The 35-year-old Chinese entrepreneur is worth US$1.2 billion according to a China rich list, but Forbes estimates her net worth at US$850 million, tying her with Madonna. Photo: SCMP composite/Deel.com/IG@Madonna
BEIJING (SCMP): A Chinese woman has emerged as one of the youngest and richest individuals in the country, having been listed on the “Hurun China Rich List 2024” with a net worth of 8.5 billion yuan (US$1.2 billion).
Following the release of the mainland rich list on October 29, 35-year-old Wang Shuo quickly became the focus of public intrigue.
Wang also appears on Forbes’ list of the “Richest Self-Made Women in America 2024”, but it estimates her net worth at US$850 million, ranking her at 39th and tying with the iconic Queen of Pop, Madonna. Notably, she stands out as one of the youngest on the list, as all other women are over 60.
So, who is she, and how did she accumulate her substantial fortune?
From Shenyang to US
Born in Shenyang, Liaoning province in northeastern China, Wang moved to the US with her mother at the age of 16, settling in Baltimore, Maryland.
While attending school, she supported her mother by selling scooters at a flea market on weekends. Her warm and enthusiastic personality significantly boosted sales, even as a non-native English speaker.
“That was my first sales experience,” Wang shared with Forbes last year. “I needed to learn how to sell so that I could help my mum.”
This experience marked the beginning of her entrepreneurial journey, where she grasped the importance of offering a unique product.
“If everyone else is selling fruits, vegetables, and food, but we’re selling scooters, then we have an edge,” she explained.
Assisting her mother in selling scooters at a flea market, Wang Shuo learned the significance of presenting a distinctive product. - Photo: Weibo
MIT millionaire
While helping with her mother’s business, Wang excelled academically and was later accepted into the Massachusetts Institute of Technology (MIT). There, she completed her undergraduate degree in mechanical engineering with a focus on robotics and began her master’s degree.
At MIT, she met Alex Bouaziz, who would later become a close friend and business partner.
In 2015, Wang made the bold decision to drop out of graduate school to co-found Aeris Cleantec AG, a company specialising in air purifiers, where she served as Chief Technology Officer.
She returned to Beijing to design and produce these purifiers, eventually selling them internationally.
Aeris was acquired by iRobot in 2021 for around US$100 million, marking Wang’s first significant windfall and affirming her entrepreneurial talent.
At MIT, Wang Shuo, right, met Alex Bouaziz, left, who would later become a close friend and business partner, co-founding Deel together. - Photo: Weibo
Launching Deel
In 2019, Wang, Bouaziz, and co-founder Ofer Simon established Deel, a human resources service provider focused on streamlining payroll, hiring, and immigration processes for companies with remote workers.
This initiative was born from Wang’s foresight during the pandemic, when she recognised that remote work would become a major trend and shared her insights with Bouaziz, who was in the UK at the time.
Their timely vision allowed them to rapidly launch their new venture.
Wang is renowned for her relentless work ethic, often working from 8.30am to 11pm, with only a quick gym session before dinner as a break.
She personally interviewed the first 400 employees of the start-up to help “cultivate and maintain a consistent corporate culture”.
“I have a strong competitive spirit and strive for perfection in everything,” Wang expressed in a later speech.
By March this year, the company’s revenue had surpassed US$500 million. Deel last raised funds at a valuation of US$12 billion in 2021, underscoring the company’s success and positioning Wang as one of the most promising entrepreneurial stars in the world. - SOUTH CHINA MORNING POST
