ByteDance founder Zhang Yiming has been named China's wealthiest individual, with a personal fortune of $49.3 billion, according to the latest annual rich list released on Tuesday.
At 41, Zhang, who stepped down as ByteDance's CEO in 2021, has become the 18th person to top the Hurun China Rich List since its inception 26 years ago. He surpassed bottled water tycoon Zhong Shanshan, who dropped to second place as his wealth decreased by 24% to $47.9 billion.
Despite ongoing legal challenges concerning its U.S. assets, ByteDance's global revenue surged 30% last year to $110 billion, according to Hurun, significantly boosting Zhang's personal wealth. Tencent's low-profile founder, Pony Ma, ranked third, while Colin Huang, the founder of PDD Holdings, slipped to fourth place from third last year, even as his discount-focused e-commerce platforms, Pinduoduo and Temu, continued to exhibit robust revenue growth.
The number of billionaires on the list decreased by 142 to 753, a decline of more than a third from its peak in 2021. "China's economy and stock markets faced a challenging year," noted Hurun Report Chairman Rupert Hoogewerf. He added that the most significant declines in fortunes were observed in the real estate sector, while the consumer electronics industry is rapidly rising, with Xiaomi founder Lei Jun increasing his wealth by $5 billion this year.
Source link: https://www.khaleejtimes.com
