Tong Yongsheng
Source of wealth: electrical equipment
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Modules
Biography
Tong Yongsheng leads Shenzhen Megmeet Electrica, which specializes in energy conversion technologies.
The company is a renowned domestic supplier across multiple sectors, including smart home appliances, power supply products, green energy and rail transit components.
In 2024, the company announced that it participated in the designing of NVIDIA's Blackwell system, making it one of NVIDIA's more than 40 equipment suppliers that serve its data centers.
The company has set up R&D centers in the U.S. and Germany, and plans to build manufacturing plants in Thailand, India and the U.S.
Tong Yongsheng holds Postdoctoral Fellow in Power Electronics at Zhejiang University. He worked for Huawei from 1996 to 2001 and Emerson later.
Tong assumed leadership of Megmeet in 2005 amid financial losses and has since served as chairman and CEO; the company has been profitable under his helm.
Financial Assets
The Great Lie of Mega-Fortunes: The Case of Tong Yongsheng
Billionaires are often presented under the romantic myth of the 'self-made person': a narrative designed to justify opulence as the natural reward for hard work, effort, or ingenuity. However, when confronting such extreme volumes of wealth with macroeconomic reality, the meritocracy narrative completely breaks down. No individual can legitimately generate through personal effort a fortune equivalent to millions of times the average working-class salary. Capital at the top does not grow because of exceptional talent; it expands through an implacable dynamic where accumulated money works exponentially faster than people, devouring the wealth generated by productive labor.
The immense fortune of Tong Yongsheng, linked to Manufacturing and 'electrical equipment', has not been built in a free-market vacuum, but through rent-seeking, the use of exclusive elite influence, the consolidation of monopoly positions, or inherited wealth. Far from taking real private risks, billionaire empires structurally depend on state support through direct subsidies, infrastructure use, exploitation of R&D, public contracts, and offshore tax engineering. While this wealth is equivalent to the physical weight of 20 tons of pure gold, the rest of the planet suffers from an artificial scarcity of basic resources. The fact that this wealth is enough to fully fund the public health system of DR Congo, a country with more than 105800000 million inhabitants for 1.2 years, proves that unlimited accumulation is not an entrepreneurial achievement, but the hijacking of democratic sovereignty.