ByteDance Founder Zhang Yiming Reclaims China's Richest Person Title Fueled by AI Growth
Zhang Yiming's wealth increased by 43%, primarily attributed to ByteDance's advancements in artificial intelligence, according to the Hurun Research Institute.
ByteDance founder Zhang Yiming has regained the top position on the list of China's wealthiest individuals, propelled by his company's significant expansion into artificial intelligence. The annual rankings, released by The Hurun Research Institute, highlight a rise in the nation's high-tech sectors amidst pressure on consumer and real estate industries.
The Hurun Research Institute reported a record 1,529 individuals with a net worth exceeding 5 billion yuan (approximately $750 million), marking a 6.6% increase from the previous year. The number of billionaires, measured in U.S. dollars, reached 1,176, an increase of 155 individuals, though slightly below the 2021 figure of 1,185.
Zhang's net worth stands at $100 billion, a 43% increase, with nearly all of this growth attributed to artificial intelligence, according to Rupert Hoogewerf, chairman of Hurun Report. He noted that ByteDance's AI assistant, Doubao, is the most widely used in China. ByteDance is also the parent company of popular social media platforms Douyin and TikTok.
"AI is the biggest single wealth engine on this list: 160 Hurun rich listers — 1 in 10 — now make their money from AI," Hoogewerf stated.
Zhong Shanshan, a bottled water magnate, moved to second place with $61 billion, a decrease of 23%. Robin Zeng, chairman of CATL, the world's largest manufacturer of electric vehicle batteries, secured the third position.
The report also highlighted the emergence of new figures in the tech industry, with Liang Wenfeng, founder of Chinese artificial intelligence startup DeepSeek, ranking seventh, and Chen Tianshi, chair of AI chipmaker Cambricon, placing tenth.
"This year’s gains were polarised — entrepreneurs in AI, semiconductors and robotics surged ahead, whilst those in consumer, real estate and traditional manufacturing saw their wealth shrink — a two-speed economy," Hoogewerf observed.
China's economy grew 4.5% in the third quarter compared to the previous year, driven by strong exports, bringing it closer to its annual growth target of 4.5% to 5%. While sectors like AI and electric vehicles are benefiting from government support, small business owners report declining customer spending.
The domestic demand in China has been impacted by a prolonged downturn in its property market. This trend is reflected in the Hurun list, with Hoogewerf noting that for the first time, no mainland property developers are among the Top 100.
Lei Jun, chairman of Xiaomi, a Chinese smart consumer electronics company, experienced the most significant decline in wealth this year, with his net worth falling by half to $25.1 billion. Consumer-related fortunes generally decreased across the board, according to Hoogewerf.