At Age-41 Zhang Yiming has become the 18th person to claim the title of China richest individual in the 26 years history of the Hurun China Rich List.
SHANGHAI:
ByteDance founder Zhang Yiming now tops China wealth rankings with a personal fortune of $49.3 billion according to an annual rich list published on Tuesday. By contrast peers in real estate and renewables have faced tougher times.
Zhang Age-41 who resigned as ByteDance CEO in 2021 becomes the 18th person to be named China richest in the 26 years history of the Hurun China Rich List. He surpassed bottled water tycoon Zhong Shanshan who dropped to second place after his wealth fell by 24% to $47.9 billion.
Despite facing a legal dispute over its U.S. assets ByteDance’s global revenue grew 30% last year to $110 billion according to Hurun boosting Zhang net worth.
Third place on the list went to Tencent discreet founder Pony Ma while PDD Holdings founder Colin Huang slipped from third to fourth even as his e-commerce platforms Pinduoduo and Temu continue strong revenue growth.
The number of billionaires on the list decreased by 142 bringing the total down to 753 and representing a decline of more than a third from its 2021 peak.
China economy and stock markets faced a challenging year stated Hurun Report Chairman Rupert Hoogewerf.
He noted that the most significant declines in wealth have come from China real estate sector while the consumer electronics industry is experiencing rapid growth with Xiaomi founder Lei Jun adding $5 billion to his net worth this year.
Solar panel, lithium battery and electric vehicle manufacturers have encountered a tough year due to intensified competition, resulting in oversupply and the threat of tariffs has added to the uncertainty Hoogewerf who also serves as the list chief researcher explained.
Solar panel manufacturers saw their wealth decline by as much as 80% from the 2021 peak while battery and EV producers experienced reductions of half and a quarter respectively.
