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This article directly stems from the research process for our Asian single family office database. Our list of venture capital focused single family offices includes the most important family investment vehicles that invest in promising startups, amongst others within the travel and hospitality sector.
You might also like the list of the 800 largest travel venture capital investors, curated by our partner portal ThousandInvestors.
Wang is the owner and founder of the publicly traded company BYD, which is one of the largest electrical battery manufacturers in the world. As of February 2023, Wang has an estimated net worth of $22.2bn putting him as the 72nd richest person in the world according to Forbes. In this article, we will investigate if Wang manages his wealth through a family office.
No family office but wealth managed through BYD Group
Wang founded BYD in 1995, thanks to the help of his cousin Lu Ziagnyang who invested 5 million renminbi in the company after working as a broker for several years. BYD became a publicly traded company in 2002 and gained interest from some high-profile investors such as Warren Buffet who owns a 6% stake in the company. According to the Hurun Report, Wang become the richest man in China in 2009. BYD was founded as a lithium-ion battery manufacturer for mobile phones and has since expanded to an electric vehicle manufacturer. In 2015, the group signed a deal with Uber to use BYD’s electric cars. In August 2022, the group overtook Tesla as the most popular manufacturer of electric vehicles.
Picture source: Oxana Melis