⬅ # 1254 Or Wai Sheun|# 1256 Vardis Vardinoyannis

# 1255 Lu Weiding 

$2.72B

Real Time Net Worth
as of 5/29/2024
$9.9M (0.37%)

# 1255 Lu Weiding 

$2.72B

Real Time Net Worth
as of 5/29/2024
$9.9M (0.37%)
OccupationCEO, Wanxiang Group
Source of WealthDiversified
Age53
ResidenceHangzhou, China
Age-Adjusted Net Worth$4.37B
Lu Weiding
Lu Weiding
China
Net worth: $2.72B

Self-Made Score 

Wealth History

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Biography

Overview

Lu Weiding is the billionaire CEO of Wanxiang Group, one of China's largest diversified non-government businesses.
He inherited his position from his father, Lu Guanqiu, who founded the predecessor of Wanxiang Group in 1969.

Early Life and Inheritance

Lu Weiding is the son of Lu Guanqiu, the founder of Wanxiang Group.
His father passed away in 2017, leaving behind a substantial business empire.

Business Ventures

Lu Weiding chairs China Wanxiang, overseeing its diversified ventures including insurance and fintech.
Wanxiang Group is a Chinese multinational conglomerate headquartered in Hangzhou, Zhejiang province, China.

Subsidiaries and Acquisitions

Wanxiang acquired A123 Systems, a U.S.-based lithium-ion battery maker, in December 2012 for $256.6 million.
Karma Automotive, formerly Fisker Automotive, was acquired by Wanxiang in February 2014 for $149.2 million.
SAIC Wanxiang New Energy Coach Co., Ltd., a joint venture with SAIC Motor Corporation, was established in July 2015.

How long would it take you to become as rich as Lu Weiding?

If you started with $10,000 and invested an additional $500 each month at a 44.02% CAGR, it would take you 5 years to reach Lu Weiding's net worth of $2.72B.

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 42.57% compared to 11.75% for the S&P 500 benchmark.

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Lu Weiding 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 Lu Weiding, Diversified 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