# 223 Yu Yong $10.3B

Yu's wealth is derived from a 99% stake in Cathay Fortune Corporation, a closely-held investment group. The Shanghai-based company, also known as Hongshang Industrial Holding Group, had revenue of 173 billion yuan ($25.7 billion) in 2022, according to its annual report.

Its holdings include stakes in China Molybdenum. The Luoyang, China-based miner is the largest cobalt and niobium producer in the world, according to its website.

China Molybdenum is publicly traded in Shanghai and Hong Kong. Yu holds about 30% of the shares that trade in Shanghai, according to the company's 2023 annual report. He also has about 8% of the Hong Kong shares, according to the company's 2023 semi-annual report.

Yu also owns a 1% stake in electric vehicle battery maker Contemporary Amperex Technology via Tibet Hongshang Capital Investment, according to the company's 2024 first-quarter report.

Cathay Fortune's other investments aren't included in this analysis because their value is uncertain.

Zhang Zhenhao, a spokesperson for Cathay Fortune Corporation, didn't respond to a request for comment on the net worth calculation.

Yu Yong was born in Wafangdian, China on Feb. 27, 1961. He graduated from Dalian Radio and Television University with a degree of Corporate Management, according to the China Molybdenum's 2016 prospectus.

He started his career at a paper mill in his hometown in 1987, and became general manager at Dalian Dongli Art-Textile in 1992. Yu joined the board of Cathy Fortune Corporation in July 2003 and became chairman and president of the group in December 2009, according to the prospectus.

He joined Dalian People's Congress in 2007. He has also held positions at Wafangdian Charity Foundation and the Liaoning Association of Enterprises with Foreign Investment.