Zhang Yiming, the founder of ByteDance, is now officially China’s wealthiest individual, surpassing bottled water tycoon Zhong Shanshan. With a staggering net worth of $49.3 billion, Zhang leads the latest Hurun Report’s ranking of China’s richest people. This marks him as the 18th billionaire to reach the top position on the prestigious list, highlighting his success as the force behind ByteDance, the parent company of TikTok.
ByteDance’s Success Amid U.S. Legal Battles
Despite ongoing legal challenges with its U.S. operations, ByteDance achieved a remarkable 30% increase in global revenue, reaching a total of $110 billion last year. This revenue growth bolstered Zhang Yiming’s wealth, solidifying his status at the top of China’s billionaire list. Known as the “king of short videos,” ByteDance’s expanding reach and popularity have driven its financial success, making it one of the world’s most influential tech companies.
After leading the Hurun list last year, Zhong Shanshan, the founder of Nongfu Spring, fell to second place, with his wealth dropping by 24% to $47.9 billion. This decline translates to a $17 billion loss, making him one of the world’s largest financial losers this year, according to Bloomberg. The sharp decline in Zhong’s wealth reflects a difficult year for several sectors in China, especially as the beverage industry faced slower growth.
Other Top Contenders: Tencent’s Pony Ma and PDD Holdings’ Colin Huang
Pony Ma: The founder of Tencent, one of China’s largest tech giants, ranked third with a net worth of $44.4 billion.
Colin Huang: Founder of PDD Holdings, known for its low-cost e-commerce platforms Pinduoduo and Temu, took the fourth spot with a net worth of $34.5 billion. While he dropped one position from last year, the company’s platforms continue to show consistent growth, reflecting sustained demand in the e-commerce sector.
Decline in the Number of Billionaires in China
The Hurun Report’s latest findings reveal a significant drop in the number of billionaires in China, with the total falling by 142 to 753 individuals. This reduction represents a decline of over 30% from the peak number in 2021. Chairman of Hurun Report, China’s economy and stock market have encountered substantial challenges, affecting wealth accumulation across various sectors.
Real Estate and New Energy Sectors Face Steep Losses
The most notable losses this year came from the real estate and new energy sectors, where increased competition and overcapacity have negatively impacted wealth. Solar, lithium battery, and electric vehicle billionaires saw substantial declines:
Solar Energy Billionaires: Their fortunes fell by 80% from the 2021 peak.
Battery Billionaires: Wealth decreased by 50%.
Electric Vehicle Billionaires: A 25% decline was noted, attributed to rising competition and the threat of higher import tariffs.
Growth in Consumer Electronics and Cryptocurrency Wealth
While some sectors struggled, others saw significant gains:
Lei Jun: Xiaomi founder, added $5 billion to his fortune, reaching a total of $18.3 billion.
Changpeng Zhao (CZ): Founder of Binance, the world’s largest cryptocurrency exchange, saw his wealth increase by an impressive $12.6 billion.
Tech and Digital Influence on China’s Wealth Landscape
Zhang Yiming’s rise to the top highlights the power of tech-driven businesses in shaping China’s wealth landscape. With the growth of digital platforms, e-commerce, and cryptocurrency, the list of China’s wealthiest individuals reflects the shifting economic dynamics and evolving business environment in the country. As the economy adapts, leaders in consumer electronics, digital content, and cryptocurrency continue to see new opportunities, while traditional sectors face increasing pressure.
