Skip to content

ByteDance’s Zhang tops China rich list as wealth falls 10%

The Hurun Research Institute today released its 2024 China Rich List, revealing a 12% drop in individuals with wealth over RMB 5 billion ($700 million) to 1,094 people, with total wealth declining 10% YoY to $3 trillion. ByteDance founder Zhang Yiming, 41, topped the list for the first time with $49.3 billion, becoming the youngest No. 1 in the list’s 26-year history. Former leader Zhong Shanshan of Nongfu Spring dropped to second with $47.9 billion, down 24%, while Tencent’s Pony Ma ranked third with $44.4 billion. The list saw only 54 new entries, the lowest in 20 years, while 201 dropped off. Shanghai overtook Shenzhen to become the second-richest city after Beijing, with tech and new energy sectors replacing real estate as key wealth generators. Women comprised 23.5% of the list, with beverage heiress Kelly Zong Fuli becoming China’s richest woman. The average age of listees is 61, two years older than last year.

Get more news based on your interests