Bloomberg Billionaires Index

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# 118 Li Shu Fu $11.8B

Random fact: Worked as a photographer before entering business.

Overview

Li is the founder and largest shareholder of Zhejiang Geely Holding Group, a maker of cars and related components. The Hangzhou-based company made the biggest acquisition of a foreign carmaker by a Chinese company when it bought Volvo for $1.5 billion in 2010. It had revenue of 329 billion yuan ($48.8 billion) in 2018.

As of :
Last change -$394M ( -3.2%)
YTD change +$1.54B ( +15.0%)
Industry Industrial
Biggest asset Zhejiang Geely Holding Group
Citizenship China
Age 56
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Li Shu Fu's net worth of $11.8B can buy ...

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troy ounces of gold
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barrels of crude oil

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of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Li's fortune is derived from his sole ownership in closely-held Zhejiang Geely Holding Group, a maker of cars and related components. A 10% stake is held through his son Li Xingxing, and it is credited to Li Shu Fu to reflect his status as founder. The Hangzhou-based company had revenue of 329 billion yuan ($48.8 billion) in 2018, according to its 2018 annual report.

The valuation of Zhejiang Geely Holding Group is based on its financials for the 12 months to June 30, 2019 and the price-to-earnings multiples of five publicly-traded peer companies: Geely Automobile, Great Wall Motor, Guangzhou Automobile, Baic Motor Corp. and Dongfeng Motor. Prior to Feb. 7, 2018, the valuation of Zhejiang Geely Holding Group only included its public shareholdings. Since this date, Zhejiang Geely has been included in the analysis as a standalone asset.

The valuation of Zhejiang Geely Holding Group was updated on Sept. 5, 2019 to reflect financials for the first half of 2019 and this led to an decrease in the net worth calculation of about $2.3 billion.

Li also owns about 23 million shares in publicly traded Geely Automobile directly, according to a Hong Kong stock exchange filing dated April 17, 2019. His stake held through Zhejiang Geely Holding Group is excluded to avoid double counting.

The billionaire also directly owns 1% of the shares in publicly traded investment company Honbridge Holdings directly, according to the company's semi-annual report for 2019.

Lawrence Ang, spokesman for Geely Automobile Holdings, declined to comment on Li's net worth.

Biography

Birthdate: 6/25/1963
Family: Married, 2 children
Education: Yanshan University, Harbin Polytechnical University

Li was born in June 1963 in Taizhou, Zhejiang province. At age 19, he used 100 yuan ($16) his father had given him to buy a camera and start a photography business taking photos of tourists. Later, he set up his own studio to sell handmade camera accessories. The billionaire graduated from Yanshan University with a master's degree in engineering. He founded Geely as a refrigerator parts company in 1986. Geely, which means "lucky" in Chinese, began producing motorcycles eight years later, after Li acquired a bankrupt state-owned manufacturer. Geely became China's first private carmaker in 1997, according to its website. The company's first model, the Haoqing SRV, rolled off its production line a year later. Geely expanded rapidly in the years that followed, selling more than 600,000 motorcycles and 150,000 cars by 2000. The company had its initial public offering on the Hong Kong Stock Exchange in 2005.

Li's profile rose significantly with Geely's purchase of Sweden-based Volvo Cars from Ford Motor Co. for $1.5 billion in 2010, after nearly two years of talks.

Milestones
  • 1986 Started Geely as a maker of refrigerator parts.
  • 1994 Geely produces its first motorcycle.
  • 1997 Announces Geely's entrance into the car industry.
  • 1998 Geely unveils its first car, the Haoqing SRV.
  • 2000 Sets up a private university, Beijing Geely.
  • 2002 Becomes one of China's top 10 carmakers.
  • 2005 Geely begins trading on the Hong Kong Stock Exchange.
  • 2010 Completes buyout of Volvo from Ford.