Zhang Yiming, the founder of ByteDance, has been recognized as the richest individual in China for the first time, according to the latest Hurun China Rich List.
His net worth is estimated at $49.3 billion, surpassing Zhong Shanshan, the founder of bottled water brand Nongfu Spring, who has held the top position for the past three years. Zhong’s wealth has declined to $47.9 billion following a public backlash against his company earlier this year.
The Hurun Research Institute reported that the total wealth of the entrepreneurs listed this year amounts to approximately $3 trillion, representing a 10% decrease compared to the previous year. The number of billionaires in China also fell, with 753 individuals now holding this status, down by 142 from last year and significantly lower than the peak of 1,185 in 2021. Rupert Hoogewerf, chairman and chief researcher of the Hurun report, indicated that this decline marks the third consecutive year of contraction in the list, attributing it to the ongoing struggles of China’s economy and stock markets.
ByteDance has seen significant growth, with reported revenues of $110 billion last year, buoyed by the global popularity of its platforms, including TikTok, which boasts over a billion active monthly users. Fink’s ascent to the top of the rich list also marks a milestone, as he is the first individual born in the 1980s to achieve this status.
In the rankings, Tencent founder Pony Ma comes in third with a net worth of $44.4 billion, reflecting a 13% increase in wealth due to rising revenues at the gaming giant. Colin Huang, founder of e-commerce platform Pinduoduo, ranks fourth despite a 9% decline in his wealth.
This year’s list includes only 54 newcomers, the fewest additions in two decades. Among the new entrants are Charlwin Mao and Miranda Qu Fang, founders of Xiaohongshu, a social media platform popular among younger users.
With input from CNBC and the Associated Press.
