ByteDance Founder Zhang Yiming Tops China’s Rich List

ByteDance founder Zhang Yiming has topped the list of China’s richest people, according to the Hurun Research Institute, despite many of them seeing their net worths decline over the past year, Zen Soo reported for the Associated Press (AP).

Bytedance's Zhang ranked No. 1 for the first time this year, with a net worth of $49.3 billion. I Photo: Minerva University

The institute, which publishes the annual Hurun China Rich List, revealed that the total wealth of the entrepreneurs on this year's list amounted to $3 trillion, down 10% from the previous year.

The number of billionaires, based on net worth in U.S. dollars, also fell by 142, leaving the total at 753. Since 2021, Hurun has tallied 1,185 billionaires.

“The Hurun China Rich List has shrunk for an unprecedented third year in a row, as China’s economy and stock markets faced a challenging year,” said Rupert Hoogewerf, chairman and chief researcher of the Hurun report.

Zhang ranked No. 1 for the first time this year, with a net worth of $49.3 billion, according to Hurun.

ByteDance, the parent company of popular platforms Douyin and TikTok, saw its revenue grow to $110 billion last year. Zhang is also the first individual born in the 1980s to top the Hurun list.

Bottled water magnate Zhong Shanshan fell to second place with $47.9 billion after facing backlash against his brand, Nongfu Spring, in February due to accusations of disloyalty to China over bottle designs.