• Zhang Yiming has been named China’s richest man, with a net worth of $49.3 billion, according to the Hurun China Rich List 2024.
• ByteDance, TikTok’s parent company, generated record revenue of $110 billion in 2023, contributing to Yiming’s wealth
• The Hurun China Rich List revealed a 12% decrease in the number of billionaires, falling to just under 1,100 people due to economic challenges.

Elijah Ntongai, a journalist at TUKO.co.ke, has over three years of financial experience, businessand expertise in technology research and reporting, providing insight into Kenyan and global trends.

TikTok founder Zhang Yiming has become China’s richest man after amassing a net worth of nearly KSh6 trillion.

The 41-year-old topped the Hurun China Rich List for the first time with $49.3 billion (about KSh6.4 trillion).

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Hurun Research Institute released the new rankings in association with premium baijiu brand Hengchang Shaofang as the Hurun China Rich List 2024, a ranking of China’s richest individuals.

China’s richest list includes all those whose net worth exceeds Sh90.3 billion. The Hurun China Rich List declined for the third year in a row as China’s economy and stock markets suffered a difficult year.

The number of individuals on the list has decreased by 12% over the past year to just under 1,100 individuals and by 25% from the high point of 2021, when there were 1,465 individuals.

Top 10 richest men in China

1. Zhang Yiming

The 41-year-old topped Hurun’s Chinese rich list for the first time with US$49.3 billion (about KSh6.4 trillion).

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ByteDance which owns TikTok generated a record revenue of $110 billion in 2023.

2. Zhongshanshan

Zhong Shanshan, nicknamed the ‘King of Bottled Water’, fell one place to second with US$47.9 billion (approximately KSh6.18 trillion). The 70-year-old’s main business, Nongfu Spring, saw its share price fall 40%.

3. Ma Huateng Pony

The 53-year-old also fell one place to third place with $44.4 billion (about KSh5.7 trillion). Ma Huateng is a Chinese businessman, investor and philanthropist who is the co-founder, chairman and chief executive officer (CEO) of Tencent.

4. Colin Huang Zheng

Zheng, 44, fell out of the top three with $34.5 billion (around KSh4.45 trillion) despite Pinduoduo’s revenues rising 86% year-on-year. Huang was briefly number one in China, as the stock price surged mid-year, driven by the continued success of its Temu platform.

5. He Xiangjian and his family

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Nicknamed the “king of kitchen appliances,” the He Xiangjian & family moved up three places to 5th with US$33 billion (approximately KSh4.26 trillion).

6. Robin Zeng Yuqun

Yuqun, 56, fell two places to 6th with $28.2 billion (about KSh3.64 trillion). CATL’s revenue in the first half of this year decreased slightly compared to the same period last year, but net profit increased by 15%. CATLs specializes in the manufacturing of lithium-ion batteries for electric vehicles.

7. William Ding Lei

Lei, 53, ranks 6th with $28.2 billion (about KSh3.64 trillion). NetEase’s revenue last year grew 7% thanks to the strong performance of its gaming business, which accounted for 80% of the business.

8. Li Ka-shing

Li Ka-shing, 96, and his eldest son Victor Li Tzar Kuoi saw their wealth fall 5 percent from last year to rank 6th with $28.2 billion (about $3.64 trillion). of KSh), an increase of one place. Cheung Kong and CK Hutchison, their two main listed companies, have expanded their investment portfolios to include real estate, retail, telecommunications, infrastructure, ports and energy.

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9. Lee Shau Kee

96-year-old Lee Shau-kee’s wealth increased by 9%, earning him a place in the Top 10 for the first time with US$24.6 billion (about KSh3.2 trillion).

10. Jack Ma Yun

Jack Ma Yun, 60, saw his wealth decline by 3% from last year, with $23.2 billion (about KSh2.99 trillion) to rank 10th.

Ma, who retired five years ago, now earns 35% of his wealth from investments, with the rest coming from Alibaba and its participation in the Unicorn Ant group.

Source: TUKO.co.ke