[Rich] China was already home to most of the world’s billionaires, with more than the United States and India combined

Move over Jack Ma. China’s new richest man is a bottled water billionaire

Meet China’s new richest man.

Zhong Shanshan, the founder of the popular Chinese bottled water brand Nongfu Spring, has overtaken Alibaba (BABA) founder Jack Ma to become the country’s wealthiest person, according to the Bloomberg Billionaires index.

Zhong was already China’s third richest person after his company went public earlier this month with a blockbuster listing in Hong Kong. As of Wednesday, his estimated net worth had reached $58.7 billion, surpassing Ma’s $56.7 billion, according to Bloomberg calculations.