Bottled Water Tycoon Tops China's Richest List

The bottled water tycoon is back on top – and richer than ever.

Zhong Shanshan, the 71-year-old founder of Nongfu Spring, has reclaimed his title as China's richest person for the fourth time, according to the 2025 Hurun Rich List released today. His personal fortune has soared by 190 billion yuan (US$27 billion) this year to 530 billion yuan, the highest net worth ever recorded by a Chinese billionaire.

Zhong's financial rise mirrors the roaring comeback of Hong Kong stocks and the breakneck growth of Nongfu Spring, whose market value has hit a record 520 billion yuan. Over 80 percent of his fortune still comes from the water business that made him famous.

Just behind him, tech giant ByteDance founder Zhang Yiming, 42, fell to second place, despite growing his wealth by 120 billion yuan to 470 billion yuan, thanks to surging artificial intelligence valuations and short video platform TikTok's relentless global expansion.

Ma Huateng, elusive founder of another tech behemoth Tencent, retained the No. 3 spot with 465 billion yuan, up 150 billion from last year, quite a sharp rebound.

Bottled Water Tycoon Tops China's Richest List – Again

Credit: CFP

Caption: Former chemistry teacher Zhong Huijuan, founder and chairwoman of Hansoh Pharmaceutical, rings the opening bell for her company's initial public offering on the Hong Kong Stock Exchange on June 14, 2019.

The rise of China's new rich queen

On the women's front, Zhong Huijuan, chairwoman of Hansoh Pharmaceutical, leapfrogged beverage heiress Zong Fuli (daughter of the late Wahaha founder Zong Qinghou) to become China's richest woman.

Zhong's personal fortune now stands at 141 billion yuan, compared with Zong's 87.5 billion.

Xiaomi's Lei Jun: comeback king of the year

If there's one name that shocked the rankings this year, it's Lei Jun.

The 56-year-old Xiaomi founder saw his fortune grow by 196 billion yuan, the largest absolute gain among all 1,434 individuals listed, up a jaw-dropping 151 percent to 326 billion yuan, propelling him to No. 5, his highest ranking in a decade.

It's a banner year for tech giant Xiaomi: 10 of its executives landed spots on the list, a sign of deep bench strength and a red-hot stock performance.

Credit: CFP

Caption: Zhong Shanshan, the 71-year-old founder of Nongfu Spring, has reclaimed his title as China's richest person for the fourth time.

Billionaire boom: record newcomers and skyrocketing fortunes

It's not just the old guard raking it in. The list includes 376 newcomers, the largest influx of new faces in years. Total billionaire count rose 31 percent to 1,434, and combined wealth jumped 42 percent to nearly 30 trillion yuan.

Among the buzziest new entries:

Xu Gaoming and Xu Dongbo, father-son duo behind gold brand Laopu, entered with 69.5 billion yuan.

Li Qibin and Qi Yan, the couple behind trading card empire Kayou, came in at 60 billion yuan.

Liu Jingkang and his wife Pan Yao, the young founders of action camera brand Insta360, debuted with 38.5 billion yuan.

Even China's bubble tea boom is minting new moguls: Goodme, Chagee and ShangHai Auntea Jenny founders all made their first appearance on the list following successful IPOs.

Tech, AI and pop culture drive massive gains

Other major gainers include:

Zeng Yuqun of CATL, who saw his net worth swell by 130 billion yuan to 330 billion yuan, now China's fourth-richest. CATL's energy storage business and Hong Kong IPO supercharged his rise.

Toymaker Pop Mart founder Wang Ning, 38, whose collectible character Labubu went viral globally, adding 154.5 billion yuan to his fortune.

Chen Tianshi, 40, CEO of Cambricon, the AI chip darling that briefly outvalued alcohol brand Kweichow Moutai this summer, gained 148 billion yuan.

Old money, new landscape

The top 10 saw two new entries this year: Lei Jun and Li Shufu, chairman of carmaker Geely. The average age of the top ten is now 62, three years younger than last year – a sign that China's next-gen tycoons are rising fast.

Meanwhile, Alibaba's Jack Ma dropped out of the top 10 for the first time in years, now ranked No. 11. Li Ka-shing, the 97-year-old Hong Kong property tycoon, holds on at No. 9, sharing his fortune with son Victor Li Tzar-kuoi.

This year marks the 27th edition of the Hurun Rich List, which has evolved into a barometer for China's shifting industrial tides, from real estate and manufacturing to internet, AI, and now, bubble tea and blind boxes.

And as Zhong Shanshan's journey shows, in China's billionaire club, age is just a number, especially if your water hasn't run dry and still makes a splash.