NEW DELHI: Zong Qinghou, a Chinese business magnate whose leading beverage firm once made him the richest person in the country, died on Sunday, according to an official statement released by his company.
Zong, 79, was the founder of the Wahaha conglomerate, which specialises in bottled water, soft drinks, tea and other products.
The company stated on its Weibo social media account that he passed away after “treatment for an illness proved ineffective”.His memorial service will be held on Wednesday at their headquarters in Hangzhou.
Zong ventured into business in his 40s, initially selling soft drinks to children. Financial struggles were a part of his early days, to the extent that he had to sleep under a bridge in Beijing due to a lack of funds for a hotel.
However, he established Wahaha in 1987 and the company grew rapidly, becoming a prominent player in the Chinese beverage market. Wahaha’s popular drinks have become a staple in stores and kiosks throughout China.
Zong’s entrepreneurial skills and business acumen earned him recognition and wealth. In 2010, Forbes magazine listed him as China’s richest person with a fortune worth $8 billion. Although his ranking dropped in subsequent years, he remained a significant figure in the business world, with an estimated net worth of $5.9 billion in 2020.
Zong was known for his views on wealth inequality and investment. He supported the idea of reducing taxes to stimulate economic growth and believed that wealth creation should be encouraged.
“If we had egalitarianism… we wouldn’t have enough to eat,” he said at the time. “It’s best to encourage people to create wealth.”
(With input from agencies)
Zong, 79, was the founder of the Wahaha conglomerate, which specialises in bottled water, soft drinks, tea and other products.
The company stated on its Weibo social media account that he passed away after “treatment for an illness proved ineffective”.His memorial service will be held on Wednesday at their headquarters in Hangzhou.
Zong ventured into business in his 40s, initially selling soft drinks to children. Financial struggles were a part of his early days, to the extent that he had to sleep under a bridge in Beijing due to a lack of funds for a hotel.
However, he established Wahaha in 1987 and the company grew rapidly, becoming a prominent player in the Chinese beverage market. Wahaha’s popular drinks have become a staple in stores and kiosks throughout China.
Zong’s entrepreneurial skills and business acumen earned him recognition and wealth. In 2010, Forbes magazine listed him as China’s richest person with a fortune worth $8 billion. Although his ranking dropped in subsequent years, he remained a significant figure in the business world, with an estimated net worth of $5.9 billion in 2020.
Zong was known for his views on wealth inequality and investment. He supported the idea of reducing taxes to stimulate economic growth and believed that wealth creation should be encouraged.
“If we had egalitarianism… we wouldn’t have enough to eat,” he said at the time. “It’s best to encourage people to create wealth.”
(With input from agencies)