China’s richest people list topped by ByteDance founder

Founder of ByteDance Zhang Yiming tops the list of China’s richest people, according to the Hurun Research Institute, although many of them have seen their wealth fall in the past year.

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

The number of billionaires, based on their net worth in US dollars, also fell by 142 to 753. Hurun had 1,185 billionaires as of 2021.

“The Hurun China Rich List has shrunk for the third year in a row as the Chinese economy and stock markets face a tough year,” he said. Rupert Hoogewerfchairman and principal investigator of the Hurun Report.

ByteDance’s Zhang hit No. 1 for the first time this year, with a net worth of $49.3 billion, according to Hurun. ByteDance, the parent company of the popular short video platforms Douyin and TikTok, saw its turnover grow to $110 billion last year.

He is also the first person born in the 1980s to top the Hurun list.

Bottled water magnate Zhong Shanshan fell to second place in 2024 with $47.9 billion after its Nongfu Spring brand faced a backlash in February when consumers accused it of being disloyal to China over the design of its bottles.

The setback wiped out billions in market value for Nongfu Spring.

In third place comes the founder of Tencent Pony Ma with a net worth of $44.4 billion, as the gaming company saw its revenues increase.

This year’s China Rich List saw just 54 new names added to the list, the lowest figure in two decades. New additions include Charlwin Mao And Miranda Qu Fangthe founders of Xiaohongshu, a social media and lifestyle platform popular with young users.

China’s economy has lagged in the wake of the COVID-19 pandemic, as the country grapples with a real estate crisis and a volatile stock market. Policymakers are expected to unveil major stimulus measures to encourage consumption and spending, which have fallen in recent months.