Bloomberg Billionaires Index

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

#295 Yu Yong $5.73B

Random fact: Company acquired Brazilian mines from Anglo American in 2016.

Overview

Yu is the largest shareholder of China Molybdenum, a publicly traded mining company with the world's second largest reserve of tungsten. The Luoyang, China-based company operates copper and phosphate mines, and is the second largest global supplier of niobium. It reported revenue of 6.7 billion yuan ($1 billion) in 2016.

As of Sept. 22, 2017:
Last change -$219M (-3.7%)
YTD change +$3.76B (+191.1%)
Industry Finance
Biggest asset 603993 CH Equity
Citizenship China
Age 56
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Yu Yong's net worth of $5.73B 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 Yu's wealth is derived from publicly traded China Molybdenum. Yu owns 38 percent of the company's A shares through Cathay Fortune Corporation, his Shanghai-based holding company, according to China Molybdenum's 2017 first-quarter report. About one-tenth of these are pledged and excluded from the net worth calculation. Yu also holds an 8 percent stake of the company's H shares through Cathay Fortune, according to the China Molybdenum's 2016 annual report.

China Molybdenum has the world's second largest reserve of tungsten and is the second largest global supplier of niobium, according to its website.

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

Gao Fei, China Molybdenum's spokesman, confirmed the share count and declined to comment on Yu's wealth.

Biography

Birthdate: 2/27/1961
Family: Married, No children

Yu Yong was born in Wafangdian, China on Feb. 27, 1961. He graduated from Dalian Radio and Television University with a degree of Corporate Management, according to the China Molybdenum's 2016 prospectus.

He started his career at a paper mill in his hometown in 1987, and became general manager at Dalian Dongli Art-Textile in 1992, where he remains a shareholder, as of April 2017. Yu joined the board of Cathy Fortune Corporation in July 2003 and has been the chairman and president of the group since December 2009, according to the prospectus.

He joined Dailian People’s Congress in 2007. He has also held positions at Wafangdian Charity Foundation and the Liaoning Association of Enterprises with Foreign Investment.

Milestones
  • 1990 Founds Dalian DongLi Artistic Textile company.
  • 1998 Founds Cathay Fortune.
  • 2006 Becomes CEO of China Fortune Acquisition.
  • 2007 China Molybdenum begins trading on the Hong Kong Stock Exchange.
  • 2012 Offers $847 million for Bostwana's copper mine Discovery Atlas.
  • 2012 China Molybdenum begins trading on the Shanghai Stock Exchange.
  • 2013 Backs Rio Tinto's sale $885 million Northparkes Copper Mine Sale.
  • 2014 Invests in China Molybdenum, a producer of steelmaking materials.