China's Richest 2020: New Oriental Strikes Gold In Private Education

Yu Minhong, chairman of 
New Oriental Education and Technology Group,
the largest provider of education services in China, is doing well despite not making the top 100. Yu, 57, saw his fortune climb 70% from last year’s list, to $3.18 billion, as New Oriental’s New York-listed shares more than doubled in the past year to a record. He barely missed making the top 100 in China, as the minimum net worth is $3.2 billion.

New Oriental caters to China’s age-old hunger for education.
Rising incomes and demand for skilled labor has made China one of the world’s largest markets for private-sector education. Spending on vocational education alone will grow almost 7% annually through 2022 to $151 billion, according to consultancy Frost & Sullivan.

Yu studied in the late 1980s to become an English teacher at China’s Peking University before starting New Oriental in 1993. New Oriental went public in 2006 and today is the largest provider of private educational services in China in terms of students, programs and geographic reach.

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