China’s Richest Rebound Above $1 Trillion as Stock Market Bolsters Fortunes

The 2024 list of China’s 100 Richest reveals a collective net worth rising just above the $1 trillion mark, a boost driven by a rebound in China’s stock market after two consecutive years below this level.

A series of measures aimed at stabilizing the property market and accelerating economic growth have injected momentum into mainland China’s stock market, though structural challenges continue to pose concerns. The CSI 300 index, a benchmark for Chinese stocks, climbed 12% since the last assessment of fortunes a year prior.

In this year’s list, 60 tycoons saw their fortunes increase, while 22 experienced declines. Among the latter group, Zhong Shanshan, founder of bottled-water company Nongfu Spring, retained the top rank for a fourth consecutive year, despite a $9.3 billion drop in his wealth, bringing it to $50.8 billion. His company has faced an intense price war in China’s bottled-water market, leading to the largest dollar decrease among the top 100.

Ma Huateng, chairman of Tencent Holdings, recorded the biggest dollar gain, adding $14.7 billion to reach a net worth of $46.8 billion, moving up two spots to No. 2—a position he last held in 2020. Shares in Tencent surged 49% over the past year, driven by increased revenue from its online gaming, streaming, and advertising divisions.

Zhang Yiming, ByteDance co-founder and the third-richest, saw a modest 5% increase in his wealth to $45.6 billion but slipped one rank. ByteDance continues to face regulatory pressures abroad, and in May, the company filed a lawsuit against the U.S. government, aiming to overturn a law requiring ByteDance to divest TikTok or face a nationwide ban.

Colin Huang, founder of e-commerce company PDD Holdings, fell to fourth place despite adding $7.7 billion to his wealth, totaling $43.9 billion. His company remains a popular choice for budget-conscious Chinese consumers but faces profit pressures due to planned expansions in its supply chain and increased support for vendors. Completing the top five is Robin Zeng of CATL, whose fortune rose by $11.3 billion to $37.1 billion.

Another significant gainer, Zhu Yi, chairman of Biokin Pharmaceutical, saw his net worth more than double, reaching $8.2 billion from $3.8 billion. Biokin’s subsidiary, SystImmune, recently secured an $8.4 billion agreement with U.S. biopharma giant Bristol Myers Squibb to jointly develop and commercialize a potential cancer treatment globally.

This year’s list welcomed eight new members, including Cai Haoyu, Liu Wei, and Luo Yuhao, co-founders of miHoYo, an online gaming developer known for its anime-styled games, which has garnered a global fanbase. Toy mogul Wang Ning, founder of Pop Mart International Group, joined at No. 68 with $5.5 billion as his company achieved robust revenue growth through overseas expansion. Zong Fuli, the youngest among the 11 women on the list at 42, entered the rankings at No. 66 with $5.6 billion, succeeding her father, Zong Qinghou, founder of beverage company Hangzhou Wahaha Group, who passed away in February.

Additionally, ten tycoons made a return to the list, with Chen Tianshi, Chairman of AI chipmaker Cambricon Technologies, as the wealthiest among them at No. 46 with $7.27 billion. Benefiting from the AI boom, Cambricon’s stock has more than tripled over the past year.

Among the 17 individuals who dropped off the list is Yang Huiyan, chairman of heavily indebted property developer Country Garden Holdings. The minimum net worth required to make the top 100 increased to $3.9 billion, up from $3.4 billion in 2023.

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