Zhang Yiming Named China's Richest Person

Zhang Yiming, founder of ByteDance, has emerged as China’s richest person for the first time, with a personal fortune of $49.3 billion, according to the Hurun China Rich List. His rise to the top is attributed to a 30% increase in ByteDance’s global revenue, reaching $110 billion, despite ongoing legal challenges in the U.S. Zhang overtook Zhong Shanshan, whose wealth fell by 24% to $47.9 billion, placing him second. The overall number of billionaires in China has decreased by 142 to 753, reflecting a tough economic environment marked by dropping fortunes in traditional sectors like real estate and energy. In contrast, tech leaders like Xiaomi's Lei Jun are thriving, with Lei adding $5 billion to his wealth this year. The Hurun Report indicates that while consumer electronics are on the rise, other industries, particularly solar panel and EV manufacturers, have faced significant declines in wealth.