Oct 29, 2024 08:50 PM IST
At 41, the ex-CEO of ByteDance is the youngest person to top the annual Hurun China Rich List.
Zhang Yiming, founder of TikTok owner ByteDance, is the wealthiest person in China with a personal fortune of close to $50 billion, according to the annual Hurun China Rich List.
The 41-year-old, who resigned as CEO of ByteDance in 2021, has a net worth of $49.3 billion and jumped four spots from the previous year. Also, he is the first person from the 1980s to rank first in 26 years of the list.
The rise in Zhang’s personal fortune is primarily due to the $110 billion it made as global revenue in 2023, a growth of 30% from the previous year, Hurun China found. This was despite the company fighting a legal battle over its assets in the US, it added.
Meanwhile, bottled water magnate Zhong Shanshan fell one spot to second, as his net worth slipped 24% to $47.9 billion. In February, his brand Nongfu Spring faced backlash over the design of its bottles, leading to it being accused of ‘disloyalty’ to China.
Ma Huateng ($44.4 billion) of technology conglomerate Tencent was third, followed by e-commerce firm Pinduodo’s Huang Zheng ($34.5 billion). Rounding off the top five were He Xiangjian and family ($33.1 billion) of Midea, a provider of household appliances.
At sixth 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) was tenth, behind Lee Shau Kee and Family (Henderson Land; $24.6 billion).
This year, the number of billionaires dropped to 753, as against 895 in 2023. Additionally, the total wealth of entrepreneurs was $3 trillion, down 10% from a year ago.
“China’s solar panel, lithium battery and EV makers have had a challenging year, as competition intensified, leading to a glut, and the threat of tariffs added to uncertainties,” said Rupert Hoogewarf, Chairman, Hurun Report.
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