Net Assets of 1.6 Trillion Won... Female Student Who Sold Scooters Makes It to China's Rich List

Wang Xu Listed in Chinese Rich List
Noted for Self-Made Success in His 30s

A Chinese woman in her 30s has built her wealth from scratch to rival that of American pop star Madonna, earning a spot on China's list of wealthy individuals.

On the 3rd, Hong Kong's South China Morning Post (SCMP) reported that 35-year-old Wang Xu was listed on the '2024 Hurun Rich List' released last month by the Hurun Research Institute, with a net worth of 8.5 billion yuan (approximately 1.6426 trillion KRW). The Hurun Research Institute publishes an annual list of China's top 100 richest people, and this year, Wang Xu attracted public attention.

35-year-old woman Wang Xu, listed among China's representative figures. Weibo.

Previously, Wang Xu was also named on Forbes' '2024 List of the Richest Self-Made Women in the United States.' She ranked joint 39th alongside American pop star Madonna. Since most women on the list are over 60 years old, Wang Xu drew attention for her young age.

According to SCMP, Wang Xu was born in Shenyang, Liaoning Province in northeastern China, and around the age of 16, she settled in Baltimore, Maryland, USA with her mother. While attending school, she helped support her family by selling scooters at flea markets on weekends. Thanks to Wang Xu's warm and passionate personality, the store's sales increased significantly. Wang Xu recalled, "That was my first sales experience," adding, "I had to learn how to sell to help my mother."

This experience sparked her dream of becoming an entrepreneur. After entering the Massachusetts Institute of Technology (MIT), Wang Xu met her friend Alex Bouaziz, dropped out of graduate school, and co-founded the air purifier company 'Aeris Cleantec AG,' where she served as Chief Technology Officer (CTO). Aeris was acquired by iRobot in 2021 for about $100 million (approximately 136.9 billion KRW), confirming Wang Xu's talent as an entrepreneur.

In 2019, Wang Xu and Bouaziz founded 'Deel,' a human resources service provider offering payroll, hiring, and immigration process simplification services for remote workers. Wang Xu is known to have predicted that remote work would become a major trend during the COVID-19 pandemic. Deel raised $12 billion (approximately 16.4388 trillion KRW) in funding in 2021, and by March of this year, the company's revenue exceeded $500 million (approximately 684.9 billion KRW), achieving significant success.