What is Wang Yong's Net Worth?
Wang Yong is a Chinese entrepreneur who has a net worth of $1 billion. He has entered the billionaires club as the founder and chairman of Shandong-based Xiwang Group, Asia's largest manufacturer of food sweeteners. Backed up by China's growing sweet tooth, Xiwang saw a significant expansion in its production capacity of starch sugar, which reached one million tons per year in 2012.
Set up in 1986, the group is mainly focused on manufacturing and processing agricultural products such as cornstarch, glucose, corn oil and feed; while its interests also include real estate and steel aside from foodstuffs. Today, Xiwang Group has around 14, 000 employees and consists of one joint venture and nine chief subsidiaries, including Xiwang Sugar Holding, Xiwang Foodstuffs, and Xiwang Special Steel. Wang Yong holds about 66% of the group together with his son, an heir apparent.
