Lei Jun, founder and CEO of Xiaomi, has jumped to fifth place on the latest Hurun China Rich List with an estimated wealth of RMB 326 billion ($46 billion), up 151 percent from last year, driven by the explosive growth of Xiaomi’s electric vehicle (EV) business.
Hurun said Lei’s fortune increased by RMB 196 billion, the largest gain among Chinese entrepreneurs this year, propelled by Xiaomi’s surge in EV sales and profitability in its premium smartphone lineup. In the first half of 2025, Xiaomi delivered 157,200 vehicles and reported RMB 227.2 billion in revenue, up 38 percent year-on-year.
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The company’s automotive business has become a key driver of growth, contributing RMB 21.3 billion in revenue and securing Xiaomi a position among China’s top five new energy vehicle (NEV) makers. Its debut model, the SU7 sedan, has seen strong domestic demand, boosting investor confidence and brand recognition in the competitive EV market.
Smartphones remain a solid contributor to Xiaomi’s portfolio, with RMB 96.1 billion in first-half sales and a 14.7 percent global market share, ranking third worldwide. The company’s expansion in high-end devices and ecosystem products continues to strengthen profitability.
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“Who are the candidates for China Number One on future Hurun Rich Lists? Top are Robin Zeng of CATL and Lei Jun of Xiaomi, who have significant potential for further growth as NEVs and the era of robots mature,” said Rupert Hoogewerf, Hurun’s chairman and chief researcher.
Robin Zeng, founder and CEO of CATL, ranked fourth with RMB 330 billion, while Nongfu Spring’s Zhong Shanshan remained China’s richest person for the fourth consecutive year with RMB 530 billion.