Zhang Yiming Tops China’s Rich List as Real Estate Billionaires Fall Behind

ByteDance founder Zhang Yiming became the richest person in China with $49.3 billion in wealth. The Hurun China Rich List showed a decline in fortunes for real estate and renewables sectors. Despite challenges, ByteDance's global revenue rose, elevating Zhang's status as China's wealthiest individual.

ByteDance founder Zhang Yiming has emerged as China's wealthiest individual, amassing personal wealth amounting to $49.3 billion, according to an annual rich list released on Tuesday. Notably, other industry counterparts, especially in real estate and renewables, experienced a downturn.

Marking a significant milestone, Zhang, at 41, distinguishes himself as the 18th individual to claim the title of China's richest person since the Hurun China Rich List's inception 26 years ago. He surpassed Zhong Shanshan, a bottled water tycoon, who fell to second place with his fortune plummeting by 24% to $47.9 billion.

Despite ByteDance's ongoing legal disputes over its U.S. assets, the company saw a 30% surge in global revenue last year, totaling $110 billion. This growth boosted Zhang's personal fortune significantly. Meanwhile, Pony Ma of Tencent ranked third, with Colin Huang of PDD Holdings slipping from third to fourth despite continued growth in his company's e-commerce platforms.

(With inputs from agencies.)