Zhang Yiming, the former CEO of ByteDance, has become China’s richest man and the 18th individual to hold this title in a span of 26 years since the first publication of the Hurun China Rich List.
His wealth is estimated at approximately $49.3 billion, thanks to the company’s global revenue, which grew by 30% to $110 billion last year, despite legal challenges regarding its U.S. assets.
Zhang also surpasses Zhong Shanshan, a bottled water magnate who is now the second richest man in China. However, he still holds $47.9 billion despite losing 24% of his fortune.
Rupert Hoogewerf, Chairman of the Hurun Report, stated that China’s economy and stock markets are facing a difficult year, as the number of billionaires on the Hurun China Rich List has dropped to 753, more than a third from its peak in 2021.
The most unfortunate is China’s real estate sector, which is now in a challenging position, contrasting sharply with the success of consumer electronics. This sector has helped add $5 billion to the wealth of Lei Jun, founder of Xiaomi.
