ByteDance Founder Zhang Yiming Named China's Richest Person

Zhang Yiming, the founder of ByteDance, has ascended to the position of China's wealthiest individual, driven by the rapid expansion of his company's artificial intelligence (AI) capabilities. According to the Hurun Research Institute, the shift in wealth highlights a broader trend where technology entrepreneurs are surging ahead while traditional sectors face significant headwinds.

The Rise of AI Wealth

Hurun Chairman Rupert Hoogewerf noted that approximately 160 individuals on the latest index—roughly 10 percent of the list—derived their wealth primarily from the AI sector. ByteDance’s "Doubao" has emerged as the most widely utilized AI assistant within China, complementing the company's existing dominance with short-video platforms like Douyin and TikTok. Other notable figures in the AI space include DeepSeek founder Liang Wenfeng, who secured the seventh spot, and Cambricon chairman Chen Tianshi, who ranked tenth.

Data from the Hurun Research Institute indicates that the number of Chinese citizens with assets exceeding five billion yuan has grown by 6.6 percent year-on-year, reaching 1,529. When calculated in US dollars, the count of billionaires has risen by 155, totaling 1,176 individuals.

Shifting Economic Fortunes

While AI, robotics, and semiconductor industries are expanding, supported by government initiatives, other sectors are struggling. Zhong Shanshan, the bottled water magnate who previously held the top spot, saw his wealth decline by 23 percent to 61 billion USD, pushing him into second place. Similarly, Xiaomi chairman Lei Jun experienced a 50 percent reduction in his net worth, which now stands at 25.1 billion USD.

Perhaps most striking is the decline of the real estate sector. For the first time since the inception of the index, no mainland China-based property developer appeared among the top 100 richest people. Analysts suggest that a prolonged recession in the real estate market, coupled with reduced consumer spending, has weakened domestic demand and impacted smaller businesses.

Broader Economic Context

These shifts occur against the backdrop of a cooling Chinese economy. Official data cited by the outlets shows that China's GDP grew by 4.5 percent between July and September compared to the previous year. The government maintains a growth target of 4.5 to 5 percent for the current year, a slight decrease from the 5 percent growth recorded in 2025. While the government continues to prioritize high-tech industries, the pressure on the consumer market remains a significant challenge for the broader economy.