ByteDance's Zhang Yiming Tops China's Rich List

By Billy Jiang, October 30, 2024

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In a recent shake-up on the Hurun China Rich List 2024, China’s wealth landscape is shifting as Zhang Yiming, the reclusive founder of ByteDance, climbed to the top as the country’s wealthiest individual. 

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Top 20 of the Hurun China Rich List 2024. Screenshot by That's

With a net worth reportedly reaching USD49.3 billion, Zhang has dethroned Zhong Shanshan, the bottled water tycoon behind Nongfu Spring, whose fortune currently stands at USD47.9 billion. 

ByteDance, the parent company of global social media sensation TikTok (and its Chinese counterpart Douyin), has grown immensely in value, currently estimated at USD220 billion. 

Despite Zhang stepping away from active roles in the company in 2021, his ownership stake remains substantial enough to keep his fortune soaring. 

ByteDance’s explosive global impact, largely driven by the unprecedented popularity of TikTok, has made Zhang one of the world’s most influential tech entrepreneurs, putting Chinese tech giants on a global stage alongside companies like Meta and Google.

Meanwhile, Zhong Shanshan, who previously held the title of China’s wealthiest, exemplifies the traditional sectors that once dominated China’s rich list. 

Zhong’s wealth stems primarily from his bottled water empire, Nongfu Spring, and his pharmaceutical interests. 

Tech-Giant.jpgThe Hurun list unveils fewer tech entrepreneurs at the top than in previous years. Screenshot by That's

While tech giants still hold considerable sway, this year’s Hurun China Rich List reveals a shift in the composition of China’s wealthiest, with fewer tech entrepreneurs at the top than in previous years. 

Notable Top 5 absentees from prior tech-dominated rankings include Ma Yun (Jack Ma), whose net worth has seen significant declines following regulatory pressures on Alibaba and Ant Group. 

Meanwhile, Ma Huateng (Pony Ma) of Tencent, once a regular at the top, has also slipped down the ranks due to a more stringent regulatory environment affecting the tech industry’s profitability and valuations. 

Conversely, wealth from the healthcare and pharmaceutical sectors has surged, represented by figures like Zhong Huijuan, the billionaire behind Hansoh Pharmaceutical, and Sun Piaoyang of Jiangsu Hengrui Medicine, both of whom have seen robust growth as China’s healthcare sector expands.

The green energy boom has also played a role in diversifying the ranks, with Robin Zeng, founder of battery giant CATL, climbing the list as demand for electric vehicles drives up the value of his company. 

Real estate tycoons, traditionally among China’s wealthiest, are increasingly losing ground due to financial strains within the sector. 

Figures such as Xu Jiayin of Evergrande have seen their fortunes plummet as the property market remains turbulent. 

Instead, wealth from industrial manufacturing is on the rise, with entrepreneurs like Li Shufu of Geely Automobile and Wang Chuanfu of BYD establishing themselves as leaders in both traditional and electric vehicle production.

The Hurun list also highlights geographic patterns, with the majority of the top 100 richest individuals residing in major economic hubs like Beijing, Guangdong, and Shanghai. 

These regions remain pivotal in fostering business and innovation, contributing to China’s growing economic power. 

When was the last time you downloaded a new Chinese app or read about a Chinese tech giant making waves? Follow us on WeChat at ThatsGBA to stay tuned with the latest in China’s tech and business landscape.


[Cover image via unsplash]

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