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Editor’s note: This article is from the micro-channel public number “capital Detective” (ID: deep_insights), Author: Li Tingting, 36 krypton release authorized.

Huang Zheng, who believes that “money is a tool, not an end,” and Jack Ma, who is “not interested in money,” are engaged in a PK who has more money.
At 4 pm on June 21st, the Forbes real-time rich list shows that Huang Duo, founder of Pinduoduo, has reached a net worth of US$45.4 billion, more than Jack Ma, worth US$43.9 billion, and has become China’s second richest man.
But at 4 p.m. on June 23, Ma Yun’s net worth overtook Huang Zheng and recaptured China’s second richest man.
Forbes real-time rich list (as of June 23 at 4 pm)
Huang Zheng began to fight with Ma Yun, this news surprised many people.The wealth of both is closely related to the development of the company they founded, and Pinduoduo has gained momentum in recent years, but there is still a gap with Alibaba. In the public perception, Huang Zheng’s wealth map should not be as good as “Papa Ma”.
During the tug-of-war between Ma Yun and Huang Zheng in the position of the rich, the top of Forbes China’s rich list was Tencent founder Ma Huateng, whose net worth reached 55.2 billion US dollars, ranking 14th on the global list.
The three richest men in China, Ma Huateng, Ma Yun and Huang Zheng, were all born in the Internet field. It is an exaggeration to say that Internet entrepreneurs occupy half of China’s rich list.
The wealth of the rich has always attracted the public’s attention. Behind the dazzling figures, the wealth of the rich is also a password to peep into the changes of companies, industries and socio-economics.
Where does huge wealth come from?
Huang Zheng, who came from an ordinary family, spent his student days at Hangzhou Foreign Language School.Huang Zheng said that he understood the truth when he was in school: money is a tool, not an end.
Huang Zheng, who didn’t make money for the purpose, made more money than most people: he achieved freedom of wealth at the age of 27 while working at Google, and founded Duoduo at the age of 35, becoming one of China’s most high-profile entrepreneurs.First, at the age of 40, he once surpassed Ma Yun to become China’s second richest man.
Huang Zheng at the scene of Pinduoduo’s listing ceremony
The accumulation of Huang Zheng’s huge wealth is closely linked to the rapid growth of Pinduoduo.This time Huang Zheng’s net worth soared, also because the stock price of Pinduoduo continued to rise during 618.
As of the close of Eastern Time on June 22, Pinduoduo’s share price was US$81.79, which rose more than 19% in the past month, and its market value rose by more than US$15 billion to reach US$98 billion.According to the data disclosed in Pinduoduo’s 2019 annual report, Huang Zheng’s shareholding ratio is 43.3%, so his net worth rises with the increase in Pinduoduo’s market value.
Tuyuan Snowball
In the same period, Alibaba’s stock price performance was not bad. In the past month, US stock prices rose by more than 10%, and the value of the US stock market reached $594 billion, far exceeding the market value of Pinduoduo.Although Ma Yun is the founder, his shareholding ratio is relatively small. According to the Alibaba Hong Kong stock prospectus, Ma Yun’s shareholding ratio is only 6.1%.
Alibaba founder Ma Yun
There is still a gap between the total market value of Pinduoduo and Alibaba, but Huang Zheng’s shareholding ratio is much higher than that of Jack Ma, and the corresponding personal income is greater. This is the main reason why Huang Zheng ranks on the Forbes Rich List.
The reason for Ma Yun’s overtaking of Huang Zheng is also related to the stock trends of the two companies: on June 22, EST, Pinduoduo’s stock price fell 6.61%, Alibaba’s US stocks rose 0.35%, and Hong Kong stocks rose 3.29%.The ups and downs allowed Ma Yun to win back the seat of China’s second richest man.
Tuyuan Snowball
The wealth and ranking of the domestic rich people are mainly based on the two authoritative lists of the Forbes Rich List and the Hurun Report.
“Forbes” is a business magazine founded by American financial reporter Forbes. Compared with boring business figures, Forbes insists on paying attention to the people who control the enterprise, and first launched the Forbes Rich List in 1982.So far, Forbes has launched a number of lists including the global rich list every year, which is an important basis for judging the trends of the rich’s personal net worth, enterprises and industry.
When the 2019 Forbes 400 list was released, Forbes introduced their ranking method as follows:
We consider all types of assets: shares of listed companies and other unlisted companies, real estate, art, yachts, airplanes, ranch, vineyards, jewelry, car collectibles, etc.We try to exclude the family’s scattered wealth. If the wealth of the immediate family can be traced back to a surviving founder, we will list “a rich man and his family” on the list.The wealth created by the couple will list their names.
Among the above-mentioned wealth composition, the most important component is the shares of the rich individuals in the relevant companies, and the rich people’s net worth will also fluctuate frequently as the value of the company rises and falls.Therefore, the Forbes Rich List will update its list data in real time for the most accurate tracking of changes in the rich’s net worth.
When the stock market is opened, the Forbes list will update the value of the rich’s personal public holdings every five minutes (the share price will be delayed by 15 minutes).For the rich who are closely related to wealth and unlisted companies, Forbes will update the rich net worth once a day.If the shares of unlisted companies account for 20% or more of the net worth of the rich, Forbes will adjust the value of the corresponding company according to the market index of the industry or specific region provided by the partner FactSet Research System.
Under Forbes’ calculation standards, as of June 23, the top three global rich list were Amazon founder Jeff Bezo, Microsoft founder Bill Gates, French luxury giant LVMH president and CEO Bernard Arnault and his family.Ma Huateng ranks 14th in the global rich list and is also the richest man in China.
Forbes real-time rich list (as of June 23 at 4 pm)
Hurun Report, founded by Hurun, a British CPA born in Luxembourg, initially cooperated with Forbes and then developed independently in China. He has always focused on the changes in the Chinese entrepreneurial community. Since 1999, he has continuously released the Hurun Report”.
The method of compilation is slightly different from Forbes. The Hurun Research Institute collects all the public information of candidates and conducts cross-checks repeatedly, using market value to assess the wealth owned by entrepreneurs.Its information sources include all important media reports, stock market announcements, field interviews, and Hurun Report’s own effective information network and database.
In the 2019 Billionaires List issued by Hurun Report, the top three are the Ma Yun family, Ma Huateng and Xu Jiayin.Among them, the Jack Ma family won the top spot for the second consecutive year.
Whether in the Forbes rich list or the Hurun Report, the top riches are without exception an extremely large business kingdom, such as Amazon, Microsoft, Alibaba, and Tencent.The main source of the rich’s net worth is the company’s shares. The rich are usually the founders or core executives of the company. It is these world-class companies with great value that support shareholders with a certain percentage of equity to squeeze into the world.The richest man ranks.
These tens of billions and hundreds of billions of dollars of wealth are dazzling numbers and gorgeous imaginations for ordinary people.But beyond that, peeking at the trends of the company and industry behind it from the rich’s net worth is a clue that deserves more attention.
The wealth code in the replacement of the richest man
The birth of a wealthy man is the best annotation of the nuggets opportunities and business value in his market.
In the first two decades of the 21st century, earth-shaking changes have taken place in China’s economic structure: the strong rise of the Internet and the new economic concept have become more and more fierce. This change can also be seen in the change of China’s richest man in the past 20 years.
In 2000, Rong Yiren, the former chairman of China Trust and Investment Corporation, won the position of China’s richest man. He served as the vice president of the country from 1993 to 1998.
Rong Yiren
The birthplace of the richest man is the best footnote for China’s wealth flow.
In the following two years, the richest man in China was Liu Yonghao, chairman of New Hope Group, his brother, Rong Zhijian, son of Rong Yiren.
At that time, China’s wealth flowed more to finance, real estate, or primary and secondary industries. For example, among the top ten in the Forbes Mainland China rich list in 2002, the richest man Rong Zhijian (son of Rong Yiren) was engaged in trust business and Xu Rongmao (Shimao Group)), Sun Guangxin (Guanghui Group), Chen Lihua (Fuhua International Group, husband Chi Chongrui), Guo Guangchang (Fosun Group), Zhou Zhengyi (Nongkai Group) are all involved in the real estate or automotive industry.To the group’s main parts manufacturing, the New Hope Group Chairman Liu Yonghao and the brothers Liu Hanyuan and Liu Yongxing are all doing something in agriculture.
In 2003, a young face appeared in China’s richest man-Ding Lei, the 32-year-old founder of NetEase.In the rich list ruled by entrepreneurs in the financial, real estate, and agricultural fields, Ding Lei made a big break. His appearance marked the vibrant Internet industry, and gradually entered the center of the economic and social stage with a new look.
Ding Lei could become the richest man, inseparable from NetEase’s 2001 game “Big Story Westward Journey”. This series of games is one of the hottest online games in the PC Internet era, and NetEase has grown into a gaming giant.Two years after the launch of “Westward Journey”, NetEase officially entered the harvest period, and the stock price has also gone out of the doldrums. At the end of 2003, NetEase’s stock price has doubled from the issue price.
In an exclusive interview with Wu Xiaobo in 2018, Ding Lei once talked about his experience of becoming China’s richest man in 2003. Ding Lei lamented: “I always think it may be wrong.”
Ding Lei, founder of NetEase
It’s not hard to understand that Ding Lei would have such a sigh.
At that time, the Internet industry was still in the early stages of development. In the top ten of the Forbes rich list that year, only Ding Lei was an Internet entrepreneur.Compared with traditional industries such as real estate and automobiles, the Internet is extremely green, and has not yet shown large-scale industrial value. Ding Lei was surprisingly successful in winning the richest man.
After Ding Lei briefly claimed the position of the richest man, this position was taken away by the person in charge of the real economy enterprise.
In 2004 and 2005, Huang Guangyu, the founder of Gome, ranked as the richest man, and reached the top for the third time in 2008.Until 2013, China’s richest man remained firmly in the hands of real economy entrepreneurs, such as Zhang Yin who founded Nine Dragons Paper, Yang Huiyan, Country Garden known as the Queen of Real Estate, Wang Chuanfu, founder of BYD, and Zong Qing, founder of Wahaha GroupLater, Liang Wengen, founder of Sany Heavy Industry, and Wang Jianlin, founder of Wanda Group, etc.
The Internet industry continues to accumulate power.
In the Forbes Global Rich List released in March 2011, Li Yanhong, the founder of Baidu, ranked 95th, becoming the richest man in mainland China, and the Internet has once again ushered in a highlight.However, in the Forbes China Rich List published in September of the same year, Li Yanhong retired to the second place, and Sany Group Liang Wengen won the position of the richest man.
From the change of the rich list, we can see that when the Internet industry is accumulating, the status of real estate as the lifeblood of China’s economy has not been shaken, and this market has spawned many giants.
Until 2014, Alibaba successfully went public in the United States, putting Ma Yun on the throne of China’s richest man.According to the Forbes China Rich List, Ma Yun became the second richest man in China with an Internet background after Ding Lei.
Unlike Ding Lei’s ascendance to China’s richest man’s throne in 2003, at this time, the mobile Internet wave has risen, and the Internet has gradually become the absolute protagonist in China’s industrial economy.All were taken over by Internet entrepreneurs, namely Ma Yun, Li Yanhong and Ma Huateng.In addition, Lei Jun and Liu Qiangdong both squeezed into the top ten.
In the following years, the top of the Forbes China Rich List was occupied by Wang Jianlin, chairman of Wanda Group, but in the top ten of the list, Internet entrepreneurs accounted for a proportion that cannot be ignored.
In 2015, Wang Jianlin once again topped the list, but Ma Yun, Ma Huateng, Lei Jun, Li Yanhong, Liu Qiangdong, and Ding Lei all entered the top ten.In the top ten of China’s rich list, Internet entrepreneurs occupy six seats.
In 2016, Wang Jianlin successfully defended his title, and Ma Yun, Ma Huateng, Ding Lei, and Li Yanhong held the top ten seats.Wang Wei, the president of SF Express, ranked fourth, behind which was the large-scale development of the express delivery industry.
In 2017, Wang Jianlin won the richest man in China for the third consecutive year, followed by Ma Yun, Ma Huateng, Wang Wei and Ding Lei.
Wang Jianlin and Wang Sicong
In 2018, Ma Yun regained the position of the richest man, and successfully defended his title in 2019, Ma Huateng ranked second.In the 2019 list, Huang Duo, founder of Pinduoduo, and Zhang Yiming, founder of ByteDance, became the first newcomers to break into the top ten of the Forbes China Rich List for the first time.
In the Forbes rich list today, entrepreneurs in the real estate, manufacturing, and agriculture sectors still have a place, but their brilliance has been obscured by Internet tycoons.
Corresponding to the changes in the wealth of the rich, the Internet industry has undergone dramatic changes. Internet companies have taken off in the past two decades.At present, the number one U.S. stock market company is Alibaba, whose total market value is nearly double that of TSMC, which ranks second.In the Hong Kong stock market, the two largest Internet companies, Alibaba and Tencent, also occupy the first and second market value rankings.
Tencent founder Ma Huateng
The internal changes in the Internet industry can also be perceived from the changes in the ranking of the rich list.
The two companies that supported Huang Zheng and Zhang Yiming’s entry into the top ten of the rich list are Pinduoduo and ByteDance, which are the two Internet companies with the most potential and attention.Among them, although ByteDance has not yet been listed, it is reported that its valuation has exceeded 100 billion US dollars.However, Baidu’s market value fell by about 30% in the past three years as one of the BATs. The Li Yanhong family was also far removed from the rich list, and the ranking fell to 35 in 2019.
Baidu founder Li Yanhong
For the rich, when the wealth is large enough, it is just a number-Ma Yun may not care about his rank in the end.
But for the entire social economy, behind the changes in numbers are the ups and downs of many enterprises and even many industries.When looking for the next direction of industrial change, you can also find clues from the replacement of the rich list. The place where new rich people appear is often the next possible nugget.

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