Zhang Yiming, the visionary behind ByteDance, has secured the title of China’s richest individual, boasting a personal wealth of $49.3 billion, according to the Hurun China Rich List. Zhang, who stepped down as ByteDance CEO in 2021, becomes the 18th person in 26 years to claim this top spot.
Shift in Wealth Rankings
This year, Zhang surpassed Zhong Shanshan, known for his bottled water empire, who saw his wealth dip by 24% to $47.9 billion, pushing him to second place. Meanwhile, Tencent’s low-profile founder, Pony Ma, ranked third, followed by PDD Holdings’ Colin Huang, who slipped from third to fourth despite continued growth in his e-commerce platforms, Pinduoduo and Temu.
Economic and Sectoral Challenges
China’s economic and stock market struggles have impacted the billionaire count, with 142 fewer individuals listed, marking a one-third drop from its 2021 peak. Real estate saw significant declines, while the consumer electronics sector rose, with Xiaomi’s Lei Jun gaining $5 billion.
Challenges for Renewable Sector
Renewable energy players faced a tough year due to intensified competition, oversupply issues, and tariff uncertainties. Solar panel manufacturers saw wealth declines up to 80%, while battery and EV makers also experienced drops by half and a quarter, respectively, according to Hurun’s Chief Researcher, Rupert Hoogewerf.
