ByteDance’s Zhang Yiming tops Hurun China rich list
The list also highlights a significant reduction in Chinese billionaires.
Zhang Yiming, the founder of ByteDance, has emerged as China’s wealthiest individual, with a personal fortune estimated at $49.3 billion, according to the latest Hurun China Rich List. Zhang, who stepped down as CEO in 2021, surpassed bottled water magnate Zhong Shanshan, whose wealth fell 24% to $47.9 billion, pushing him into second place. Despite ByteDance’s ongoing legal issues in the US, the company’s 30% revenue growth last year helped Zhang secure the top position.
Tencent founder Pony Ma claimed third place on the list, followed by Pinduoduo and Temu founder Colin Huang, who saw his ranking slip even as his e-commerce ventures continued to perform well. The number of billionaires in China has decreased significantly, with 142 fewer names on the list than last year, bringing the total down to 753—a third less than the peak in 2021. Hurun Report Chairman Rupert Hoogewerf attributes this drop to China’s economic difficulties and stock market volatility.
The real estate sector, in particular, has suffered, with many of its top players experiencing dramatic declines in fortune. However, other sectors, especially consumer electronics, have shown resilience; Xiaomi founder Lei Jun added $5 billion to his wealth this year. In contrast, the renewables industry, including solar panels, lithium batteries, and electric vehicle makers, faced setbacks due to increased competition and market gluts, with solar fortunes dropping by as much as 80% from their peak in 2021.
As China’s economy navigates these ups and downs, Zhang Yiming’s rise underscores the growing dominance of tech companies like ByteDance and Tencent in shaping wealth. Meanwhile, real estate and renewable energy industries grapple with intense competition and fluctuating demand, creating uncertainty for other major players in China’s economy.