In a recent annual rich list, Zhang Yiming, the founder of ByteDance, has been recognized as China’s richest individual, boasting a personal wealth of $49.3 billion.
This significant achievement places him ahead of others in the real estate and renewable energy sectors, which have been struggling in recent times.
Despite facing ongoing legal issues regarding its assets in the United States, ByteDance experienced a remarkable 30% increase in global revenue last year, reaching $110 billion, which significantly contributed to Zhang’s wealth.
At 41 years old, Zhang, who stepped down as ByteDance’s CEO in 2021, is the 18th person to earn the title of China’s richest since the inception of the Hurun China Rich List 26 years ago. He surpassed bottled water mogul Zhong Shanshan, whose net worth plummeted by 24% to $47.9 billion, dropping him to second place.
Following Zhang on the list is Pony Ma, the founder of Tencent, ranked third, while Colin Huang of PDD Holdings fell from third to fourth, despite his discount e-commerce platforms continuing to report robust revenue growth.
The overall number of billionaires on the list fell by 142, reducing the total to 753—a stark decline from the peak of over 1,100 in 2021.
Rupert Hoogewerf, Chairman of the Hurun Report, remarked on the challenging year for China’s economy and stock markets, highlighting that the most substantial losses in wealth were observed in the real estate sector.
He also noted that while the consumer electronics sector is thriving, solar panel, lithium battery, and electric vehicle manufacturers are grappling with intensified competition, resulting in an oversupply and uncertainty due to potential tariffs. “Solar panel manufacturers saw their wealth decline by as much as 80% from the 2021 peak, while battery and EV makers experienced reductions of 50% and 25%, respectively,” Hoogewerf explained.’