Zhang Yiming, founder of ByteDance, earned first place in the list of China’s wealthiest person with a net worth of $49.3 billion.
Zhang, 41 years old, stepped down as ByteDance CEO in 2021 and is the 18th individual to lead the Hurun China Rich List in its 26-year history.
As per list of richest person Zhang Yiming surpassed Zhong Shanshan, the bottled water tycoon. Zhong fell to second place as his wealth decreased by 24% to $47.9 billion. Last year ByteDance’s global revenue rose by 30% to $110 billion even amid a legal battle over U.S. assets, boosting Zhang’s wealth.
Pony Ma, founder of Tencent stands on third position while PDD Holdings’ Colin Huang dropped from third to fourth, as per list.
The list noted a decline of 142 billionaires, down to 753, marking a one-third drop since the peak in 2021.
Rupert Hoogewerf, chairman of Hurun Report, attributed much of the decline to challenges in China’s economy and stock market. As per report the real estate billionaires also see the steepest declines. Meanwhile, the tech sector, especially consumer electronics, has been on the rise.
However, due to rising competition and the risk of tariffs, solar, lithium battery, and electric vehicle companies had a tough year. Wealth in solar panel manufacturing fell as much as 80% from its 2021 high, while battery and EV fortunes declined by about 50% and 25%, respectively, Hoogewerf noted.
