at least 11 Chinese families with a combined wealth of more than $120 billion There are now, according to the Bloomberg Billionaires Index, those who have made significant steps regarding succession in recent years. The heirs, none of whom are more than 40 years old, have clearly taken on larger roles in their parents’ companies.
The article points out that this amount of $120 billion is only the tip of the iceberg, as the story of wealth growth in China began more than four decades ago. During this time The founders of some of China’s largest companies have amassed trillions of dollars in wealth. Now that billionaire CEOs are approaching retirement, some are already planning their successions.
However, succession is being planned for earlier than usualAccording to Hao Gao, Director of the Global Family Business Research Center at Tsinghua University, in order to ensure a smooth transition in company management in a challenging economic environment.
Chinese entrepreneurs are thinking about succession five to ten years earlier than before, as they see a more significant paradigm shift in the economy and business environment.
With increasing geopolitical tensions More and more of China’s wealthy people are returning home. Many of the heirs listed below were educated in the UK or US before returning to China to join the family business, often helping their parents learn about international markets or younger consumers.
Let’s take a look at who are the billionaires who head the companies of the richest clans in China.
|The children of Chinese billionaires and corporate empires were affected by the succession|
|Breed name||Year of Birth||Parents’ name.||Company Name||Current position||Household wealth (billion US dollars)|
|Zhong Shu Zi||1988||Zhong Shanshan||Nongfu Spring||Non-executive director||62.3|
|Chen Yiting||1993||Chen Jianhua, Fan Honghui||Hengli Group||Head of International Business and Trade Department of Hengli Petrochemical Company||10.6|
|Li Xing Xing||1985||Let me see||Zhejiang Geely Holding Group||Managing Director of Link & Partners||10.1|
|Sun Yuan||1987||Zhong Huiguan||Hansuh Pharmaceutical Group||CEO||8.4|
|Liu Shuqi||1989||Liu Hanyuan||Tongwi Group||President and CEO of Tongwei||7.4|
|Xu Yangyang||1983||What are you doing?||Dali Foods Group||Vice President and Managing Director||7.3|
|Jiang Enqi||1987||Jiang Weiping||Tianqi Lithium Company||vice president||4.3|
|Ruan Ziyun||1987||Ruan Hongliang||Flat glass set||president||3.7|
|Yu Shilon||1996||Yu Huijiao||YTO Express Group||exit||3.3|
|Zhao Haishun||1993||Gao Jifan||Trina Solar Company||President of Trina Power Company||3|
|Ding Jiamin||1997||Ding Shui Po||Xstep International Holdings||Prime brand half sugar||1.2|
|Source: Bloomberg, Al Mahfaza|
Cover image source: Getty Images