“Highly collaborative and versatile.” That is how Hurun rich list founder Rupert Hoogewerf describes the billionaires coming from Zhejiang province, China´s region that produces most billionaires than any other in China and the world. And it is not over yet, says Hoogewerf to CNN Money.
Among the 72 billionaires from the Zhejiang region are Neil Shen, a venture capitalist and founder of Sequoia Capital China in Beijing; Ding Lei, founder of NetEase, also in Beijing; Frank Wang, founder and CEO of drone-maker DJI, based in Shenzhen; and Li Khufu, founder of Geely Auto Group, which owns Volvo and is based in Hangzhou.
“Zhejiang province people are head and shoulders above other entrepreneurs in China,” Hurun Report chairman Rupert Hoogewerf told CNNMoney. “They’re highly collaborative and versatile.”
Even though people from Zhejiang make up about 5% of China’s population, the region produces about 15% of the country’s richest people, according to Hoogewerf.
He also believes that Zhejiang will continue to produce more millionaires and billionaires, mainly because of (Jack) Ma.
“Ma has worked with so many partners in China,” Hoogewerf said, noting the billionaire’s wide-ranging investments. Over the past six years, Alibaba has spent about $30 billion to $40 billion on over 100 investments and acquisitions.
And Ant Financial, which was formerly called Alipay and spun off from Alibaba, will eventually have an IPO, likely making yet another billionaire in CEO Lucy Lei Peng, who Hurun estimates to be worth about $940 million.
“Alibaba and Ant Financial have already created more people on our rich list than any other company in China,” said Hoogewerf. “They’re a great example of what cooperation can yield.”
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