Zhang Yiming tops China wealth list

Zhang Yiming, the founder of ByteDance, has reclaimed the position of China's wealthiest individual. His net worth climbed 43 percent to reach $100 billion, a figure that sets a new record for the nation. The surge in his personal fortune coincided with a wider shift in the Chinese economy, where high-tech sectors gained ground while traditional industries faced pressure. The Hurun Research Institute released these rankings on Tuesday, marking the annual update to its list of ultra-high-net-worth individuals.

The institute identified a record number of 1,529 people with fortunes exceeding 5 billion yuan. This represents an increase of 6.6 percent from the previous year. When measured in U.S. dollars, the number of billionaires rose to 1,176. That figure is 176 higher than the count for the United States, though it remains slightly below the 1,185 people recorded in 2021. Rupert Hoogewerf, the chairman of the Hurun Report, attributed Zhang's rise almost entirely to the company's advancements in artificial intelligence.

AI emerged as the dominant force behind wealth creation on this year's list. Hoogewerf stated that 160 individuals now derive their fortunes from the sector. This accounts for one in ten of the people on the list. ByteDance, which operates the popular short-video platforms TikTok and Douyin, is at the center of this movement. The company's AI assistant, Doubao, is currently the most used in China according to the institute's data.

The shift in wealth distribution reflects a two-speed economy. Hoogewerf described the gains as polarized, noting that entrepreneurs in AI, semiconductors, and robotics saw their assets surge. In contrast, those in consumer goods, real estate, and traditional manufacturing experienced a decline in wealth. This divergence was evident in the ranking of other top individuals. Zhong Shanshan, a bottled water magnate, fell to second place with a net worth of $61 billion, a 23 percent drop. Robin Zeng, chairman of CATL, the world's largest maker of electric vehicle batteries, secured the third spot.

The property sector faced a historic low in influence. For the first time, no mainland property developer appeared in the top 100 of the list. The only property-related names remaining at the top belonged to Hong Kong landlord families. Lei Jun, the chairman of Xiaomi, a smart consumer electronics maker, was identified as the biggest faller of the year. His wealth was halved to $25.1 billion. Hoogewerf noted that consumer fortunes declined across the board, mirroring the broader economic trends.

New entrants to the list also reflected the technology-heavy trend. Liang Wenfeng, the founder of the AI startup DeepSeek, appeared on the list for the first time and ranked seventh. Chen Tianshi, the chair of AI chipmaker Cambricon, placed tenth. These new faces underscored the rapid rise of specific tech subsectors. The institute cross-checked its data with entrepreneurs, regulators, and industry experts to compile the final figures, while acknowledging inherent limitations in the process.

The national economic context provides further clarity on these shifts. China reported last week that its economy grew 4.5 percent in the July to September quarter. This growth, fueled by strong exports, moves the country closer to its official annual target. Leaders have set a growth target of 4.5 to 5 percent for the full year, down from the previous year's 5 percent expansion. While government support continues to boost technologies like AI and electric vehicles, small business owners report that customers are cutting back on spending.

The domestic demand slowdown remains linked to the long-running downturn in the property market. This pressure is visible in the wealth rankings, where traditional sectors lost ground to technology. The Hurun list has been published annually since 1999 and serves as a benchmark for the country's economic power. The current data shows a clear realignment of wealth toward the tech sector, with Zhang Yiming's $100 billion fortune serving as the headline figure.