Zhang Yiming Takes the Crown: A Shift in China's Billionaires Amid Economic Challenges

Zhang Yiming, founder of ByteDance, leads China's richest individuals for the first time on the Hurun China Rich List. Amid a difficult economic year and a drop in total billionaire wealth, Zhang's net worth rose to USD 49.3 billion. Notably, the year's list saw only 54 new names.

Zhang Yiming, the visionary behind ByteDance, has secured the top position on the Hurun China Rich List, marking a notable shift as China's wealthiest figure. Among a declining number of billionaires, Zhang stands out with a net worth of USD 49.3 billion.

The Hurun Research Institute reveals a 10% dip in total wealth, tallying USD 3 trillion across all list members, a reflection of tumultuous economic and market conditions. This year saw a significant reduction in billionaires, now numbering 753, down by 142.

China's post-pandemic economic struggles have been compounded by a real estate crisis and market volatility, prompting anticipation of substantial policy measures to rekindle consumption and stabilize the economy.

(With inputs from agencies.)