ByteDance founder Zhang Yiming has been named China’s richest person with a personal wealth of $49.3 billion, surpassing Zhong Shanshan, the bottled water magnate. Despite legal battles over its U.S. assets, ByteDance’s global revenue increased by 30% last year to $110 billion, contributing to Zhang’s fortune. Tencent’s Pony Ma and PDD Holdings’ Colin Huang were ranked third and fourth, respectively.
The Hurun China Rich List revealed that the number of billionaires in China decreased by 142 to 753, with the country’s economy and stock markets facing challenges. The real estate sector experienced significant drops in wealth, while consumer electronics, such as Xiaomi, saw an increase in wealth. The renewable energy sector, including solar panel, lithium battery, and EV makers, faced challenges due to competition and uncertainty caused by tariffs, with some companies experiencing significant declines in wealth.
Overall, China’s economy and stock markets had a tough year, leading to fluctuations in wealth among the country’s billionaires. Despite these challenges, Zhang Yiming’s success with ByteDance and the growth of consumer electronics sector indicate areas of opportunity in the Chinese market.
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