SHANGHAI: Zhang Yiming, the founder of ByteDance, has become China’s richest person with a personal wealth of $49.3 billion, according to an annual rich list released on Tuesday. Zhang, 41, stepped down as CEO of ByteDance in 2021, and this is the first time he has topped the Hurun China Rich List in its 26-year history.
Zhang surpassed Zhong Shanshan, the bottled water magnate, whose fortune dropped by 24% to $47.9 billion, pushing him to second place. Despite ongoing legal challenges over its US assets, ByteDance saw a 30% increase in global revenue last year, reaching $110 billion, significantly boosting Zhang’s personal wealth.
Tencent’s founder, Pony Ma, ranks third on the list, while Colin Huang, founder of PDD Holdings, fell to fourth place despite strong revenue growth from his e-commerce platforms, Pinduoduo and Temu. The overall number of billionaires on the list decreased by 142 to 753, a significant drop from its peak in 2021.
“China’s economy and stock markets faced a tough year,” said Rupert Hoogewerf, Chairman of the Hurun Report. He noted that the real estate sector experienced the most significant declines, while the consumer electronics sector is rapidly rising, exemplified by Xiaomi founder Lei Jun, who added $5 billion to his wealth this year.
Solar panel, lithium battery, and electric vehicle (EV) makers faced a challenging year due to intensified competition, an oversupply, and the threat of tariffs, Hoogewerf added
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