Zhang Yiming, the 41-year-old founder of ByteDance, the parent company of TikTok, has been crowned the wealthiest person in China, with a net worth of $49.3 billion.
Grew by 43%
This makes Zhang the 18th person to top the Hurun China Rich List since it began in 1999, according to the latest ranking released by Hurun Report on October 29, 2024. '
His wealth grew by an impressive 43%, or 105 billion yuan ($14.7 billion), over the past year, driven by ByteDance’s global success, particularly through the massive popularity of TikTok, according to Ziare.
Despite stepping down as ByteDance CEO in 2021, Zhang has seen his personal fortune soar, as the company's revenue increased 30% last year, reaching $110 billion globally.
This performance helped Zhang surpass Zhong Shanshan, the “King of Bottled Water” and owner of Nongfu Spring, who held the title of China’s richest person for four years. Zhong’s fortune dropped 24% to $47.9 billion, placing him second.
Vumulative Wealth of China’s Richest Dropped 10%,
Tencent’s founder Pony Ma ranks third on the list, with $44.1 billion, while Colin Huang of Pinduoduo and Temu slipped to fourth with a net worth of $34.3 billion.
Despite robust revenue growth for his e-commerce platforms, Huang’s ranking fell amid the downturn affecting many Chinese billionaires.
The overall billionaire count in China’s Hurun list fell sharply, with only 142 billionaires included this year, compared to 753 last year — a decline of more than a third since the peak in 2021.
Hurun Report chairman Rupert Hoogewerf noted that the Chinese economy, particularly in real estate, faced significant challenges this year, while electronics and consumer sectors saw some growth.
The cumulative wealth of China’s richest dropped 10%, totaling 21 trillion yuan ($2.9 trillion), as economic headwinds and an oversupply in sectors like photovoltaics and lithium batteries impacted fortunes.
