ByteDance founder Zhang Yiming is China's richest person again
What's the story
Zhang Yiming, the founder of ByteDance, has reclaimed the top spot on China's rich list. The rankings, released by The Hurun Research Institute, show that China's high-tech sectors are booming, especially with the rise of artificial intelligence (AI). Zhang's wealth has soared to an unprecedented $100 billion, 43% more than last year, largely due to his company's AI ventures.
Billionaire surge
Record number of billionaires
The Hurun Research Institute's annual list, which has been published since 1999, found a record 1,529 people with net worth over five billion yuan (around $750 million).
This is a 6.6% increase from last year.
The number of dollar billionaires also grew to 1,176, up by 155 from the previous year and surpassing the United States by 176.
Wealth dynamics
AI is the biggest wealth engine
ByteDance, the parent company of TikTok and Douyin, has played a major role in this wealth surge.
Rupert Hoogewerf, Chairman of Hurun Report, noted that "AI is the biggest single wealth engine on this list: 160 Hurun rich listers, 1 in 10, now make their money from AI."
This year's gains were polarized, with entrepreneurs in sectors such as AI and robotics surging ahead while those in consumer and real estate saw their wealth shrink.
Economic landscape
China's economy grew by 4.5% in Q3
China's economy grew by 4.5% in the July-September quarter compared to a year ago, driven by strong exports.
The country is now closer to its annual growth target of 4.5%-5%.
However, small business owners are struggling as customers cut back on spending due to a downturn in the property market.
Notably, no mainland property developers made it to Hurun's Top 100 list this year.