ByteDance head makes it to top of China rich list
"Short video king" Zhang Yiming topped this year's Hurun China Rich List for the first time with assets of US$49.3 billion, overtaking Nongfu Spring's Zhong Shanshan.
Aged 41, he is the first to top China rich list born in the 1980s.
The annual ranking found 1,094 individuals with more than 5 billion yuan (US$704 million) of assets, with that number down 12 percent, or 147 individuals, from a year earlier.
The combined value of wealth of entrepreneurs on the list was US$3 trillion, also falling 10 percent from last year, according to wealth calculations as of August 30.
ByteDance's Zhang Yiming topped this year's Hurun China Rich List for the first time.
ByteDance's strong performance and the significant user base of its TikTok app in the United States contributed to Zhang's increase in wealth.
A total of 967 on last year's list saw their wealth decrease or remain unchanged, 201 dropped off the list, and 331 saw their wealth increase. Meanwhile, 54 new faces joined the list.
Shanghai is the location of residence for 112 rich entrepreneurs, overtaking Shenzhen for the first time in more than 10 years to become the second-largest city with the most entrepreneurs on the list, following Beijing with 115.
"Bottled Water King" Zhong Shanshan, 70, lost his top spot after dominating the list since 2021, dropping to second place with US$47.9 billion – 24 percent lower than a year earlier.
"Bottled Water King" Zhong Shanshan dropped to the second place after dominating the top spot since 2021.
The number of individuals on the rich list shrank 25 percent from the peak level of 2021, and half of the entrepreneurs on this year's list were not on the list just five years ago, pointing to a shift of wealth from the old to the new.
"The old guard, represented by real estate developers, has given way to the new generation who made their wealth from tech, new energy, consumer electronics, especially smart phones, e-commerce, especially cross-border e-commerce, consumer products and health care," said Rupert Hoogewerf, Hurun Report chairman and chief researcher.
"These new generations of entrepreneurs in China are also much more international than their predecessors, that includes Chris Xu with fast fashion app Shein and Cai Haoyu with online gaming platform Mihoyo, in addition to the well-known names Zhang Yiming and Pinduoduo's Huang Zheng," he added.
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