Zhang Yiming, founder of ByteDance led The richest people in China with a fortune of $49.3 billion, according to the latest Rich list of Hurun in China. This is a significant achievement for Zhang, who has now overtaken Zhong Shanshan, chairman of Nongfu Spring, who held the top spot for three consecutive years. However, even as China’s richest billionaire, Yiming remains far behind India’s richest individual, Mukesh Ambanipresident of Trusted Industrieswhose net worth exceeds $102 billion.
Zhang, 44, gained his wealth largely through the success of ByteDance and its immensely popular app TikTok, which has more than 1 billion active monthly users worldwide. The company saw its profits increase by around 30% last year, underscoring its strong position in the market.
Despite this, the Hurun Research Institute reports that the total wealth of Chinese entrepreneurs this year stands at $3 trillion, down 10% from the previous year. “The Hurun China Rich List declined for the third consecutive year due to a difficult economic climate and stock market performance,” noted Rupert Hoogewerf, president and chief researcher of Hurun.

Zhang Yiming, founder of ByteDance, is the richest person in China

This year’s list illustrates a significant change in the profile of China’s richest individuals. Unlike previous years, when real estate developers dominated the ranking, the current list is mainly made up of entrepreneurs from the technology, consumer electronics and new energy sectors. Hoogewerf pointed out that the stories of individuals on the Hurun China Rich List reflect the changing narrative of China’s economy.
In addition, the new generation of Chinese entrepreneurs is increasingly internationalizing. Hoogewerf highlighted how Zhang Yiming successfully globalized ByteDance with TikTok, and how Colin Huang contributed to Pinduoduo’s rise as a global e-commerce player through the Temu platform.
As the economic landscape continues to evolve, Zhang Yiming’s emergence as China’s richest person marks an important milestone in the region’s ongoing tale of wealth creation and transformation.

Wealth in India rises amid decline in number of billionaires in China

In contrast to the decline in the number of billionaires in China, India is experiencing an increase in wealth creation. The Hurun India Rich List showed a 29% increase in the number of billionaires this year, for a total of 334. While China still leads with 753 billionaires, its number has declined by 25%. This year’s Chinese rich list added just 54 new billionaires, the lowest figure in two decades, while India’s list hit a new high with triple-digit increases in every major sector.

Zhang Yiming vs. Mukesh Ambani

Zhang Yiming, 41, has a net worth estimated at $49.3 billion by Hurun, although Bloomberg’s Billionaires Index estimates it to be closer to $43 billion. As the founder of ByteDance, the parent company of popular platforms Douyin and TikTok, Yiming’s company achieved $110 billion in revenue last year, strengthening its position in the tech industry.
On the other hand, Mukesh Ambani’s net worth has reached $102 billion, buoyed by a 25% increase over the past year. Reliance Industries has seen its shares rise, driven by strategic investments in energy and retail, expected profit growth and recent price hikes in its telecom division, Jio.
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