Ding Xuedong was born in 1960 in Changzhou City, Jiangsu Province, China of Han ethnic ancestry, and is known as the chairman of both China Investment Corporation(CIC) – the fifth largest sovereign wealth fund in the world – and China International Capital Corporation(CICC). As such, Forbes magazine ranks Ding Xuedong as the 43rd most powerful person in the world.
So just how rich is Ding Xuedong? Sources estimates of Ding’s net worth are vague – suggestions are in the $30-40 million range – as the wealth of senior Chinese public servants is a closely guarded secret to protect officials from allegations of corruption over what might be seen as excessive wealth. However, he controls funds of around $700 billion in the two funds, to be invested where and in what he nominates.
[divider]
Ding Xuedong Net Worth $35 Million
[divider]
Little is known of Ding Xuedong aside from his public persona. Ding began to work in 1977, and joined the CPC in 1984. He majored in Finance in School of Financial Science Institute of Minister of Finance and graduated with a Master’s degree, and he then received a PhD. in economics from the Research Institute for Fiscal Science, Ministry of Finance.
In the 1990s Ding Xuedong was successively Director of the Property, General Office and Education Departments in the State-Owned Assets Supervision and Administration Commission. From 1998-2010 he served in several departments in the Ministry of Finance, eventually being promoted to Vice Minister in March 2008, and oversaw multiple departments such as agriculture, commerce, supervision and examination bureau.
From 2010-13 Ding was the youngest Deputy Secretary-General on the State Council, and then Deputy Director National Committee for Disaster Reduction for a brief period in 2013, before taking up his present position.
Alongside being Chairman, China Investment Corporation (CIC), Ding Xuedong has also been Deputy Director State Council Leading Group for Poverty Alleviation and Development.
After just over one year as leader of China’s largest sovereign wealth funds ($652.7 billion in assets), Ding Xuedong added to his portfolio, taking over as chair of China International Capital Corp., one of the country’s leading investment banks, in October. This follows the resignations of former chair Jin Liqun and CEO Levin Zhu Yunlai.
CIC currently has an estimated $4 trillion in foreign currency reserves, a significant proportion of which is available to Ding Xuedong to invest. Currently China’s sovereign wealth fund is shifting its focus from US financial institutions such as Blackstone, the private equity fund, and Morgan Stanley, to invest in agriculture and global food supplies in a significant strategic move that reflects the priorities of the country’s relatively new leadership, in conjunction with those countries in which it’s investing.
The management and board of the CIC ultimately reports to the State Council of the PRC, and is seen as being firmly entrenched in the political establishment, as the composition of its Board of Directors implies considerable influence on the part of China’s Ministry of Finance.
There are no published details concerning Ding Xuedong’s personal life.
The post Ding Xuedong Net Worth appeared first on Net Worth Post.
Leave a Reply