ByteDance founder Zhang Yiming has claimed the top spot on the Hurun China Rich List, having a personal fortune of $49.3 billion.
Zhang Yiming, aged 41, rose to the peak, displacing previous leader Zhong Shanshan of Nongfu Spring, whose net worth dropped 24% to $47.9 billion following a challenging year in the bottled water sector.
This makes Zhang the 18th person to lead the ranking since the list’s inception over two decades ago.
ByteDance’s global success, particularly driven by the popularity of TikTok, has contributed to Zhang’s wealth. Although the company had some legal issues in the United States, its revenue surged by 30% last year to $110 billion, reflecting its rapid international growth.
The ascent of Zhang Yiming comes as China’s wealth sector is overtaken by tech entrepreneurs who are increasingly outpacing traditional sectors.
Tencent founder Pony Ma ranked third, with his net worth estimated at $44.4 billion. Colin Huang of PDD Holdings, known for his e-commerce platforms Pinduoduo and Temu, slipped to fourth place. Although Huang’s platforms continue to grow internationally, his wealth took a hit, mirroring the general downward trend among Chinese billionaires this year.
The number of billionaires in China reduced, with 142 individuals dropping from the list, bringing the total to 753. This 16% decrease is a result of economic challenges facing China, with sectors like real estate experiencing particularly sharp declines.
According to Rupert Hoogewerf, Chairman of the Hurun Report, property developers faced a tough year, while consumer electronics, led by companies like Xiaomi, surged ahead. Xiaomi founder Lei Jun added $5 billion to his fortune, noting the growth within the tech and consumer electronics sector.
The report also pointed to difficulties for renewable energy entrepreneurs. Companies in solar panels, lithium batteries, and electric vehicles struggled as intense competition and tariff pressures grew, resulting in wealth declines.
Solar panel manufacturers, in particular, saw fortunes drop by up to 80% from their 2021 peak, while battery and EV entrepreneurs experienced more moderate losses.
China’s overall billionaire wealth now stands at approximately $3 trillion, a 10% reduction from the previous year, showing the economic limitations and market recalibration.
The Hurun list reveals a change from domestic-focused industries, like real estate, towards more global and technology-oriented ventures.
