ByteDance founder Zhang Yiming has claimed the title of China’s wealthiest individual, with a personal fortune reaching $49.3 billion, according to the annual Hurun China Rich List released Tuesday. At age 41, Zhang becomes the 18th person to achieve the top position in the 26-year history of the list. He surpassed Zhong Shanshan, the bottled water magnate who held the title previously but saw a 24% decline in wealth to $47.9 billion, moving him to second place.
Zhang’s rise comes despite ongoing legal disputes surrounding ByteDance’s U.S. assets, as the company’s global revenue saw a substantial 30% growth last year, reaching $110 billion. This growth notably boosted Zhang’s personal wealth even after he stepped down as ByteDance’s CEO in 2021. The top tier of the list also includes Tencent’s founder Pony Ma in third place, followed by PDD Holdings’ founder Colin Huang, whose discount e-commerce ventures Pinduoduo and Temu continue to report solid revenue gains despite Huang slipping from third to fourth place.
This year’s list reflects a challenging landscape for China’s wealthiest, with the number of billionaires decreasing by 142 to a total of 753, a notable decline from the peak in 2021. Rupert Hoogewerf, Chairman of Hurun Report, attributed the reduction to a difficult year for China’s economy and stock markets. Real estate magnates, in particular, faced substantial losses, while technology sectors like consumer electronics witnessed growth, with Xiaomi founder Lei Jun adding $5 billion to his wealth.
The renewable energy sector, which had seen rapid gains in recent years, experienced declines as competition intensified, creating an oversupply and increasing uncertainty due to potential tariffs. Solar panel makers saw the steepest declines, with wealth down by up to 80% from 2021’s peak. Battery and electric vehicle producers also faced downturns, with wealth reductions by about 50% and 25%, respectively, highlighting shifting fortunes across various industries in China’s wealthy ranks.
Featured image courtesy of Rifinet.com
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