Shen Wenrong is a Chinese businessman who has a net worth of $1.2 billion. Mr. Wenrong joined the billionaires’ circles as the Chairman and CEO of Shagang Group, one of the largest steel makers in China. Born in 1946 in the city of Zhangjiagang, Jiangsu Province, Shen started to accumulate his net worth when he took over the control of a steel company in 1984.
He was the one to earn the credits for reducing the factory’s product lines to focus on steel sashes which resulted in a production of 130,000 tons and 60 percent domestic market presence by 1988. Ever since, the group has diversified in investment funds like the government-backed private equity vehicle GP Capital of Shanghai. Recently, the group has even set up its headquarters in Singapore in order to ease its promotion overseas.