Trailblazing Chinese-American Entrepreneur Rises to Billionaire Status with Deel’s Global Success

Wang Shuo, a 35-year-old Chinese-born entrepreneur, has rapidly become one of the youngest and wealthiest individuals in China, boasting a net worth of approximately US$1.2 billion. Her financial ascent captured widespread attention following the publication of the Mainland Rich List on October 29.

Wang has also made her mark in the United States, earning a spot on the 2024 list of America’s Richest Self-Made Women. Ranked 39th with an estimated net worth of US$850 million, she shares this position with music icon Madonna. Notably, Wang stands out as one of the youngest women on this list, where most others are over 60.

Originally from Shenyang in Liaoning province, Wang moved to Baltimore, Maryland, with her mother at 16. While studying, she helped her mother by selling scooters at a local flea market each weekend. Her enthusiasm and warm personality attracted customers, giving her early exposure to sales despite language challenges. Wang later reflected on this experience as her first introduction to entrepreneurship, explaining how she quickly realized the value of offering a distinctive product amidst the typical fare.

Excelling academically, Wang was later admitted to the Massachusetts Institute of Technology (MIT), where she pursued a degree in mechanical engineering with a specialization in robotics, eventually progressing to a master’s program. It was here that she met Alex Bouaziz, a future friend and business partner.

In 2015, Wang made the bold decision to leave her graduate studies to co-found Aeris Cleantec AG, a company focused on air purifiers, where she served as Chief Technology Officer. She relocated to Beijing to oversee the design and manufacturing processes, eventually scaling the business internationally. This venture brought Wang her first major success when iRobot acquired Aeris for approximately US$100 million in 2021.

In 2019, Wang co-founded Deel, a human resources service provider, with Bouaziz and Ofer Simon. Deel aimed to streamline hiring, payroll, and immigration services for companies with remote teams. Wang recognized the growing shift toward remote work during the pandemic and shared her vision with Bouaziz, who was in the UK. This insight allowed them to launch Deel quickly, positioning it to capitalize on the remote work trend.

Known for her tireless dedication, Wang often maintains a demanding schedule, working from 8:30 a.m. to 11 p.m., with only a brief workout before dinner. She took a hands-on approach to shaping Deel’s culture, personally interviewing the first 400 employees to foster a cohesive corporate environment. In a later speech, she spoke about her strong drive and pursuit of perfection.

As of March this year, Deel’s revenue had exceeded US$500 million, with the company last raising funds at a US$12 billion valuation in 2021. This rapid success has positioned Wang as a prominent figure in global entrepreneurship, with Deel’s success solidifying her reputation as an emerging business leader.

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