That tuition and coaching classes is a lucrative business, is not a big secret. But becoming a billionaire and with your name on the richest list, is a different game altogether.
Liu Yachao, the Chief Operating Officer of TAL Education Group, a leading China-based after-school tutoring group, became a billionaire, thanks to Chinese parents' craze of private tuitions.
Yachao is the second person from the firm to become a billionaire, after TAL Education Group's stock more than doubled in the past year.
The 36-year-old teacher was the first maths teacher to join the company and later rose up to the ranks.
The company's official website states, “Dr. Liu has been our director since October 2016. Since April 2011, Dr. Liu has been our senior vice president and once headed our teaching and research division, teacher’s training school, information management center and network operation center. Prior to this, Dr. Liu was in charge of our online course offerings between January 2008 to April 2011. From September 2005 to January 2008, Dr. Liu was director of our middle school division. Dr. Liu received his bachelor’s degree in mechanics from Peking University in 2003 and his Ph.D from the institute of Mechanics of the Chinese Academy of Science in 2008.”
Chinese parents spend an average of $42,892 on their children’s education, with more than 90 per cent paying for private tuition. That demand sky-rocketed the firm's market value to $21.1 billion, reported Bloomberg.
TAL Education Group, through its subsidiaries, provides K-12 after-school tutoring services in China, covering various academic subjects, including mathematics, physics, chemistry, biology, history, geography, political science, English, and Chinese.