Zhang Yiming Tops China's Hurun Rich List

Zhang Yiming, the founder of ByteDance, has emerged as China's richest individual with a net worth of $49.3 billion, surpassing Zhong Shanshan of Nongfu Spring. This shift comes as China's wealthy landscape is increasingly dominated by tech and new energy entrepreneurs, with older real estate tycoons losing ground. Despite ByteDance facing legal challenges in the U.S. over its TikTok app, the company's revenue grew by 30% last year to $110 billion, bolstering Zhang's wealth. Meanwhile, China's overall billionaire count has declined drastically, with the number of billionaires dropping from 1,185 in 2021 to 753, due to economic challenges and government crackdowns. The Hurun China Rich List reflects this transition towards tech-driven fortunes amidst broader economic pressures. Furthermore, Yu Kai, founder of Horizon Robotics, has also joined the ranks of billionaires following his company's IPO in Hong Kong.