Zong Qinghou, China's Richest Man, Spends Just $20 A Day

China's Richest Man Spends Just $20 A Day
HANGZHOU, CHINA: The Chairman of the Wahaha Group, Zong Qinghou, makes a point during a press conference in Hangzhou, Zhejiang Province, 03 July 2007. China's largest drink maker, Wahaha Group has recently confirmed it intends to sue its French partner Groupe Danone for up to five billion euros (USD6.7 billion) for conducting illegal business. Danone and Wahaha are in the midst of a bitter feud, in which the French firm has alleged the Chinese drinks giants set up 20 independent companies that sold products identical to those sold by the joint ventures. AFP PHOTO/Mark RALSTON (Photo credit should read MARK RALSTON/AFP/Getty Images)
HANGZHOU, CHINA: The Chairman of the Wahaha Group, Zong Qinghou, makes a point during a press conference in Hangzhou, Zhejiang Province, 03 July 2007. China's largest drink maker, Wahaha Group has recently confirmed it intends to sue its French partner Groupe Danone for up to five billion euros (USD6.7 billion) for conducting illegal business. Danone and Wahaha are in the midst of a bitter feud, in which the French firm has alleged the Chinese drinks giants set up 20 independent companies that sold products identical to those sold by the joint ventures. AFP PHOTO/Mark RALSTON (Photo credit should read MARK RALSTON/AFP/Getty Images)

Zong Qinghou, head of China's third- largest beverage maker, is the country's richest man after disclosing his stake in closely held Hangzhou Wahaha Group Co. is more than double previous estimates.

The 66-year-old soda and juice tycoon owns more than 80 percent of Wahaha, the company's spokesman Shan Qining said in an interview on Sept. 3. That stake elevates Zong's net worth to $21.6 billion, according to the Bloomberg Billionaires Index. He is now $13.4 billion wealthier than Robin Li, founder of the nation's biggest search engine.

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