ByteDance founder Zhang Yiming has emerged as China’s wealthiest individual, with a net worth of $49.3 billion, according to the newly released Hurun China Rich List. Despite his impressive fortune, Zhang still trails far behind India’s richest man, Reliance Industries chairman Mukesh Ambani, whose wealth surpasses $102 billion.
The Hurun China Rich List, published annually by the Hurun Research Institute, reports that the collective wealth of China’s top entrepreneurs has declined by 10% from the previous year, totaling $3 trillion. This marks the third consecutive year of decline, reflecting challenges in China’s economy and stock markets.
Rupert Hoogewerf, chairman and chief researcher at Hurun, stated, “The Hurun China Rich List has shrunk for an unprecedented third year running.”
India’s wealth growth contrasts sharply with China’s decline. The Hurun India Rich List, released in August, highlights a 29% increase in the number of billionaires in India, reaching a record 334. Meanwhile, China saw a 25% drop in its billionaire count, leaving it with 753 billionaires compared to India’s growing list.
This year, only 54 new names were added to China’s list, the lowest in two decades. By contrast, India’s rich list saw the addition of numerous new faces, with top sectors contributing significantly to the billionaire count.
At 41, Zhang Yiming’s wealth, according to Hurun, stands at $49.3 billion. ByteDance, the company he founded, owns popular short-video platforms Douyin and TikTok, which brought in $110 billion in revenue last year.
