Temu's parent company founder surpasses Zhong Shanshan as China's wealthiest individual

Colin Huang, the visionary founder of the Chinese e-commerce giant Pinduoduo and its subsidiary Temu, has been crowned as the wealthiest individual in China, according to Report, which cites the latest data from the Bloomberg Billionaires Index (BBI).

As of August 9, 2024, Huang's net worth stands at an astounding $48.6 billion, securing his position among the top 25 richest people worldwide.

Prior to Huang's ascent, the title of China's richest person belonged to Zhong Shanshan for over three years. Shanshan amassed his fortune through the sales of Nongfu Spring bottled water. Currently, his assets are valued at $47.4 billion, placing him at the 26th spot on the BBI.