ByteDance founder Zhang Yiming becomes China's wealthiest individual

Zhang Yiming, the founder of ByteDance, has taken back the title of China's richest person. His net worth reached $100 billion, a 43% increase from the previous year. This total sets a new record for the highest wealth on the country's billionaire list.

The Hurun Research Institute released these rankings on Tuesday. The firm has compiled the list annually since 1999. This year, 1,529 people held fortunes exceeding 5 billion yuan, or about $750 million. That figure represents a 6.6% jump from last year's count. In U.S. dollar terms, 1,176 individuals qualified as billionaires, adding 155 people to the previous total. This number sits slightly below the 1,185 recorded in 2021.

Rupert Hoogewerf, chairman of the Hurun Report, attributed Zhang's surge to the company's focus on artificial intelligence. He stated in a statement that the gains came almost entirely from AI. ByteDance's Doubao is currently the most used AI assistant in China. According to Hoogewerf, AI serves as the largest single wealth engine on the list. One in every ten billionaires now derives their income from the sector.

ByteDance operates the short video platforms TikTok and Douyin. The company's U.S. operations underwent a major restructuring in January. American investors now hold the majority stake in TikTok's U.S. arm, a move driven by national security concerns. ByteDance retains a minority position. Oracle, chaired by Larry Ellison, is one of the investors in this venture. Ellison's son, David, serves as co-CEO of Skydance Corp., the parent company of CBS News.

Other wealthy individuals saw their rankings shift. Zhong Shanshan, a bottled water magnate, dropped to second place with a net worth of $61 billion. His wealth fell by 23%. Robin Zeng, chairman of CATL, the world's largest electric vehicle battery maker, claimed the third spot. New entrants also appeared in the upper echelons. Liang Wenfeng, founder of the AI startup DeepSeek, ranked seventh. Chen Tianshi, chair of AI chipmaker Cambricon, placed tenth.

The list reveals a split in the Chinese economy. Wealth concentrated in AI, semiconductors, and robotics grew sharply. Meanwhile, fortunes in consumer goods, real estate, and traditional manufacturing shrank. Hoogewerf described this as a two-speed economy. Lei Jun, chairman of Xiaomi, experienced the steepest decline. His wealth was cut in half to $25.1 billion. Consumer sector fortunes generally fell as well.

The real estate sector faced particular pressure. For the first time, no mainland property developer remains in the Top 100. Only Hong Kong landlord families appear at the top of the list. This mirrors a yearslong downturn in the domestic property market that has weighed on overall demand.

China's official data shows the economy grew 4.5% in the July to September quarter. This growth was driven by strong exports and brings the country closer to its annual target. Leaders set the 2026 growth target at 4.5% to 5%, a slight reduction from last year's 5% goal. While technology sectors thrive with government support, small business owners report difficulty as customers reduce spending.

Hurun compiled the data by cross-checking information with entrepreneurs, regulators, and industry experts. The institute noted that the rankings reflect these specific economic trends. The rise of high-tech sectors contrasts with the stagnation in other industries. Zhang Yiming's position at the top underscores the current value placed on AI infrastructure in the region.