ByteDance Founder Zhang Yiming Tops China's Rich List With $49.3 Billion Fortune

Zhang Yiming (41), who stepped down as CEO of ByteDance in 2021, becomes the 18th individual in the list's 26-year history to claim the top spot

ByteDance founder Zhang Yiming has emerged as China's wealthiest individual, boasting a personal fortune of $49.3 billion, according to the latest Hurun China Rich List published on Tuesday. Despite facing industry challenges, Zhang's financial standing surpasses counterparts in sectors like real estate and renewable energy, which have struggled over the past year.

At 41, Zhang — who stepped down as CEO of ByteDance in 2021 — becomes the 18th individual in the list's 26-year history to claim the top spot. He replaced former leader Zhong Shanshan, the bottled water magnate, who now ranks second after his wealth declined by 24 per cent to $47.9 billion.

According to Hurun China Rich List, Zhang Yiming became the 18th new Number One in China in just 26 years. The US, by comparison, has only four Number Ones: Bill Gates, Warren Buffett, Jeff Bezos and Elon Musk.

ByteDance's global revenue surged 30 per cent to $110 billion last year, helping Zhang build his fortune even amid a high-profile legal battle over the company’s US assets, Hurun reported.

Tencent founder Pony Ma claimed third place, while PDD Holdings founder Colin Huang dropped from third to fourth, despite steady revenue from Pinduoduo and Temu, his company’s e-commerce platforms.

Overall, the number of billionaires on the list shrank by 142 to 753, marking a more than one-third decline from its peak in 2021.

"China’s economy and stock markets have had a difficult year," commented Hurun Report Chairman Rupert Hoogewerf, noting that the real estate sector faced particularly steep declines. On the other hand, Xiaomi founder Lei Jun added $5 billion to his net worth, highlighting the rapid growth of the consumer electronics industry.

The renewable energy sector saw significant drops, with solar panel makers' fortunes plunging by up to 80 per cent from their 2021 highs, while battery and electric vehicle manufacturers experienced decreases of 50 per cent and 25 per cent, respectively. "Solar panel, lithium battery, and EV makers have had a challenging year, as competition intensified and the threat of tariffs created uncertainty," said Hoogewerf, who is also the list's chief researcher.