electric fans and named his company Midea. Before long, the operation started to make air conditioners, a novelty in China at the time. It first sold shares on Shenzhen's stock exchange in 1993.

In the next decade, Midea built a more diversified product line, including refrigerators and microwave ovens, which gained popularity among Chinese households.

He resigned as chairman of GD Midea in 2009 and sold some of his stake to institutional investors in 2011, paving the way for his retirement the following year. In August 2012, Fang Hongbo, a Midea veteran, was appointed chairman of the group after He Xiangjian retired. Son He Jianfeng is a director in the company.

Midea's appliance business has been a beneficiary of the housing reform initiated by China's former Premier Zhu Rongji, who privatized state-owned housing, transferring home ownership from the government to families occupying the dwellings. The demand for appliances has skyrocketed since then.

Midea Group, whose businesses range from selling appliances to providing logistics services, took its unit private as part of plans to list the group, according to filings with Shenzhen stock exchange. Midea Group listed in Shenzhen on Sept. 18, 2013.

He speaks Cantonese, a dialect commonly used in Guangdong. He rarely speaks publicly or grants interviews because he doesn't speak Mandarin well, which is the official national language.

Milestones
  • 1942 Born in Shunde, a county in southern China's Guangdong province.
  • 1968 Starts making plastic products with 23 neighbors.
  • 1980 Enters electrical appliance industry by making fans.
  • 1981 Trademark Midea is registered with the Chinese government.
  • 1993 Midea Group is founded in Shunde, Guangdong.
  • 1993 GD Midea sells shares in a Shenzhen public offering.
  • 2002 He founds Midea's refrigerator business.
  • 2011 Sells some of his personal stake to ICBC and CDH investors.
  • 2011 Acquires Carrier’s air-conditioning business in South America.
  • 2012 Retires as chairman of Midea; appoints Fang Hongbo chairman.