🔴 Exclusive webinar: The Secrets of ProPicks AI Success Revealed + November’s List FREEWatch Now

Founder of TikTok owner ByteDance jumps to top of China's rich list

Published 10/29/2024, 01:36 AM
Updated 10/29/2024, 01:40 AM
© Reuters. Zhang Yiming, founder and global CEO of ByteDance, poses in Palo Alto, California, U.S., March 4, 2020. Picture taken March 4, 2020.   REUTERS/Shannon Stapleton/ File Photo
PDD
-

By Casey Hall

SHANGHAI (Reuters) - ByteDance founder Zhang Yiming is China's richest person, with personal wealth of $49.3 billion, an annual rich list showed on Tuesday, although counterparts in real estate and renewables have fared less well.

Zhang, 41, who stepped down as chief executive of ByteDance in 2021, becomes the 18th individual to be crowned China's richest person in the 26 years since the Hurun China Rich List was first published.

He overtook bottled water magnate Zhong Shanshan, who slipped to second place as his fortune dropped 24% to $47.9 billion.

Despite a legal battle over its U.S. assets, ByteDance's global revenue grew 30% last year to $110 billion, Hurun said, helping to propel Zhang's personal fortune.

Third on the list was Tencent's low-profile founder, Pony Ma, while Colin Huang, founder of PDD Holdings, slipped to fourth place from third last year, even as his firm's discount-focused e-commerce platforms, Pinduoduo (NASDAQ:PDD) and Temu, continue to show healthy revenue growth.

The number of billionaires on the list dropped by 142 to 753, shrinking more than a third from its 2021 peak.

"China’s economy and stock markets had a difficult year," said Hurun Report Chairman Rupert Hoogewerf.

The most dramatic falls in fortunes have come from China's real estate sector, he added, while consumer electronics is clearly rising fast, with Xiaomi (OTC:XIACF) founder Lei Jun adding $5 billion to his wealth this year.

© Reuters. Zhang Yiming, founder and global CEO of ByteDance, poses in Palo Alto, California, U.S., March 4, 2020. Picture taken March 4, 2020.   REUTERS/Shannon Stapleton/ File Photo

"Solar panel, lithium battery and EV makers have had a challenging year, as competition intensified, leading to a glut, and the threat of tariffs added to uncertainties," said Hoogewerf, who is also the list's chief researcher.

"Solar panel makers saw their wealth down as much as 80% from the 2021 peak, while battery and EV makers were down by half and a quarter respectively."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.