China’s Richest Person Emerges from ByteDance, Leaving ‘Bottled Water King’ in the Dust – Unprecedented Wealth Shift Revealed in Hurun Research List

Shanghai, China – In a groundbreaking development, Zhang Yiming, the founder of ByteDance, has risen to become China’s wealthiest individual, as reported by the Hurun Research Institute. This milestone marks a significant shift from Nongfu Spring Chairperson Zhong Shanshan, who has held the top spot for three consecutive years. At 44 years old, Zhang now boasts a personal fortune of $49.3 billion, surpassing Zhong, whose wealth decreased by 24% to $47.9 billion following a public backlash against his company earlier this year.

ByteDance, renowned for its popular app TikTok with over a billion active monthly users globally, experienced a noteworthy increase in profits of around 30% last year, according to Hurun. Meanwhile, Pony Ma Huateng, CEO of Tencent, China’s internet giant, moved down one position to third place on the list, despite a 13% rise in his wealth to $44.4 billion. This increase in wealth for Ma comes amidst a rise in Tencent’s revenue and profit.

Colin Huang, the founder of Pinduoduo, an e-commerce platform, secured the fourth spot on the list, despite a 9% decline in his wealth. Furthermore, Midea founder He Xiangjian and CATL’s CEO Zeng Yuqun captured the fifth and sixth positions, respectively, on the prestigious list. With wealth exceeding 5 billion yuan ($700 million), China now boasts 1,094 individuals in this elite category, a decrease of 12% or 147 individuals compared to the previous year, states Hurun Research.

The combined wealth of these entrepreneurs totals a staggering $3 trillion, 10% lower than the previous year. The number of billionaires in China dropped to 753 individuals, down by 142 from the previous year and over 30% from the high of 1,185 in 2021. Rupert Hoogewerf, chairman and chief researcher of the Hurun report, noted that the list has contracted for the third consecutive year, reflecting the challenges faced by China’s economy and stock markets in recent times.

Hoogewerf highlighted the shifting landscape of the list, now dominated by entrepreneurs in technology, consumer electronics, and new energy sectors, as opposed to real estate developers who were previously prevalent. He emphasized that the stories of individuals on the list mirror the trajectory of the Chinese economy, with the new generation of entrepreneurs exhibiting a more international outlook. Notably, Zhang’s global success with TikTok and Huang’s role in positioning Pinduoduo as a global e-commerce hub were cited as examples of this trend.