Zhang Yiming, founder of TikTok owner ByteDance, is the richest person in China with a personal fortune of nearly $50 billion, according to the annual report. Hurun China rich list.
Zhang Yiming, founder of ByteDance attends the opening ceremony of the 5th World Internet Conference in Wuzhen, east China’s Zhejiang province on November 7, 2018. (Chinatopix Via AP)
The 41-year-old, who stepped down as CEO of ByteDance in 2021, has a net worth of $49.3 billion, moving up four places from the previous year. Moreover, he is the first person from the 1980s to hold the number one spot in 26 years.
The rise in Zhang’s personal fortune is mainly due to the $110 billion it earned in global revenue in 2023, a 30% growth from the previous year, Hurun China found. This despite the fact that the company was battling a legal battle about its assets in the US, it added.
Meanwhile, bottled water magnate Zhong Shanshan fell one spot to second as his net worth fell 24% to $47.9 billion. In February, his brand Nongfu Spring faced backlash for the design of its bottles, leading to the country being accused of ‘disloyalty’ to China.
Tech conglomerate Tencent’s Ma Huateng ($44.4 billion) came third, followed by e-commerce company Pinduodo’s Huang Zheng ($34.5 billion). Rounding out the top five was He Xiangjian and family ($33.1 billion) of Midea, a home appliance supplier.
In sixth place were Zeng Yuqun (CATL; $28.2 billion), Ding Lei (Netease) and Lia Ka-shing, Victor Li and Tzar Kuoi (Cheung Kong). Alibaba founder Jack Ma ($23.2 billion) came tenth, behind Lee Shau Kee and Family (Henderson Land; $24.6 billion).
This year, the number of billionaires fell to 753, down from 895 in 2023. Moreover, the total wealth of entrepreneurs reached $3 trillion, down 10% from a year ago.
“China’s manufacturers of solar panels, lithium batteries and EVs have had a challenging year as competition has increased, leading to a glut, and the threat of tariffs has increased uncertainty,” said Rupert Hoogewarf, chairman of Hurun Report .