Li Shufu, the innovative entrepreneur and chairman of Zhejiang Geely Holding Group, has left a significant imprint on the global automotive industry.
As 2023 unfolds, the international business community and wealth-watchers alike are keen to learn about one particular detail: What is Li Shufu net worth in 2023? This article will take you on a comprehensive tour of Li Shufu’s financial world.
What is Li Shufu’s Net Worth and Salary in 2023?
Li Shufu’s smart business moves and deals have helped him build a net worth of $14.7 billion. But it is clear that big sales, like buying Volvo Cars from Ford Motor Company for US$1.8 billion in 2010, have greatly impacted his wealth.
While specific figures for his salary remain undisclosed, it is clear that Li Shufu’s financial success can be attributed to his keen business acumen and ability to maximize value within his expansive empire.
Li Shufu’s Overview
Early Life
Li Shufu was born in Taizhou, Zhejiang, on June 25, 1963. Growing up in a farming village in Zhejiang province, Li displayed determination and ambition from an early age.
He went on to earn a master’s degree from Yanshan University, laying the foundation for his future success. In 1986, Li founded Geely, eventually becoming China’s second-largest private automobile manufacturer.
Career
With a master’s degree in engineering from Yanshan University, Li embarked on his entrepreneurial journey by founding Geely in November 1986. Initially, a refrigerator parts company, Geely eventually became China’s second-largest private automobile manufacturer.
Li’s ambitious vision and relentless drive led to strategic acquisitions, starting with the landmark deal worth $1.8 billion in March 2010 to purchase Swedish automobile manufacturer Volvo Cars from American automobile giant Ford Motor Company.
This acquisition marked the largest foreign purchase by a Chinese car manufacturer at the time and set the stage for Li’s global expansion.
Over the years, Li made waves in the international automotive industry, acquiring a 7.6% stake in Aston Martin in September 2022.
His business ambitions aligned with China’s government objectives to strengthen the country’s high-tech expertise and become a leader in electric vehicles and autonomous driving.
With a 9.7 percent interest in the German manufacturer in 2018, Li consolidated his position as a global automotive behemoth, becoming the company’s top stakeholder.
By March 2020, Li was in talks with Volvo Cars to merge with Geely, aiming to create a multinational automaker under his investment fund, Zhejiang Geely Holding Group.
Besides his automotive ventures, Li also ventured into other industries, announcing in November 2018 an agreement with the China Aerospace Science and Industry Corp. to build a new line of supersonic bullet trains using cutting-edge technology.
Football sponsorship
Li Shufu once ventured into the world of football sponsorship. In 2001, his company Geely Group sponsored China’s Jia B League team Guangzhou F.C.
However, after witnessing the rampant corruption and match-fixing that plagued the league, Li withdrew his support at the end of the season.
Disillusioned by the state of Chinese football, he was quoted as saying, We won’t come back until the Chinese football environment gets better.
This decision highlights Li Shufu’s commitment to integrity and his unwillingness to associate his successful business with a corrupt system.
Personal Life
Li Shufu is married to Li Wang (王丽). They had a son, Li Xingxing, and a daughter, Li Yi. The family resides in Hangzhou, Zhejiang, and lives relatively privately.
Despite rumors suggesting that Li Shufu’s wife is related to China’s President Xi Jinping, these claims have been denied by a Geely spokesperson.
Why is Li Shufu Famous?
Li Shufu is a well-known Chinese businessman who became wealthy as the head of Geely Automobile Holdings.
Geely is notable as one of China’s top automakers because the government does not own it. Li’s ambitious vision and relentless drive for innovation have propelled him to make significant strides in the global automotive industry.
Most notably, he purchased Volvo Cars from Ford Motor Company in 2010 for a whopping $1.8 billion and became Daimler’s top shareholder with a 9.7 percent stake.
FAQs about Li Shufu
How old is Li Shufu?
Li Shufu age is 59 years old.
How tall is Li Shufu?
Li Shufu height is 168 cm.
Who is the CEO of Geely?
Geely Holding Group’s present Chief Executive Officer (CEO) is Mr. Daniel Li Donghui. In April 2011, Mr. Li became Vice President and Chief Financial Officer for Geely Holding Group.
Is Geely a good car?
Geely is one of the most reliable names regarding the inside quality and how fun the car drives overall.
Does Geely use Volvo?
In 2010, Zhejiang Geely Holding Group bought Volvo Cars from Ford Motor Company.
Conclusion
His remarkable journey, significant investments, and the impact he has made on the global automotive industry all contribute to a captivating story of wealth accumulation.
If this deep dive into Shufu’s financial world has piqued your interest, we invite you to continue your exploration with our series on World Celebrity Net Worth.
