In the Hurun University of Life Rich List 2017 published by the Hurun Research Institute, more than half of 2,000 billionaires in China do not possess degrees.
Each individual in this wealthy group has assets amounting to approximately 2 billion yuan ($300,000),
according to a report by the Global Times.
"These people might not succeed in accordance with current social standards; however, they made it and created great enterprises, which taught me that a hero may rise from nowhere," says Rupert Hoogewerf, chairman and chief researcher of the institute.
Ranking first on the list is Zong Qinghou, Chairman of Wahaha Group, one of China’s biggest beverage producers.
Zong started began working after middle school. Eventually, he established the first Wahaha beverage factory in 1988. Since his success 20 years ago, he has been building his drinks empire and is now a deputy of the National People’s Congress.
In addition, Chinese tech entrepreneurs also take the spotlight in the list. Among them is Jia Yueting, Chairman of LeEco, and Pan Shiyi, Chairman of SOHO China. Both graduated from vocational school.
Integrity and hard work without education
In contrast to degree holders who combine for 15.3 billion yuan, the average wealth of the top 100 entrepreneurs without an extensive education background is 24.9 billion yuan.
Most of the older entrepreneurs were deeply affected by the Cultural Revolution from 1966-1976, says Hoogewerf.
Many who did not acquire a college education are in the manufacturing sector, with few in the financial or IT industries. Specifically, 24 percent work in real estate and 19 percent in manufacturing, while 24 percent of the top 100 entrepreneurs with academic degrees are in finance and investment and 15 percent work in IT.
According to Hoogewerf, the first generation of billionaires from the post-Cultural Revolution were pragmatists and valued hard work above all. This is in contrast to the younger generation who prefer innovation and talent.