China’s
New
Rich List
A new wave of Chinese billionaire heirs is stepping up at their families’ companies, preparing to inherit more than $120 billion.
Annie Ding’s work vlog makes her seem like an average Gen Zer: she drives herself to the office, eats a cafeteria lunch and prepares a presentation for her boss. Unlike the average Gen Zer, though, her boss is her billionaire father.
“Mr. Ding is quite busy,” the younger Ding, 26 and heir to her father’s sportswear empire, says in a recent social media video. “I have to book an appointment with his secretary two to three days in advance.”
The father-daughter duo is one of at least 11 Chinese families — collectively worth more than $120 billion, according to the Bloomberg Billionaires Index — taking steps toward succession in recent years. The kids, none of them older than 40, have taken on bigger roles at their parents’ companies, which range in industry from cars to pharmaceuticals, biotechnology and new energy.
That $120 billion is just the tip of the iceberg. China’s wealth boom started more than four decades ago when the country began embracing private businesses. Over that period, the founders of some of China’s biggest companies have collectively built up $1 trillion of wealth. Now, as the tycoons approach retirement age, some are tapping the next generation.
This succession planning is happening earlier than normal in an effort to ensure a smooth transition ahead of a more challenging outlook for the world’s second biggest economy, said Hao Gao, director of Tsinghua University’s PBCSF Research Center for Global Family Business.
“China’s entrepreneurs are thinking about succession five to ten years earlier than they used to,” said Gao. “They are seeing more paradigm shifts in the economy and business environments.”
Many of the heirs featured in this list, including the son of a bottled water magnate and the daughter of a glass mogul, have followed similar paths: studying in the UK or the US before returning to China to join the family business, oftentimes helping their parents tap international markets or younger consumers. And as geopolitical tensions rise, more ultra-rich Chinese scions are flocking home.
All of the companies tied to the families either declined to comment or didn't respond to requests for comment.
These are the Zoomers and Millennials set to lead the companies of some of China’s richest clans.
Heir notes
Zhong studied English at the University of California, Irvine and graduated in December 2011. In 2014, he joined his dad’s business. He’s now providing advice on business plans and investment activities.Company notes
Founded in 1996, Nongfu Spring is China’s largest bottled water maker with almost $5 billion in revenue last year. Nongfu’s 2020 IPO helped make Zhong’s father China’s richest man.
Heir notes
Chen served as a board director of Hengli’s travel unit from 2015 to 2022. She now heads Hengli Petrochemical’s international business in Singapore.Company notes
Chen’s parents co-founded Hengli Group, one of China’s largest private petrochemical producers. The Suzhou-based group produces polyester chips and filaments for use in textile and packaging industries. It’s publicly traded petrochemicals division had revenue of 222 billion yuan ($30.9 billion) last year.
Heir notes
Li studied economics at the University of Essex in the UK. In 2012, he joined Geely and now heads its Chinese-Swedish car brand Lynk & Co. , which targets young professionals.Company notes
Li’s father founded Zhejiang Geely Holding Group, one of China’s top car makers. The Hangzhou-based company made China’s biggest acquisition of a foreign carmaker at the time, when it bought Volvo for $1.8 billion in 2010.
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Sun studied biomedical sciences at Cambridge University, graduating in 2007. She worked as an analyst at an investment firm before joining Hansoh in 2011. Sun is primarily responsible for providing guidance on research and development strategies, business development, investment and scientific development, including exploring business opportunities overseas.Company notes
Sun’s mother founded Hansoh, a Chinese maker of psychotropic drugs. The company, based in Lianyungang, Jiangsu province, produces medicines to treat conditions including diabetes, infections, tumors and diseases of the nervous system. It had revenue of 9.4 billion yuan in 2022.
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Liu received a bachelor’s degree from Queen Mary University of London, and became chairperson and CEO of Tongwei Co., the company’s major listed new energy unit, in March 2023.Company notes
Liu’s father is the founder and chairperson of Tongwei Group, which specializes in agriculture and energy. The group makes feed for fish, livestock and poultry, and its energy unit is the world’s largest manufacturer of crystalline silicon solar cells.
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Xu studied international economy and trade at Xiamen University and joined Dali in 2008. She was named a director in 2014 and now manages day-to-day operations.Company notes
The Xu family owns Dali Foods Group, a manufacturer of drinks, snacks and pastries with 30 food and beverage production bases across mainland China. The Huian, Fujian-based company completed a privatization deal and delisted from the Hong Kong Stock Exchange in September.
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Jiang graduated from Concordia University in Canada with a bachelor’s degree in 2012. She joined Tianqi in 2016 and became an executive director the following year. She became vice chairperson in 2022 and is now responsible for helping with strategy and investment.Company notes
Jiang’s father chairs Tianqi Lithium, a lithium miner and supplier to electric vehicle battery makers. The Chengdu, Sichuan-based business reported revenue of 40.2 billion yuan last year. It has lithium production plants and related operations in China, Chile and Western Australia.
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Ruan graduated from Sheffield University in England with a master’s degree in management, and joined Flat Glass in 2009. She’s now responsible for management and operation of the overall business.Company notes
Ruan’s father founded Flat Glass Group, which produces one-fifth of the world’s solar glass. The Jiaxing-based company also manufactures standard glass and reported revenue of 15.5 billion yuan in 2022.
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Yu joined YTO as the chairperson’s assistant in 2019 and was appointed as board director in September 2022.Company notes
Yu’s father is the founder of YTO Express, one of China’s top parcel delivery companies. Since its inception in 2000, the courier has expanded quickly, riding China’s e-commerce boom. It had a revenue of 53.5 billion yuan in 2022.
Heir notes
Gao studied economics at Brown University. She briefly worked at consulting firm McKinsey & Co. before joining Trina’s investment arm in 2017.Company notes
Gao’s father founded Trina Solar, one of the world’s largest solar product manufacturers, in 1997. The Changzhou-based company manufactures solar cells, silicon wafers, power plant equipment and related products. The company had revenue of 85 billion yuan in 2022.