Li Shufu Net Worth: How Rich Is The Volvo, Geely Chairman?

Li Shufu, 59, the founder and chairman of Hangzhou-based Zhejiang Geely Holding Group, one of China's largest automakers, is one of the richest men today.

Here, we take a look at his net worth and the source of his fortune.

Born in Taizhou, Zhejiang in June 1963, Li came from humble beginnings. His father was a farmer.

Li made his first cars from the sand as a boy. "We couldn't afford any toys. I couldn't imagine making a real car,” he told Forbes in a 2014 interview.

He began working as a photographer for tourists at age 19 after purchasing a camera using the $16 his father gave him. Later, he set up a studio to sell handmade camera accessories.

A graduate of Yanshan University with a master's degree in engineering, Li founded Geely, which means “lucky,” as a refrigerator parts company in 1986.

The firm began producing motorcycles eight years later after Li acquired a bankrupt state-owned manufacturer. In 1997, it became China's first private carmaker.

In 1998, the company unveiled its first model, the Haoqing SRV.

Geely expanded rapidly in the years after, selling more than 600,000 motorcycles and 150,000 cars by 2000. The company had its initial public offering on the Hong Kong Stock Exchange in 2005.

In 2010, Li acquired the Swedish car brand Volvo from Ford Motor Co. for $1.5 billion. Li has also bought stakes in Daimler, sports car maker Lotus and flying car start-up Terrafugia.

Today, Li is the 43rd richest billionaire in the world with a net worth of $30.6 billion, as per Fobes.

The majority of his fortune comes from his sole ownership of the Geely Automobile Holdings.

Li owns about 2% in publicly traded Geely Automobile directly, according to a 2021 Hong Kong stock exchange filing. He also owns 1% of the shares in publicly traded investment company Honbridge Holdings directly, as per Bloomberg.