Zhang Yiming Reclaims Top Spot on China's Wealth List With $100 Billion Fortune

ByteDance founder Zhang Yiming has regained the position of China’s wealthiest individual, with his net worth climbing to $100 billion. This figure marks a 43% increase and sets a new record for the nation's richest person. The surge in value is driven primarily by ByteDance’s expansion into artificial intelligence.

Rupert Hoogewerf, chairman of the Hurun Research Institute, attributed the financial jump to the company's AI sector. He stated that the increase came "almost all of it on the back of AI." ByteDance operates Doubao, which is the most widely used AI assistant in China. The company also serves as the parent entity for the short-video platforms TikTok and Douyin.

Other major figures saw varying results in the ranking. Zhong Shanshan, a bottled water magnate, fell to second place with a $61 billion fortune, representing a 23% drop. Robin Zeng, chairman of CATL, the world’s largest electric vehicle battery maker, ranked third. Liang Wenfeng, founder of AI startup DeepSeek, appeared on the list for the first time at seventh place, while Chen Tianshi, chair of AI chipmaker Cambricon, placed tenth.

The Hurun list, published annually since 1999, now includes a record 1,529 individuals worth more than 5 billion yuan, or approximately $750 million. This number is up 6.6% from the previous year. The count of billionaires measured in U.S. dollars rose by 155 to reach 1,176, a figure slightly below the 1,185 recorded in 2021.

Hoogewerf identified AI as the primary source of new wealth in this year's report. He noted that 160 people, or one in ten, now earn their income from the technology. He described the economic conditions as a "two-speed economy," where entrepreneurs in AI, semiconductors, and robotics surged ahead while those in consumer goods, real estate, and traditional manufacturing saw their wealth shrink.

The ranking reflects broader economic trends in China, which reported 4.5% economic growth for the July to September quarter. This performance brings the country closer to its 2026 growth target of 4.5% to 5%. While government backing supports technology and electric vehicle sectors, small business owners report difficult conditions as customers reduce spending. The property sector continues to face a yearslong downturn.

Strain on consumer industries was evident in the rankings. Lei Jun, chairman of electronics maker Xiaomi, experienced the largest drop, with his wealth halved to $25.1 billion. Hoogewerf observed that consumer fortunes declined across the board. For the first time, no mainland property developer remains in the top 100, leaving only Hong Kong landlord families in that tier. ByteDance’s U.S. operations were reorganized in January under mostly American investors, with the company retaining a minority stake in the U.S. arm.