Xiaomi chief executive Lei Jun disavows being richest person in China

Xiaomi co-founder and Chief Executive Officer Lei Jun publicly disputed recent speculation that he had replaced Nongfu Spring co-founder Zhong Shanshan as the richest person in China. The speculation followed claims that Lei Jun’s net worth had risen above that of Zhong, making him China’s wealthiest person. But Lei Jun disputed the speculation in a Wuhan University alumni network, describing it as “fake news.”

Busting Rumors with Facts from Forbes

Contrary to those that went viral, live data from Forbes’ Billionaires List refutes these assertions. To date, Zhong Shanshan remains China’s richest person, holding the 26th position in global rankings. In comparison, Lei Jun is at 36th position globally, with a net worth amounting to about $42.4 billion (the equivalent of about RMB 307.902 billion). Zhong Shanshan, having made money from Nongfu Spring as well as in pharmaceutical businesses, remains at the lead in terms of China’s richest businessmen.

Lei Jun Expanding Wealth And The Sucess of Xiaomi

Not at its peak, Lei Jun’s net worth has risen considerably in recent years primarily due to the expanding market footprint of Xiaomi as well as its multiple ventures. The company is in the headlines with new smartphone technologies, the new 15 series from Xiaomi, as well as its expansion into electric vehicles with its Xiaomi SU7. The firm’s expansion into additional industries is a prime contributor towards Lei Jun’s rising net worth.

Global View: Musk Remains Richest Person on Earth

At a global scale, not much changed at the pinnacle. Elon Musk, Tesla and SpaceX Chief Executive, remains the wealthiest in the world with a net worth amounting to a staggering $357.5 billion (some RMB 2.6 trillion) that keeps him far above China’s leading magnates, both Zhong Shanshan as well as Lei Jun.

While both Lei Jun’s riches and power are undoubtedly on the increase, that claim that he is currently China’s wealthiest, having ousted Zhong Shanshan, is false. Official data from Forbes confirms that Zhong remains at the top, with Lei Jun having categorically refuted speculation. The Xiaomi Chief Executive remains a preeminent Chinese tech player, with Xiaomi’s explosive growth ensuring that his net worth continues on its upward trend.

Source: ITHome