The Only Son of the Richest Man in China Refuses To Take Over His Father’s $122Billion Business Empire
The wealthiest man in China needs to find an heir to his $122bn empire after his son categorically told him he does not want to live a life like that.
Wang Jianlin, the richest man, founder and chairman of Dalian Wanda Group in China said his 28-year-old only son, Wang Sicong, doesn’t want to take over his shopping centres, hotels, theme parks and sports clubs.
‘I have asked my son about the succession plan, and he said he does not want to live a life like mine. Perhaps young people have their own quests and priorities,’ Wang, 62, told an entrepreneurs summit over the weekend.
Wang Sicong is a director at his father’s empire, with a 2% stake. He founded Prometheus Capital in 2011 and has made investments in Invictus Gaming, Dining Concepts Holdings.
In May last year, he bought two Apple Watches for his dog, called Wang Keke, who wears them both on his front legs. In a country with a fast widening wealth gap, the pictures quickly caused outcry.
The market value for Apple Watch is between £820 and £1,300 in China, which is more than the monthly salary of an average office worker in big cities.
Sicong schooled in Britain at the University College, London where he studied philosophy.