May 11, 2021

Top 10 newest self-made Chinese billionaires on the block

Kate Birch
7 min
China is leading the self-made billionaire charge boasting more than 40% of the world’s newest billionaires, and the majority of which are self-made
Li Xiang – US$4bn

Age: 39
Wealth: US$4bn
Type of business: Electric vehicles
Company name: Li Auto
Location: Beijing

Dubbed Elon Musk’s Chinese rival, millennial entrepreneur Li Xiang is founder and CEO of Beijing- based electric vehicle startup Li Auto, most known for its six-seat SUV Li One, which listed on the Nasdaq last July and raised US$1.1bn. A serial entrepreneur, Xiang has been creating startups since the age of 18, first launching in 2000, a website that provides brand advertising for IT products, before founding online car dealer Autohome Inc. in 2005, which he subsequently floated it the NYSE with a market value of US$3bn. 

With a belief that renewable energy will solve the world’s environmental issues, he set up Li Auto bringing the firm’s first and most famous model, a six-seat SUV named Li One, to market, and which had sold 10,400 units (as of June 2020).  

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