Founder of TikTok jumps to top of China’s rich list

Zhang Yiming Surges to the Top of China’s Rich List
ByteDance founder Zhang Yiming has emerged as China’s wealthiest individual, according to the 2023 Hurun China Rich List. With a personal fortune estimated at $49.3 billion, Zhang dethrones bottled water magnate Zhong Shanshan, who now ranks second with $47.9 billion. This marks a significant milestone, making Zhang the 18th person to hold the title of China’s richest since the list’s inception in 1999.
ByteDance’s Revenue Drives Zhang’s Fortune
Despite facing legal challenges in the United States, ByteDance’s global revenue surged by 30% last year to $110 billion. This growth played a pivotal role in propelling Zhang’s personal wealth to the top of the ranking.
Changes in the Top Ranks
Tencent founder Pony Ma remains in third place, while Colin Huang of PDD Holdings has slipped to fourth position. PDD Holdings’ discount-focused e-commerce platforms continue to perform well, but its ranking has been impacted by intense competition in the industry.
Decline in Billionaires
The number of billionaires on the Hurun China Rich List has decreased by 142 to 753, marking a decline of over a third compared to its peak in 2021. This reduction is largely attributed to the challenges faced by the Chinese economy and stock markets.
Sectoral Shifts
The real estate sector has witnessed the most significant wealth loss, while consumer electronics has seen a notable rise. Xiaomi founder Lei Jun increased his fortune by $5 billion this year, demonstrating the sector’s upward trajectory.
Challenges in Renewables
The solar panel, lithium battery, and electric vehicle (EV) sectors have faced headwinds due to increased competition, oversupply, and the threat of tariffs. As a result, solar panel makers have experienced a wealth decline of up to 80% since 2021, while battery and EV makers have lost half and a quarter of their fortunes, respectively.