Zhang Yiming, the founder of ByteDance, has emerged as China’s richest individual, boasting a personal fortune of $49.3 billion, according to the latest annual rich list released on Tuesday. This achievement comes despite challenges faced by other sectors, including real estate and renewable energy.
At 41 years old, Zhang, who stepped down as ByteDance’s CEO in 2021, is now the 18th person to be recognized as China’s wealthiest since the Hurun China Rich List was first published 26 years ago. He surpassed Zhong Shanshan, the bottled water magnate, whose fortune declined by 24% to $47.9 billion, placing him in second position.
Despite ongoing legal challenges related to its assets in the United States, ByteDance experienced a remarkable 30% growth in global revenue last year, reaching $110 billion, which significantly contributed to Zhang’s wealth increase.
Tencent’s founder, Pony Ma, ranked third on the list, while Colin Huang, the founder of PDD Holdings, fell to fourth place from third last year, even as his company’s discount-driven e-commerce platforms continued to show robust revenue growth.
The total number of billionaires on the list decreased by 142, bringing the current count to 753 and reflecting a significant decline from the 2021 peak.
Rupert Hoogewerf, Chairman of the Hurun Report, commented on the challenging year for China’s economy and stock markets, highlighting the substantial decline in fortunes within the real estate sector. Conversely, he noted that the consumer electronics sector is experiencing rapid growth.
He explained, “Solar panel, lithium battery, and electric vehicle manufacturers have faced a tough year, marked by intensified competition, resulting in oversupply, alongside the added uncertainties from potential tariffs.” Hoogewerf pointed out that solar panel manufacturers have seen their wealth decrease by as much as 80% from their peak in 2021, while battery and EV makers experienced declines of 50% and 25%, respectively.
