AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights:
- ByteDance founder Zhang Yiming named China's richest person with a net worth of $49.3 billion.
- Billionaire count in China decreases by 142 amid economic and stock market challenges.
- Tech and new energy sectors now dominate China's wealth list, replacing real estate.
ByteDance (LSE:BYIT) founder Zhang Yiming has climbed to the top of Hurun Research Institute's latest ranking of China’s wealthiest individuals, with a net worth estimated at $49.3 billion. This rise to the top is a notable shift, as Zhang surpassed Nongfu Spring founder Zhong Shanshan, who held the top position for the last three years. Shanshan’s wealth declined by 24%, now standing at $47.9 billion, due to regulatory pressures and critiques surrounding the bottled water industry. The wealth reshuffling reflects significant shifts in both market trends and sector prominence across China’s economy.
Zhang’s ascent to the number-one spot underscores the growing influence of the tech sector, with his company ByteDance, the creator of the immensely popular platform TikTok, continuing to expand its digital reach both in China and globally. Tencent Holdings CEO Pony Ma also ranks highly on the list, securing third place with a 13% increase in net worth, reaching $44.4 billion. His wealth gain aligns with Tencent’s growth and the broader tech sector's resilience amid changing regulatory environments.
Meanwhile, China's overall billionaire population saw a substantial reduction, with the total number of billionaires dropping by 142, now standing at 753. This shift reflects the broader economic challenges facing China, where the total wealth of its billionaires fell by 10% to $3 trillion. China’s stock market volatility, combined with a slowdown in the real estate market and the impact of new regulations, has led to shifts in the wealth landscape. Many real estate magnates have seen their fortunes diminish, while the technology and new energy sectors have maintained strength.
Hurun’s list highlights a clear trend: tech and renewable energy have gained prominence over the traditional real estate sector, which once accounted for a substantial portion of China’s wealthiest individuals. This pivot to tech and energy aligns with the government’s strategic focus on sustainable growth and innovation. Zhang’s rise, alongside Pony Ma’s consistent wealth gains, demonstrates how the sector’s adaptability and alignment with modern economic trends are reshaping China’s billionaire rankings.
The shifting landscape of China’s wealthiest underscores both the country's economic evolution and the transformative impact of technology and sustainability on its business environment.
