Porcelain ByteDance founder Zhang Yiming tops the list of the richest people in the world. However, the wealth of many people on the list has decreased in the last year. According to this list from the Hurun Research Institute, the total wealth of entrepreneurs included on the list this year was $3 billion, down 10 percent from last year. The number of billionaires based on their net worth in US dollars also decreased from 142 to 753. Hurun has counted 1,185 billionaires so far in 2021.
Decrease for the third consecutive year
“For the third year in a row, the ‘China Hurun Rich List’ has seen an unprecedented drop, as it has been a very difficult year for China’s economy and stock markets,” said Rupert Hoogewerff, president and chief researcher of the Hurun Report. According to the report, ByteDance’s Zhang topped the list for the first time this year with a net worth of $49.3 billion. ByteDance is the parent company of popular short video platforms Douyin and TikTok. It grew its revenue to $110 billion last year. He is also the first person born in the 1980s to make the Hurun list.
2nd place Zhong Shanshan
‘Nongfu Spring’ bottled water giant Zhong Shanshan fell to second place with $47.9 billion in 2024. In February, its ‘Nongfu Spring’ brand faced harsh criticism. Consumers accused him of betraying China over his bottle design. This caused a loss of billions in the market valuation of ‘Nongfu Spring’. Third on the list is Tencent founder Pony Ma, who has a net worth of $44.4 billion. This gaming company has increased its revenue.
Only 54 names included in the list
This year, only 54 new names were included in China’s rich list, which is the lowest in the past two decades. The new names include Charlwyn Mao and Miranda Qi Fang, founders of Xiaohongshu, a social media and lifestyle platform popular with young users. China’s economy was severely affected due to the global Covid-19 pandemic. The economy was affected by the real estate crisis or the volatility of the stock market. Authorities are expected to announce major stimulus measures to boost consumption and spending, which have declined in recent months.
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