ByteDance founder Zhang Yiming is now China’s wealthiest person, with a net worth of $49.3 billion, according to a yearly ranking of the richest Chinese citizens released on Tuesday. At 41 years old, Zhang, who stepped down as ByteDance’s CEO in 2021, is the 18th individual to top the Hurun China Rich List since it began 26 years ago.
Zhang has surpassed Zhong Shanshan, the owner of a bottled water business, whose wealth decreased by 24% to $47.9 billion, placing him in second. Despite facing legal challenges regarding its operations in the U.S., ByteDance saw its worldwide revenue grow by 30% last year, reaching $110 billion according to Hurun. This growth contributed to an increase in Zhang’s personal wealth.
Pony Ma, the founder of Tencent, ranked third, while Colin Huang, the founder of PDD Holdings, fell to fourth place from third last year, even though his companies, Pinduoduo and Temu, continue to perform well.
The number of billionaires in China decreased by 142, bringing the total down to 753—more than a third less than its peak in 2021. Hurun Report Chairman Rupert Hoogewerf noted that “China’s economy and stock markets had a difficult year.” He highlighted that real estate business owners experienced the most significant drops in wealth, whereas leaders in consumer electronics saw gains, with Xiaomi founder Lei Jun adding $5 billion to his fortune this year.

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