HONG KONG — According to the Hurun Research Institute, Zhang Yiming, the founder of ByteDance, has emerged as the wealthiest individual in China. Despite his rise, many other wealthy individuals in the nation have experienced substantial declines in their fortunes over the past year.
The annual Hurun China Rich List indicated that the collective wealth of those featured reached $3 trillion this year, marking a 10% decrease compared to last year’s figures. Additionally, the count of billionaires measured in U.S. dollars dropped by 142, leaving a total of 753 billionaires on the list. Since 2021, Hurun has noted a total of 1,185 billionaires.
Rupert Hoogewerf, the chairman and chief researcher for the Hurun report, commented on the situation, stating that “the Hurun China Rich List has shrunk for an unprecedented third year running, as China’s economy and stock markets faced significant challenges.”
Zhang Yiming has secured the top position for the first time, boasting a net worth of $49.3 billion. ByteDance, the company responsible for popular short-video platforms Douyin and TikTok, reported impressive revenue growth, reaching $110 billion last year. Notably, Zhang is the first person born in the 1980s to achieve this distinction on the Hurun list.
In second place is Zhong Shanshan, known for his success in the bottled water industry, who stands at $47.9 billion. His brand, Nongfu Spring, faced criticism in February when consumers accused it of lacking loyalty to China due to certain bottle designs, leading to considerable losses in market value.
Pony Ma, the founder of Tencent, ranks third with a personal fortune of $44.4 billion, attributing his stable finances to rising revenues at his gaming firm.
This year’s China Rich List only saw the addition of 54 new individuals, the lowest number recorded in two decades. Among those newly included are Charlwin Mao and Miranda Qu Fang, co-founders of Xiaohongshu, a social media and lifestyle platform that has garnered popularity among younger users.
The performance of China’s economy has been sluggish following the COVID-19 pandemic, compounded by a crisis in the real estate sector and volatility within the stock market. In light of recent economic challenges, policymakers are anticipated to introduce significant stimulus measures aimed at boosting consumption and spending, which have both seen declines in recent months.