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.