09/06/2012 01:25 pm ET Updated Nov 06, 2012

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

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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