ByteDance's Zhang Yiming is now China’s richest person, thanks to TikTok's success | Top 10 list

ByteDance founder Zhang Yiming has claimed the top spot on China's wealth rankings, with a personal fortune of $49.3 billion, according to the Hurun China Rich List published Tuesday. Zhang, 41, became the country’s wealthiest individual for the first time, dethroning bottled water magnate Zhong Shanshan, who saw his wealth dip 24% to $47.9 billion amid challenges for China’s traditional sectors.

ByteDance, best known for its viral video platform TikTok, reported a 30% increase in global revenue last year to $110 billion, with its US user base nearing 200 million.

With Zhang’s ascent to the top spot on China’s wealthiest list, fortunes built in technology eclipse those of industries like real estate and manufacturing, which had previously dominated the rankings. Zhong, the 70-year-old founder of Nongfu Spring, dropped to second place with a wealth of $47.9 billion, reflecting a sharp 24% decline, or $15.5 billion.

Tencent’s Pony Ma Huateng, 53, ranked third with a net worth of $44.4 billion, marking a 13% increase. Tencent’s robust 9.8% revenue growth and 36% surge in profits were driven by its expanding overseas gaming presence, and its messaging app WeChat now serves 1.3 billion users globally.

Despite the economic headwinds, sectors such as industrial and consumer products represented the largest portions of this year’s Hurun China Rich List at 13% and 11% respectively. The healthcare sector followed closely, comprising 9.7% of the list, illustrating a shift in priorities as both the domestic and global demand for healthcare innovation grows.

“The new generation of entrepreneurs in China are much more international than their predecessors. Zhang Yiming, 41, went global with TikTok, Colin Huang, 44, with shopping app Temu, Chris Xu, 41, with fast fashion app Shein and Cai Haoyu, 37, with online gaming platform Mihoyo,” Rupert Hoogewerf, Hurun Report chairman and its chief researcher, said.

The Hurun Report noted a decrease in the number of individuals on the list, which fell by 12% to 1,094 individuals holding more than CNY 5 billion ($700 million). Combined wealth dropped 10% to $2.97 trillion. More than 900 individuals saw either declines in wealth or no change, with 201 dropping off the list altogether.

“China’s economy and stock markets have had a tough year,” Hoogewerf said. “For the third consecutive year, the list has shrunk, down 25% from its 2021 peak when 1,465 individuals met the threshold.”

The economic environment has proved especially challenging for sectors like solar, lithium batteries, and electric vehicles, which have contended with excess supply and the looming threat of tariffs.

“Solar panel makers saw wealth declines of up to 80% from their peak, and battery and EV makers were down by half and a quarter, respectively,” Hoogewerf added.

Here’s the list of 10 richest individuals in China:

Zhang Yiming

Zhong Shanshan

Pony Ma Huateng

Colin Huang Zheng

He Xiangjian & family

Zeng Yuqun

William Ding Lei

Li Ka-shing & Victor Li Tzar Kuoi

Lee Shau Kee & family

Jack Ma Yun & family