- ByteDance founder Zhang Yiming topped the Chinese billionaire list for the first time with a net worth of $49.3 billion (€45.6 billion).
- This year, only 54 new names were added to China’s rich list, the lowest number in twenty years.
What happened
According to the latest “Hurun China Rich List” released by the Hurun Research Institute, ByteDance founder Zhang Yiming has topped the list for the first time. His net worth is $49.3 billion (45.6 billion euros). Zhang Yiming is not only the founder of ByteDance but also the leader of the popular short video platforms Douyin and TikTok. Last year, ByteDance’s revenue grew to $110 billion (€101.8 billion). His rise to the top also means he became the first billionaire born in the 1980s on the Hurun Rich List.
In the 2024 rankings, Zhong Shanshan fell to second place with a net worth of $47.9 billion (€44.2 billion). His brand, Nongfu Spring, faced strong consumer backlash in February because of bottle design issues. This led to a loss of billions in market value. Tencent founder Ma Huateng ranked third with a net worth of $44.4 billion (€41.1 billion). He benefited from the revenue growth of the company’s gaming business. Compared to last year, the total assets of everyone on this year’s list have decreased by 2 trillion euros. Additionally, the number of billionaires has dropped by 142. There are currently 753.
This year, 54 new names were added to China’s rich list. This is the lowest number in twenty years, including Xiaohongshu founders Mao Wenchao and Qu Fang. Rupert Hoogewerf, chairman and chief researcher of the Hurun Report, pointed out that this is the third consecutive year of decline for the Hurun China Rich List. He noted this trend is concerning for many. This situation is unprecedented in history. It reflects the difficult conditions faced by the Chinese economy. Additionally, it shows the challenges in the stock market over the past year.
Also read: ByteDance reportedly pursues $5B loan refinancing
Also read: TikTok creators and ByteDance fight proposed ban in court
Why it is important
Zhang Yiming’s rise to the top symbolizes the significant position and influence of the tech industry in China’s and even the global economy. His success underscores the crucial role of technological innovation in driving economic growth and wealth accumulation. The decline in the total wealth of entrepreneurs and the decrease in the number of billionaires on the list reflect changes in the global and Chinese economies. This is especially true due to factors like the COVID-19 pandemic. Additionally, adjustments in the real estate market and stock market fluctuations have also played a role. Changes in the billionaire rankings can serve as a sign of investment and market trends. These changes can influence investors’ decisions. They also affect market expectations. At the same time, these changes reflect how wealth is distributed and its liquidity. This information is important for understanding socio-economic dynamics. It also helps in formulating relevant policies.
