The potential changing of the guard reflects a consumer economy that’s increasingly complex for businesses to navigate, as the economy slows and competition from upstart brands intensifies.
China’s richest man is at risk of losing the pole position he’s held for almost three years, with his wealth slipping the most among billionaires around the world as intensifying competition and mishaps plague the bottled water giant he founded.
Zhong Shanshan, chairman of Hangzhou-based Nongfu Spring Co., has lost US$13 billion ($17.49 billion) so far in 2024, according to the Bloomberg Billionaires Index, with a fortune of US$54.8 billion as of Monday. That keeps him a whisker above Colin Huang, founder of online shopping platform PDD Holdings. Huang’s fortune stands at US$47.3 billion.
