Published October 29,2024
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ByteDance founder Zhang Yiming is China’s richest individual, with private wealth of $49.3 billion, an annual wealthy listing confirmed on Tuesday, though counterparts in actual property and renewables have fared much less effectively.
Zhang, 41, who stepped down as chief government of ByteDance in 2021, turns into the 18th particular person to be topped China’s richest individual within the 26 years because the Hurun China Rich List was first revealed.
He overtook bottled water magnate Zhong Shanshan, who slipped to second place as his fortune dropped 24% to $47.9 billion.
Despite a authorized battle over its U.S. belongings, ByteDance’s international income grew 30% final yr to $110 billion, Hurun stated, serving to to propel Zhang’s private fortune.
Third on the listing was Tencent’s low-profile founder, Pony Ma, whereas Colin Huang, founding father of PDD Holdings, slipped to fourth place from third final yr, whilst his agency’s discount-focused e-commerce platforms, Pinduoduo and Temu, proceed to point out wholesome income progress.
The variety of billionaires on the listing dropped by 142 to 753, shrinking greater than a 3rd from its 2021 peak.
“China’s economy and stock markets had a difficult year,” stated Hurun Report Chairman Rupert Hoogewerf.
The most dramatic falls in fortunes have come from China’s actual property sector, he added, whereas shopper electronics is clearly rising quick, with Xiaomi founder Lei Jun including $5 billion to his wealth this yr.
“Solar panel, lithium battery and EV makers have had a challenging year, as competition intensified, leading to a glut, and the threat of tariffs added to uncertainties,” stated Hoogewerf, who can also be the listing’s chief researcher.
“Solar panel makers saw their wealth down as much as 80% from the 2021 peak, while battery and EV makers were down by half and a quarter respectively.”
Source: www.anews.com.tr