⬅ # 782 Danielle Bellon|# 784 J. Joe Ricketts

# 783 Fan Hongwei 

$4.09B

Real Time Net Worth
as of 7/12/2024
-$88.7M (-2.17%)

# 783 Fan Hongwei 

$4.09B

Real Time Net Worth
as of 7/12/2024
-$88.7M (-2.17%)
OccupationChair and CEO, Hengli Petrochemical
Source of WealthPetrochemicals
Age57
ResidenceSuzhou, China
Marital StatusMarried
Children1
Age-Adjusted Net Worth$5.01B
Fan Hongwei
Fan Hongwei
China
Net worth: $4.09B

Self-Made Score 

Wealth History

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Biography

Overview

Fan Hongwei is a Chinese entrepreneur and billionaire known for chairing Hengli Petrochemical, the main listed arm of Hengli Group, which she and her husband Chen Jianhua founded.
She began her career as an accountant before venturing into entrepreneurship with a textile and silk trading business alongside Chen.
The couple later acquired a struggling state-owned chemical fiber factory, transforming it into the successful Hengli Group, specializing in petrochemicals and textiles.
Fan's wealth stems from her significant ownership stake in Hengli Petrochemical, which became publicly traded in 2016 and is a major player in China's apparel industry.

Early Life and Education

Fan Hongwei was born in February 1967 in Jiangsu Province, China.
She attended Nanjing Normal University for her education.

Career

After starting as an accountant, Fan and her husband, Chen Jianhua, acquired Wujiang Chemical Fibre Textile Factory in 1994 with a 3 million RMB loan.
Under Fan's leadership as general manager, the factory was restructured and grew into the largest fiber producer in China and one of the world's largest weaving companies.
The company evolved into Hengli Group, with its main unit, Hengli Petrochemical, becoming publicly traded in 2016 on the Shanghai Stock Exchange.
Hengli Group's activities include refining petroleum, manufacturing chemical fibers, and real estate development, with factories across several cities in China.
Fan owns a significant 45% stake in Hengli Petrochemical, contributing to her substantial net worth estimated at $23 billion as of 2021.

Recognition

Fan has received notable recognition including being listed among Forbes's top 50 CEOs in China and Fortune's 50 most influential business leaders.
Forbes also recognized her as one of China's top businesswomen.
She has consistently appeared on lists of China's wealthiest women, ranking as high as fourth with an estimated net worth of 53 billion RMB.
Her inclusion in these lists reflects her influential role in China's business landscape.

Personal Life

Fan's husband, Chen Jianhua, is also a billionaire and chairs Hengli Group.
Their daughter, Chen Yiting, serves as a director of Tongli Lake Travel, a subsidiary of Hengli Group.
Fan resides in Suzhou with her family, where the headquarters of Hengli Group is located.

Company Profile

Hengli Group, founded in 1994 by Fan Hongwei and Chen Jianhua, is a major player in oil refining, petrochemicals, polyesters, and textiles.
Ranked 67th in the Fortune Global 500 for 2021, Hengli operates the world's largest terephthalic acid (PTA) factory.
The company is known for its focus on energy efficiency in both products and processes.
It has faced criticism for environmental concerns, including plans to manufacture plastics from coal and gender-biased hiring practices.
Hengli Group's subsidiaries include publicly traded companies such as Hengli Petrochemical Co., Ltd., Guangdong Songfa Ceramics Co., Ltd., and Suzhou Wujiang Tongli Lake Co., Ltd.
With production bases in multiple Chinese cities, Hengli Group plays a significant role in the country's industrial landscape.

How long would it take you to become as rich as Fan Hongwei?

If you started with $10,000 and invested an additional $500 each month at a 44.15% CAGR, it would take you 5 years to reach Fan Hongwei's net worth of $4.09B.

Is this realistic? It depends how closely the VIX-TA-Macro Advanced model performs to its history in the future. Since Grizzly Bulls launched on January 1, 2022, it's returned 51.86% compared to 19.03% for the S&P 500 benchmark.

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Fan Hongwei is very wealthy, but what's stopping you from reaching that same level of success? As summarized in our five fundamental rules to wealth building, becoming wealthy in a modern capitalist economy is not complicated. There's actually only three variables:

  1. Your starting capital
  2. Your earnings after expenses
  3. The compound annual growth rate (CAGR) of your savings

Most people start with zero or very little, so if you weren't born into wealth, don't fret! The majority of the fortunate folks listed in our Grizzly Bulls’ Billionaires Index came from middle class or lower backgrounds. The most distinguishing characteristic of the group is their ability to consistently earn a high CAGR on their savings.

Every billionaire has a unique strategy to achieve high CAGR. For Fan Hongwei, Petrochemicals is the primary source. Whether you choose to invest your savings in your own businesses or the businesses of others is not as important. The salient piece of the puzzle is ensuring that your hard-earned savings are generating sufficient CAGR to reach your long term goals.

Most people simply invest their money in index funds and call it a day. There's nothing wrong with this approach, but it guarantees relative mediocrity. To achieve greatness, you need to invest your money to earn higher than average returns. In the long run, better investors will always finish ahead of better earners.

Source: Grizzly Bulls reporting

Methodology: Grizzly Bulls' Billionaires Index is a daily ranking of the world's billionaires and richest people. Grizzly Bulls strives to provide the most accurate net worth calculations available. We pull data from public equity markets, SEC filings, public real estate records, and other reputable sources.

The index is dynamic and updates daily at the close of U.S. stock market trading based on changes in the markets, economy, and updates to Grizzly Bulls' proprietary algorithm of personal wealth calculation. Stakes in public companies are tracked daily based on the relevant closing prices of the underlying securities. Additionally, stakes in private companies, cash, real estate, and other less easily valued assets are updated periodically through careful analysis of insider transactions, comparable public company sales / EBITDA multiples, etc.

Edited by: Lee Bailey