ByteDance founder Zhang Yiming has been crowned China’s wealthiest person, according to the Hurun Research Institute, displacing Nongfu Spring’s Zhong Shanshan, who led for the last three years.
Zhang’s $49.3 billion fortune eclipses Zhong’s wealth of $47.9 billion, following a tumultuous year for Zhong’s bottled water business, which faced public criticism in early 2024.
Zhang, known globally for TikTok, saw his wealth surge as ByteDance’s profits rose by nearly 30%, positioning him at the top of China’s wealth hierarchy.
This year’s rankings highlight the evolving landscape of Chinese wealth, with tech and energy sectors now leading, a shift from the once-dominant real estate sector.
Tech billionaires dominate China’s wealthiest
The rise of ByteDance founder Zhang Yiming marks a significant shift in China’s wealth composition, with tech billionaires increasingly topping the list.
Tencent CEO Pony Ma, valued at $44.4 billion, ranks third, and Colin Huang, Pinduoduo’s founder, comes fourth.
Tencent and Pinduoduo’s international expansion and revenue growth have fortified their founders’ standings.
ByteDance’s global success with TikTok exemplifies the trend of Chinese entrepreneurs targeting international markets, a strategy that now distinguishes new-generation billionaires from their predecessors.
China’s billionaire population has dropped significantly, with 142 fewer billionaires compared to the previous year, bringing the total to 753.
This 16% decline follows challenges in the Chinese economy and underperformance in the stock markets.
The billionaire count has fallen by more than 30% since its peak of 1,185 in 2021, underlining China’s economic slowdown and market volatility.
The combined wealth of China’s wealthiest individuals reached $3 trillion, marking a 10% decrease from last year.
Focus shifts from real estate to tech and energy
The Hurun China Rich List reflects a shift in Chinese wealth from real estate to technology, consumer electronics, and renewable energy sectors.
With former wealth leaders in real estate slipping, entrepreneurs in tech and energy now represent the country’s economic future.
Executives from firms like ByteDance and Pinduoduo showcase this shift, leveraging international markets to expand their wealth.
The list’s composition is a telling indicator of where China’s economic growth is anticipated in the coming years, with fewer developers but more innovators in digital and green sectors.
Hurun Research notes that today’s Chinese billionaires are markedly more global-minded.
Zhang Yiming’s ByteDance and Colin Huang’s Pinduoduo have notably ventured beyond China, with TikTok and Temu respectively gaining significant international traction.
This strategic focus on foreign markets aligns with broader economic goals as China’s domestic market growth moderates, driving entrepreneurs to seek opportunities abroad and secure their fortunes through global outreach.
The Hurun China Rich List indicates that technology and energy are now key wealth generators in China, reshaping the country’s economic landscape.
Pony Ma of Tencent and Zhang Yiming of ByteDance exemplify this transition, building fortunes through high-growth, digitally-centered ventures.
The shift from real estate to technology underscores a transformative moment for China’s economy, spotlighting innovation and internationalization as critical factors for wealth accumulation.
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