Zhang Yiming, the 41-year-old founder of ByteDance, has become China’s richest person, with a personal wealth of $49.3 billion, according to the latest Hurun China Rich List. This makes Zhang the 18th person to hold this title since the list’s inception 26 years ago.
Zhang surpassed Zhong Shanshan, the bottled water tycoon, whose wealth declined by 24% to $47.9 billion, placing him second. Despite facing a legal battle over its assets in the U.S., ByteDance saw a 30% increase in global revenue last year, reaching $110 billion. This growth significantly boosted Zhang’s fortune.
Tencent’s founder, Pony Ma, secured the third spot, while Colin Huang of PDD Holdings dropped to fourth, even as his e-commerce platform continued to report strong revenue.
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The number of billionaires on the rich list fell by 142, bringing the total down to 753, a significant drop from its 2021 peak. Rupert Hoogewerf, Chairman of the Hurun Report, noted, “China’s economy and stock markets had a difficult year,” highlighting real estate as the hardest-hit sector, while consumer electronics showed strong growth.
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