Tech titans dominate China’s shrinking ultra-rich list
By Ryan General
The Hurun Research Institute unveiled its 26th annual China Rich List on Tuesday, identifying 1,094 individuals with a net worth exceeding 5 billion yuan ($700 million), a 12% drop from the previous year. This decline marks the third consecutive year of shrinking wealth for China’s elite, attributed to a challenging year for the Chinese economy and stock markets.
- Thriving tech sector: Zhang Yiming, the 41-year-old founder of ByteDance, secured the top spot with a net worth of $49.3 billion. ByteDance’s global revenue soared by 30% in the last year, reaching $110 billion, driven by the success of its short-video platform TikTok, which has amassed nearly 200 million users in the U.S. Meanwhile, Zhong Shanshan, who held the top spot for the past three years, dropped to second place with $47.9 billion. Tencent founder Pony Ma Huateng came in third with $44.4 billion, followed by Colin Huang Zheng ($34.5 billion) and He Xiangjian & family ($33.1 billion).
- Challenging market: The list saw the fewest new additions in two decades, with only 54 individuals making the cut. “The Hurun China Rich List has shrunk for an unprecedented third year running, as China’s economy and stock markets had a difficult year,” said Rupert Hoogewerf, chairman and chief researcher of the Hurun Report. The average age of individuals on the list is 61, indicating a gradual shift towards a younger generation of tech entrepreneurs.
Share this Article
Share this Article
