Edit an Item

Data is Null. This method or property cannot be called on Null values.

URL on Website

Title

Category

SubCategory (for Calendar)

Subtitle

Tickler

Author(s)

Contributors

Article or Column Series

Country

City

Placename

Keywords

Body

Zhang Yiming, founder of ByteDance, the parent company of Douyin and TikTok, has been named China's richest person for the first time, according to the 2024 billionaires list released Tuesday by Hurun magazine, also known as the "Chinese Forbes."

Zhang's fortune amounts to 350 billion yuan (US$49.026 billion), making him the first billionaire born in the 1980s to reach the top of the list, after climbing four positions from the 2023 ranking. Hurun noted that the businessman's wealth increased by 105 billion yuan (US$14.708 billion) compared to the previous year, a rise of 43%, driven by the global success of his digital platforms, especially TikTok.

Zhang, who founded ByteDance in 2012, has managed to transform the entertainment and social media industry both in China and internationally.

However, TikTok, its most globally-known platform, from which it left the board of directors in 2021, has long faced intense scrutiny in the United States over allegations of harm to children's mental health, privacy violations and security risks linked to its Chinese parent company, ByteDance, and the possible influence of the Chinese government.

Hurun's report reveals that despite ByteDance's growth, the overall list reflects a more challenging economic context: 1,094 entrepreneurs surpassed 5 billion yuan (US$ 700 million) in personal wealth, representing a 12% drop compared to 2023. In addition, the total wealth of those listed decreased by 10%, standing at 21 trillion yuan (US$ 2.9 trillion).

The list continues with the “king of bottled water”, Zhong Shanshan, with a fortune of 340 billion yuan (US$ 47.625 billion), who gives up the top spot on the podium of Chinese millionaires, after four years leading the list.

In third place is Ma Huateng, founder of the video game and networking company Tencent, with 315 billion yuan (US$ 44.123 billion) after a 13% increase in his wealth.

Meanwhile, Huang Zheng, founder of Pinduoduo, the Chinese e-commerce giant and operator of the international Temu application, fell to fourth place with 245 billion yuan (US$ 34.318 billion), affected by a 9% decrease in his wealth. .

Among the new names, the family of real estate magnate Li Ka-shing stands out by entering the top 10 for the first time with 175 billion yuan (US$ 24.513 billion).

Likewise, Lei Jun, founder of Xiaomi, increased his fortune by 38%, reaching 130 billion yuan (US$ 18.210 billion).

By cities, Beijing, Shanghai and Shenzhen concentrate the largest number of businessmen on the list, with 115, 112 and 108, respectively.

Notes / Research

Photo 1 Link

Photo 1 Caption

Photo 2 Link

Photo 2 Caption

Photo 3 Link

Photo 3 Caption

Photo 4 Link

Photo 4 Caption

Photo 5 Link

Photo 5 Caption

Video 1 Title

Video 1 Link

Video 2 Title

Video 2 Link

Sources

Corrections

Date Created

Date Published

Status

Cancel