ByteDance founder Zhang Yiming has been named China’s richest person, with a personal wealth of $49.3 billion, according to an annual rich list released on Tuesday. This comes despite some challenges faced by counterparts in the real estate and renewable energy sectors. At 41, Zhang, who stepped down as CEO of ByteDance in 2021, is the 18th individual to hold the title of China’s richest person since the Hurun China Rich List was first published 26 years ago. Zhang overtook bottled water mogul Zhong Shanshan, who fell to second place as his fortune decreased by 24% to $47.9 billion.
Despite ongoing legal battles over its U.S. assets, ByteDance’s global revenue grew by 30% last year, reaching $110 billion, which contributed to the increase in Zhang’s personal fortune. In third place on the list is Pony Ma, the low-profile founder of Tencent. Colin Huang, the founder of PDD Holdings slipped to fourth place from third last year, even though his discount-focused e-commerce platforms, Pinduoduo and Temu, are experiencing steady revenue growth.
The number of billionaires on the list declined by 142, leaving a total of 753, which is more than a third less than the peak in 2021. “China’s economy and stock markets faced a challenging year,” said Hurun Report Chairman Rupert Hoogewerf. The most significant declines in wealth have come from the real estate sector, according to Hoogewerf, while the consumer electronics industry is on the rise.
Lei Jun, the founder of Xiaomi, added $5 billion to his wealth this year. “Solar panel, lithium battery, and electric vehicle (EV) manufacturers faced a tough year as competition intensified, leading to an oversupply.
Additionally, the threat of tariffs has created further uncertainty,” Hoogewerf explained. “Solar panel manufacturers saw their wealth decrease by as much as 80% from the peak in 2021, while battery and EV makers experienced declines of half and a quarter, respectively.”