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ByteDance founder Zhang Yiming is now China’s richest individual, with a personal fortune of $49.3 billion, according to an annual rich list report released on Tuesday. This heroic deed comes even as other sectors like real estate and renewables struggle.
At 41 years old, Zhang, who stepped down as CEO of ByteDance in 2021, became the 18th person to hold the title of China’s richest since the Hurun China Rich List began 26 years ago. He surpassed bottled water tycoon Zhong Shanshan, whose wealth fell 24% to $47.9 billion, dropping him to 2nd place.
Despite ongoing legal issues regarding its U.S. assets, ByteDance experienced a 30% increase in global revenue last year, reaching $110 billion, according to Hurun, which increased Zhang's personal wealth.
In 3rd place is Pony Ma, the low-profile founder of Tencent, while Colin Huang, founder of PDD Holdings, dropped to 4th from 3rd last year, despite robust revenue growth from his discount-driven e-commerce platforms, Pinduoduo and Temu. The number of billionaires on the list decreased by 142, leaving a total of 753, which is more than a 3rd lower than its peak in 2021.
"China's economy and stock markets faced a challenging year," stated and noted by Rupert Hoogewerf, Chairman of the Hurun Report. He emphasized that the most significant declines in wealth have occurred in China’s real estate sector, while the consumer electronics industry is experiencing rapid growth, with Xiaomi founder Lei Jun gaining $5 billion in this year.