Zhang Yiming Tops Chinas Rich List as ByteDance Thrives
Zhang Yiming, the founder of ByteDance, has been named China’s richest person with a personal wealth of $49.3 billion, according to the latest annual rich list. Despite stepping down as CEO in 2021, Zhang’s fortune surged as ByteDance’s global revenue grew by 30% last year, reaching $110 billion. This growth helped him surpass Zhong Shanshan, the bottled water tycoon, whose wealth fell by 24% to $47.9 billion, placing him in second.
The list also featured Pony Ma, the founder of Tencent, in third place. Colin Huang of PDD Holdings dropped from third to fourth, even as his e-commerce platforms continued to perform well. Overall, the number of billionaires in the list decreased by 142, bringing the total down to 753, a significant decline from its peak in 2021.
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Hurun Report Chairman Rupert Hoogewerf noted that China’s economy and stock markets faced challenges this past year. The real estate sector saw the most dramatic drops in wealth, while consumer electronics experienced rapid growth. He highlighted that solar panel manufacturers saw their fortunes decrease by as much as 80% from 2021, while battery and electric vehicle makers also faced significant declines.
