12 Most Influential Chinese Entrepreneurs

In this article we are going to list the 12 most influential Chinese entrepreneurs. Click to skip ahead and jump to the 5 most influential Chinese entrepreneurs.

The People’s Republic of China has evolved into one of the richest countries of the world in just a few decades. According to data published by the World Bank in 2019, the Gross Domestic Product or GDP of China has had a sharp increase since 1990, with the number climbing almost exponentially. David Mann, global chief economist at Standard Chartered Bank, commented on this rapid economic growth, stating that “From the end of the 1970s onwards we’ve seen what is easily the most impressive economic miracle of any economy in history.”

This success can be accredited to a number of reasons. In 2001, China joined the World Trade Organization, beginning the boom of Chinese goods in World trade. Research published by London School of Economics further illustrated this massive increase. By 1985, exports were $25 billion, $15 billion more than what they were 9 years ago in 1976. Just 25 years later, in 2010, exports valued at an amount of $3 trillion dollars; 300 times more than what the value was in 1985.

As trade between nations increased, so did the Chinese public’s interest in entrepreneurship. An entrepreneur is someone who participates in the act of setting up a business, while also bearing the effects of this risk in hope of a profit. A good business idea has the power to rake in millions but getting to that point where profit is being generated consistently can be a long, difficult journey.

The Global Entrepreneurship Monitor is one platform which studies entrepreneurial behavior and attitudes of several countries across the world. Data collected in 2019 for China showed that 9.33 percent of the public (ages 18-64) owned an established business. This included those who are owning and managing a running business that has paid salaries, wages, or any other payments to the owners for more than 42 months. The same platform also displayed data on the attitude of Chinese society towards entrepreneurs. Almost 80 percent of people agreed with the statement that in their country, most people consider starting a business as a desirable career choice.

All this evidence points towards the fact that in general, entrepreneurs are viewed in a quite favorable light by the Chinese public. Because of this, those entrepreneurs who have a considerable reach may have the distinct power of influencing those around them. Whether this is by inspiring the population with their success story, or by introducing a revolutionary idea through their product, Chinese entrepreneurs have affected the general public in one way or another.

For this reason, we have prepared a list of the 12 most influential Chinese entrepreneurs. To prepare their ranking, we have used Fortune China and Forbes as our source, ranking each business leader based on not only their company’s success, but also their influence on the general public. Let us look at the 12 most influential Chinese entrepreneurs, starting with number 12.

12. Zhang Jindong

Date of Birth: March 28, 1963 (age 57 years)

Occupation: Co-founder and Chairman of Suning

Net Worth: $62.1 billion (as of January 2^nd, 2021)

The first person to grace our list of 12 most influential Chinese entrepreneurs is 57-year-old Zhang Jindong. Zhang is the chairman of Suning.com, one of the largest retailers in China, and is said to be among the top 3 in the Chinese e-commerce industry. Zhang has certainly come a long way from when he first started the company in 1998 as an air-conditioning store. Throughout the years, he has diverged into many markets, moving from air conditioning to home appliances to online shopping. Zhang is also the owner of a privately-held company called Suning Holdings Group, which is particularly famous for having acquired the famous Italian football club Inter Milan. In 2019, Suning.com acquired 80% of Wanda Department Store and Carrefour China, increasing the reach of his company even further.

11. Wang Xing

Date of Birth: February 18, 1979 (41 years)

Occupation: Co-founder and CEO of Meituan

Net Worth: $30.5 billion (as of January 2^nd, 2021)

With a net worth of over 30 billion, Wang Xing has achieved great monetary success at a young age. In 2010, Wang founded the company Meituan, an application which connects consumers with businesses, offering different vouchers for a variety of retail services including entertainment, dining, delivery, and travel. The business model is similar to that of the American service Groupon (NASDAQ: GRPN), while Meituan itself boasts an aspiration to be the Amazon (NASDAQ: AMZN) of services. Having built Meituan to become a multi-billion dollar company, that dream doesn’t seem too far off. Meituan, formerly known as Meituan Dianping after the two companies’ merger, is not the only entrepreneurial stint of Wang. In 2005 and 2007 he created Chinese versions of Facebook (NASDAQ: FB) and Twitter (NYSE: TWTR), called Xiaonei and Fanfou respectively. Although not at the level of Meituan, both websites proved to be hits for Wang, and showcased his drive for being a business leader.

10. Xu Jiayin (Hui Ka Yan)

Date of Birth: October 9, 1958 (age 62 years),

Occupation: Founder and Chairman of Evergrande Group

Net Worth: $28 Billion (as of January 2^nd, 2021)

According to Forbes, Xu is the tenth richest man in China today. His company, Evergrande, is the second-largest property developer in the country by sales, generating a revenue of over 69 billion dollars in 2019. Although it is true that he has plenty of wealth in the present, Xu came from very humble beginnings. His mother passed away when he was only 8 months old, while his father was a retired soldier. He grew up in a rural family in a remote Chinese village, working for a cement product factory for a few years after high school. After graduating from university, he worked for several companies, climbing to the rank of director. At age 39, he decided to start his own company, named Evergrande, which currently ranks within the first 200 on the Fortune Global 500 and is a top competitor in the Real Estate Market. In recent years, Evergrande has invested over 43 billion dollars in new energy vehicles, and is said to be aiming to compete with Tesla (NASDAQ: TSLA) in the electric vehicle market.

9. Lei Jun

Date of Birth: December 16, 1969 (age 51 years)

Occupation: Founder, Chairman and CEO of Xiaomi Technology

Net Worth: $27.7 Billion (as of January 2^nd, 2021)

Known as China’s Steve Jobs, Lei is the founder of the leading smartphone manufacturer Xiaomi. In fact, Xiaomi has now surpassed Apple (NASDAQ: AAPL) to be the 3^rd largest smartphone maker in the world. In just nine years, Lei has led the company to become the youngest company on the Global Fortune 500 list last year, debuting at rank 468. He was also named Businessman of the Year by Forbes in 2014. Besides running an incredibly successful business, Lei has been active in relief efforts during the coronavirus pandemic in China. His company donated thousands of supplies to hospitals in Wuhan including 1,750 millet tablets, air purifiers, infrared thermometers, and walkie-talkies.

8. Li Shufu

Date of Birth: June 25, 1963 (age 57 years)

Occupation: Founder and chairman of Zhejiang Geely Holding Group

Net Worth: $22.3 Billion (as of January 2^nd, 2021)

Owner of the car manufacturing giant Geely, Li has been working on his company for the past 34 years. Now, Geely is the second largest private automobile manufacturer in China, selling 1,320,217 units in 2020. In 2008, Geely acquired the brand Volvo from the American car company Ford Motor Company (NYSE: F) and also bought shares of the German car manufacturer Mercedes-Benz. However, Li’s dream is more than just making cars. In 2020, his company announced their decision to create a network of satellites to provide high-positioning precision services.

7. Cao Dewang

Date of Birth: May 1946 (age 74 years)

Occupation: Founder and chairman of Fuyao Glass Industry Group

Net Worth: $5 Billion (as of January 2^nd, 2021)

Owner of the glass manufacturer Fuyao Glass, Cao Dewang rose to international spotlight when the company invested in a car glass plant in Ohio. This move and its impacts were even documented in the film “American Factory”, released on Netflix (NASDAQ: NFLX) in early 2019. The film showed the real-life story of how Cao Dewang, a billionaire, created 2,000 jobs for Americans with just one investment in a small city in Ohio. The film went on to win the Academy Awards for Best Documentary as well, showing that Cao Dewang deserves his place on our list of 12 most influential entrepreneurs.

6. Terry Gou

Date of Birth: October 18, 1950 (age 70 years)

Occupation: Founder and CEO of Hon Hai Precision, Foxconn

Net Worth: $9.1 Billion (as of January 2^nd, 2021)

Hon Hai Precision (better known as Foxconn) is recognized worldwide for making Apple products, though its customer list includes other big names such as Dell Inc (NYSE: DELL) and Sony Corporation (NYSE:SNE). The story of how the founder, Terry Gou, first started out, however is far from glamorous. First operating out of a rented warehouse in Taiwan, Gou spent the first few years trying to gain customers for his business. It is said that he was so persistent and motivated that he would have security called on him frequently when visiting offices in the US uninvited. Gou has also delved into politics and was even in the running for the 2020 presidential election of China, though he later dropped out.

Please continue to see the 5 most influential Chinese entrepreneurs.

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Disclosure: No position. 12 most influential Chinese entrepreneurs is originally published at Insider Monkey.