Zhang Yiming, the founder of ByteDance, has become China’s richest person with a personal wealth of $49.3 billion, according to an annual rich list released on Tuesday.
At 41, Zhang, who stepped down as ByteDance CEO in 2021, is the 18th person to top China’s rich list in its 26-year history.
He overtook Zhong Shanshan, the bottled water tycoon, whose wealth dropped by 24% to $47.9 billion, placing him in second.
Despite ongoing legal issues over its U.S. assets, ByteDance saw global revenue grow by 30% last year, reaching $110 billion, which contributed to Zhang’s rise in wealth, Hurun said.
Tencent founder Pony Ma ranked third on the list, while Colin Huang of PDD Holdings slipped from third to fourth, although his e-commerce companies, Pinduoduo and Temu, continue to grow.
The list showed a drop in the number of billionaires, down by 142 to 753, marking a significant decline from its 2021 high.
“China’s economy and stock markets faced a tough year,” said Rupert Hoogewerf, Chairman of Hurun Report.
Fortunes in China’s real estate sector suffered the most, he noted, while consumer electronics are on the rise, with Xiaomi’s Lei Jun adding $5 billion to his wealth this year.
