Zhang Yiming, the co-founder of Chinese tech giant ByteDance and creator of TikTok, climbed to the top of China’s rich list, surpassing Nongfu Spring founder Zhong Shanshan. Zhang started ByteDance in 2012 in a four-bedroom Beijing apartment. Despite stepping down as CEO of ByteDance under government pressure in 2021, Zhang’s fortune grew to $49.3 billion, making him China’s richest person.
He faced legal challenges regarding TikTok’s U.S. assets but saw ByteDance’s revenue grow by 30%. The 41-year-old entrepreneur became the 18th individual to dominate China’s Rich List since its inception.
Other Notable Figures
Pony Ma Huateng, CEO of Tencent, ranked third, with a 13% wealth increase to $44.4 billion. Colin Huang of Pinduoduo held the fourth spot, while Midea founder He Xiangjian and CATL’s CEO Zeng Yuqun followed. Zhong Shanshan, who lost his top spot after three years, slipped to second place with a fortune of $47.9 billion. The list reflected a notable shift towards technology and consumer electronics entrepreneurs over traditional real estate developers.
General Wealth Trends in China
China experienced a decrease in billionaires, down to 753 individuals, marking a 30% drop from the previous year’s peak of 1,185. The combined wealth of these entrepreneurs totaled $3 trillion, indicating a 10% decrease from the prior year. The economy faced challenges, impacting various industries. Notable gains were seen in consumer electronics, with Xiaomi founder Lei Jun adding $5 billion to his wealth. On the other hand, the real estate sector saw significant declines. At the same time, competition intensified in industries like solar panels, lithium batteries, and electric vehicles, leading to wealth reductions for companies in these industries.
