China's richest man is the chairman and majority shareholder of Hangzhou Wahaha Group, a consumer goods company–beverages, food, baby formula–he founded with two retired primary school teachers and a $22,048 loan in 1987. Wahaha, which means "laughing child" in Mandarin, is the third-largest soft drink maker in China, trailing Coca-Cola and Tingyi.
Hangzhou Wahaha Group Co., the beverage maker owned by China’s richest man, signed a sponsorship deal with 19-time English soccer champion Manchester United Plc to draw sports fans to its energy drink.
Hangzhou Wahaha Group Co. Chairman Zong Qinghou was named China’s richest man by the Hurun Rich List , overtaking last year’s Wang Chuanfu of BYD Co ., with an estimated $12 billion of personal wealth.
Bloomberg Markets’ inaugural list of the world’s richest people showcases the billionaires who pull the levers on the global economy. Their net worth totals $2.7 trillion, about the size of the gross domestic product of France, the fifth-biggest economy on the planet.