ByteDance Founder Zhang Yiming, with a Net Worth of $49.3 Billion, is Crowned China’s Richest, Overtaking Zhong Shanshan

For the first time, ByteDance founder Zhang Yiming has taken the top spot as China’s richest individual. Zhang’s net worth surged to $49.3 billion, putting him ahead of former leader Zhong Shanshan, the chairperson of Nongfu Spring, whose wealth declined by 24% to $47.9 billion after facing a public backlash earlier this year. Zhang, who held fifth place in the previous ranking, has now overtaken Zhong, who dominated the list for three years straight.

ByteDance, known for its globally successful app TikTok, saw a 30% increase in profits last year, Hurun reported. The wealth of other tech magnates also shifted this year: Tencent CEO Pony Ma Huateng dropped to third place despite his fortune climbing 13% to $44.4 billion due to Tencent’s impressive gains in revenue and profits. E-commerce visionary Colin Huang, founder of Pinduoduo, ranked fourth after a 9% decline in his wealth, followed by Midea’s He Xiangjian and CATL’s Zeng Yuqun in fifth and sixth places, respectively.

China’s number of ultra-wealthy individuals has shrunk, with 1,094 people holding over $700 million in assets, marking a decrease of 147 from last year. Combined wealth among these individuals stands at an estimated $3 trillion, representing a 10% year-over-year drop. The billionaire count also fell by 142 to 753, a sharp decline from its 2021 high of 1,185.

Rupert Hoogewerf, chairman and chief researcher of the Hurun Report, attributed this decline to a tough year for China’s economy and stock markets, noting that the Hurun China Rich List has now shrunk for a record third year in a row. The tech, consumer electronics, and new energy sectors now dominate the list, whereas it was once led by real estate developers, reflecting changing economic trends in the country.

Hoogewerf further observed that today’s generation of Chinese entrepreneurs has a more global outlook than past generations. He highlighted Zhang Yiming’s international expansion with TikTok and Colin Huang’s creation of Temu as an e-commerce force worldwide, marking a shift toward a global approach among China’s wealthiest innovators.

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