Zhang Yiming, founder of ByteDance, has become China’s wealthiest individual, with a fortune nearing $50 billion.
According to an annual rich list released on Tuesday, Zhang’s wealth, quantified at $49.3 billion, positions him ahead of other Chinese magnates, including those in the real estate and renewable sectors, who have not performed as strongly.
At 41, Zhang, who relinquished his CEO role at ByteDance in 2021, is the 18th person to top the Hurun China Rich List in its 26-year history. He surpassed the bottled water tycoon Zhong Shanshan, whose wealth fell 24% to $47.9 billion, moving him to second place.
Despite facing legal challenges in the United States, ByteDance’s global revenue increased 30% last year to $110 billion, significantly contributing to Zhang’s rising fortune.
Tencent’s elusive founder, Pony Ma, claimed third place, while Colin Huang of PDD Holdings dropped to fourth from third last year. Despite the drop, Huang’s discount e-commerce platforms continue to report robust revenue increases.
The list now features 753 billionaires, a decrease of 142 from the peak in 2021. Rupert Hoogewerf, Chairman of the Hurun Report, noted, “China’s economy and stock markets had a difficult year.”
He highlighted that the most substantial wealth declines occurred in the real estate sector, whereas consumer electronics saw rapid growth. Due to increased competition, market saturation, and tariff threats, manufacturers of solar panels, lithium batteries, and electric vehicles also faced challenges.
“Solar panel producers saw their wealth decline by up to 80% from the 2021 peak, while battery and EV manufacturers experienced reductions by half and a quarter, respectively,” Hoogewerf added.
