As soon as Condoleezza Rice said the reason, Zhang Chen immediately understood.

The admission of the children of a top rich man to Stanford and the admission of a top rich man to Stanford are two completely different concepts.

Even the children of the top rich often have to hide their identities to go to school, on the one hand, for safety reasons, on the other hand, the children of the rich do not want to be surrounded by a group of autumn breezes as soon as they enter school.

MD, damn Forbes, if you find an opportunity, you must buy this magazine, Zhang Chen is full of resentment.

Forbes was originally a small business magazine, but under the operation of three generations of the family, it has now become the world's leading comprehensive business media, the most prestigious of which is the global and national rich list published by Forbes every year.

It is not without a similar list released before, and the reason why Forbes can stand out from it and become the most credible rich list is inseparable from its relative fairness and rigor.

It's not that no one wants to exaggerate their wealth or hide it, such as Chuanpu, who is still a real estate developer, has repeatedly claimed that his wealth has been underestimated by more than half by Forbes, but Forbes does not like him at all.

There are also many people who don't want to be on this list at all for safety or other reasons, and some of them want to spend money to avoid disasters and avoid their names from appearing on the list, but Forbes still lists their calculated wealth on the table.

There are many people who question the objectivity of Forbes, saying that there are a large number of super-rich people who are not on the list, such as the Morgan family or the Rockefeller family, and so many predators on Wall Street, as well as the royal families and dictators of various countries.

But in fact, the reason why these people did not make the list is not that Forbes deliberately concealed it. It's because these people really don't qualify for the list.

On the one hand, Forbes' statistical principle is personal assets, and these old money has long been entrusted to various foundations and trust funds, and is no longer considered the personal assets of each member of the family. On the other hand, the generational change of wealth has also made the wealth of these families grow much faster than the new rich, coupled with the fact that the family has been inherited over the past century, it is getting bigger, there is more money, and there are more people who share the money, so it is not unusual not to be on this list.

Again, this is why the royal family and dictators are not included in the list, Forbes does not count an individual's income from political status, and the source of income of a dictator is not legitimate and cannot be counted as personal assets. And the royal family, hehe, is almost the 21st century, and how many royal families' personal assets can be on the list?

The Queen of England is still the nominal landowner of a Commonwealth country, but you can let the private landlord give the money from the sale of land to the Queen? Not to mention the income from the sale of land, not even paying taxes.

Of course, there must be a considerable number of hidden rich whose assets are not included in the statistics. But the wealth has really accumulated to the level of tens of billions of dollars, and it is too difficult to hide it.

Zhang Chen's wealth comes from the right way, although most of the assets have been handled offshore, but an institution like Forbes, as long as you want to count, it is not difficult.

Forbes did contact Zhang Chen last month, hoping that Zhang Chen would provide proof of assets, but Zhang Chen refused. As a result, Forbes had no choice but to use its own estimation model to estimate the assets under Zhang Chen's name.

Zhang Chen took a look at the information given to him by Condoleezza Rice, and Forbes's statistics on his assets were incomplete, mainly concentrated in several areas:

First, it is the shares of M-A company, because Apple is a listed company, this part of the assets is the easiest to count, the current market value of M-A company is about 8.8 billion US dollars, Zhang Chen's institutions account for 89.37% of the shares, only less than seven percent of the listed and circulating shares, although these shares are Zhang Chen's, but several of the offshore companies holding shares of the equity structure is too complex and opaque, Forbes estimates this part according to the industry average, this part is estimated at 6.5 billion US dollars.

The same situation as M-A is Tindersource, only among the listed companies, Tindersource holds 5.63% of the shares of AOL, 21.5% of the shares of Amazon, % of the shares, the market value of AOL has exceeded 30 billion US dollars, the market value of Amazon has exceeded 8.5 billion, eBay is a little close, but it is also a company with a market value of 5 billion US dollars, only these three, the market value of listed companies in the hands of Huoxingyuan exceeds 4 billion US dollars.

As for Double Click, which has just been listed, it is not in the statistical range because of the time node problem.

As for unlisted companies such as Google, no effective statistics have been made.

Forbes estimated Zhang Chen's equity in Tinder Source at 51%, in fact, this equity ratio is already a very high proportion in the venture capital industry, in most cases, the venture capital industry uses other people's money, and there are many partners, but Tinder Source was too obscure before, the equity structure is complex, and a large number of offshore companies are involved, so Forbes can only estimate the equity ratio of Zhang Chen Holdings.

And in this part, the total value of assets they estimated for Zhang Chen was about 2.1 billion.

In addition, after the merger of Salomon Smith Barney and Citigroup, Zhang Chen holds 1.88% of Citigroup's shares, Citigroup's current market value is 85 billion US dollars, and this part of the assets is about 1.6 billion US dollars, and it has been divested from the fire source, so it is not much different from the actual situation.

Finally, Zhang's Forbes valuation of the Cowyce Fund's assets is around $1.5 billion, which is of course far less than Zhang's actual equity. At present, nearly $3 billion of the 5.5 billion fund size of the Cowis Fund comes from Zhang Chen. Moreover, Cowyce's No. 5 fund is currently able to earn more than $15 million from flash trading every trading day, although a number of market makers have announced their entry into the flash trading market, but due to technical barriers, Cowyce can monopolize the market for at least another two months.

Even if two months later, many competitors entered the market and profits were rapidly diluted, and it was calculated that Cowyce would earn at least two million dollars a day, and it would not be until 60 months later that the marginal cost would be reached.

The No. 5 fund is entirely funded by Zhang Chen, and the Bellankefen team enjoys three percent of the bonus dividends.

In other words, with the Cowyce Fund alone, Zhang Chen's net worth is more than $6 billion.

Moreover, this form does not count the soon-to-be-listed Starcom, nor does it count the assets invested by Zhang Chen in Huaxia, indicating that Forbes' tentacles have not extended so far.

Looking further down, there are some small things such as real estate investment, and in the end, Forbes estimated Zhang Chen's net worth at 11.9 billion, second only to Saudi Prince Alwaleed's 12.7 billion assets, ranking 12th.

Looking at this form, Zhang Chen couldn't help but smack his lips, damn it, I underestimated Lao Tzu.