China State Media Names Xiaomi Founder as Country’s Richest; Lei Jun Declines New Title

In China, the list of wealthy individuals has been referred to as the “butchering list,” as the wealthy figures appear in rapid succession like a revolving door. Recently, Chinese state media highlighted that Lei Jun, the founder of Xiaomi Group, surpassed Zhong Shanshan, the founder of Nongfu Spring, to become the new richest individual in China. However, Lei Jun declined to accept this title, with some articles pointing out the hidden risks behind the label of “richest individual.”

According to reports from the China City News and China Fund News on February 27th, Xiaomi Group’s stock in Hong Kong surged over 4%, pushing its total market value to over 1.47 trillion Hong Kong dollars. The wealth of the company’s founder, Lei Jun, briefly surpassed that of Zhong Shanshan, making him the new richest individual in China.

It is estimated that Lei Jun’s total wealth is close to 440 billion yuan, surpassing Zhong Shanshan’s 370 billion yuan and Zhang Yiming of ByteDance’s 330 billion yuan.

The China City News is supervised by the Chinese Communist Party’s People’s Daily, while the China Fund News is under the management of the central state-owned enterprise, China Zijin Culture Group.

According to the “Jinan Daily” “New Yellow River” report, Lei Jun’s total wealth valuation is mainly based on three assets: Xiaomi Group, Jinshan platforms, and Shunwei Capital. In addition, Lei Jun has investments in NIO and Xiaopeng Motors, among others.

Following this news, various media outlets congratulated Lei Jun. It is worth noting that just a week prior, Lei Jun attended a private enterprise symposium hosted by Xi Jinping.

On February 27th, the trending topic on Weibo was “Lei Jun surpasses Zhong Shanshan to become China’s richest individual” and “Lei Jun receives 1-hour richest individual experience card,” ranking first on Weibo’s hot search list.

However, Lei Jun seems to refuse to accept the title of the new richest individual in China as highlighted by state media.

In response to the news of Xiaomi founder Lei Jun becoming the “new richest individual in China,” Lei Jun replied in a Wuhan University alumni group stating that it was “fake news.”

Furthermore, it was reported by the “Henan Daily” “Top News” that Xiaomi Technology Co., Ltd. filed a complaint against an account for spreading false information, stating that the claim of “Lei Jun surpassing Zhong Shanshan to become the new richest individual” was maliciously fabricated and misleading to internet users. Previously, Zhong Shanshan had been a target of online backlash.

“Wild Grass Finance” published an article on the 27th titled “Received a Complaint from Xiaomi Company, Lei Jun may not want to be the richest individual,” responding to the complaint and suggesting that “Lei Jun may not want to be the richest individual.”

Regarding Lei Jun’s reaction, an article on Tencent’s website stated that Lei Jun seemed frightened and rushed to dispel rumors, consistently conveying to the public that he did not want to bear the crown of the richest individual. In an era where everyone strives to be wealthy, why is Lei Jun so afraid of the title of “richest individual”?

The article mentioned some historical wealthy individuals, including the “Belt Boss” (Xu Jiayin, the founder of Evergrande Group). The fates of many of these wealthy individuals often led to bankruptcy, victimization, or exile. When referring to Xu Jiayin, the article mentioned that after encountering a debt crisis following his prosperity, he failed to deliver the houses he promised to clients on time, subsequently being listed as a dishonest person subject to high consumption restrictions due to not fulfilling court judgments.

The article suggests that there are common patterns among these unfortunate wealthy individuals, with around 70% of them falling out with influential figures, leading to marginalization. Additionally, about 60% of wealthy individuals have incited envy and societal resentment due to “excessive flaunting of wealth,” causing discomfort even among influential figures. Therefore, the honor and value brought by the label of the richest individual are far outweighed by the hidden risks it carries.