The Obscure Water Billionaire -Dr Olukunle Iyanda

You must have seen pictures of elderly men and women who expertly use their mobile phones while standing on the grasslands of Yobe state, Nigeria. Also, stories about busy ‘techies’ who work out of co-working spaces from all over the African continent fully immersed in the global startup culture and the changing skylines of Africa’s major cities which feel their way towards new heights.

As technology-driven businesses continues to soar, last year saw the rich getting richer, it equally saw a 66-year-old Zhong Shanshan make most of his fortune in that year alone: Zhong’s wealth grew by a staggering US$71 billion throughout the year, bringing his estimated net worth to US$77.8 billion. Not only is he the richest man in Asia – Zhong is now the sixth richest man in the world after surpassing the likes of Larry Page and Mukesh Ambani. He is also the only Chinese national in the Billionaires Index after property tycoon Wang Jianlin.

One of the biggest reasons Zhong has been making headlines is because of the sheer speed by which his wealth ballooned. Zhong has also attracted attention for being one of a handful of billionaires who aren’t in the tech or retail industries, unlike other big players.

After going public in September 2020, the Hongkong firm raised nearly $1.1 billion in its initial public offering. According to its offering prospectus, Zhong owns a massive 84.4% of the company, with his wife’s relatives owning an additional 6.2% combined.

Nongfu Spring, which is based in China’s eastern city of Hangzhou, hit a jackpot after the company’s $1.1 billion initial public offerings in Hong Kong saw a stellar response. The stock has risen over 200% since it hit the equity market in September last year. The majority of Zhong’s fortune is derived from his 84% stake in the Nongfu Spring. The beverage maker owns these stakes through investment vehicles such as Hangzhou Youfu and Yangshengtang.

He was nicknamed “the lone wolf” due to the way he has steered away from politics and big business groups. Zhong makes few public appearances and practically never speaks to the media, making him one of the most elusive businessmen on the world’s rich list.

His early days were gorier and challenging with poor formal education. Zhong dropped out of elementary school during China’s chaotic Cultural Revolution and later had jobs as a construction worker, a newspaper reporter, and a beverage sales agent before starting his own business. Zhong also controls Beijing Wantai Biological Pharmacy, which went public on the Shanghai Stock Exchange in April 2020, just months before the bottled water mogul gained $5 billion in 1 day and became the world’s 6th richest person with gongfu Spring stock soaring past the 200% mark since its IPO.

Zhong Shahshan is likely to join the $100 billionaires club soon as the demand for bottled water in China is expected to grow by 5.7% annually: While digital technologies have spread across the African continent with inexorable pace. Widely cited data on adoption rates suggest that digital technologies are making their way into every facet of life in African societies —Moreso, pure adoption does not show any broader change or transformation but suggests a potentiality for change — a latent power to catalyze more comprehensive societal change processes. The business of Zheng sees technology as an enabler and not a dependant, understanding that complementary adaptations must accompany the ability to harness technology and engineering’s power to solve social institutions’ problems.