Shen Wenrong Net Worth $1.35 Billion
Shen Wenrong is the Chairman and Chief Executive Officer of Shagang Group and he’s an estimated net worth of $1.35 billion as of March 2013 according to Forbes. He is also the 80th wealthiest person in China and 1088th in the World Billionaires list. He was responsible in reducing the factory’s product lines to focus on steel sashes which resulted to its generation reaching 130,000 tons and dwelt 60 percent of the domestic market by 1988. Today, Shagang is the largest privately-owned steel maker in China. It’s also diversifying into investment funds for example the government-backed private equity vehicle GP Capital of Shanghai. In January, the group has set up its headquarters in Singapore so as to promote its international company. In the year 2012, Shen Wenrong’s wealth slipped as the dull steel industry sales in China hurt its gains. Its Shenzhen-listed steel making arm Jiangsu Shagang suffered around 95% dive in net profit in line with the business ‘s provisional statement in January. Mr. Shen’s son, Shen Bin, is the supervisor of Shagang Group.