Hurun Report

China, billionaires in sharp decline. The richest is Zhang Yiming, founder of TikTok

According to the Hurun China Rich List, compiled since 1999, the number of dollar billionaires fell by 142 to 753. This means that China has lost 432 billionaires, or just over a third, compared to the record of 1185 reached in 2021

29 October 2024

Zhang Yiming, fondatore di ByteDance, la società di TikTok

2' min read

Government clampdown on tech companies, stock market decline, economic slowdown. These are the factors that explain the sharp decline in the number of Chinese billionaires. According to the Hurun China Rich List, a ranking of the super-rich compiled since 1999, the number of billionaires in dollars dropped by 142 to 753. This means that China has lost 432 billionaires, or just over a third, from the record 1185 reached in 2021.

Only about 30% of the people on the list experienced an increase in their net worth, while the rest experienced a decrease.

"The Hurun China Rich List has shrunk for the third year in a row, due to the difficulties in the Chinese economy and stock markets," said Rupert Hoogewerf, president and chief researcher of the Hurun Report.

The list actually includes not only dollar billionaires but all individuals with assets of at least 5 billion yuan (about 700 million dollars). The number of people on the list has decreased by 12% over the past year to just under 1,100.

The data show that it was a good year for smartphone manufacturers such as Xiaomi, while the green energy market suffered a setback.

"Manufacturers of solar panels, lithium-ion batteries and electric vehicles have had a difficult year, due to intensified competition, which has led to oversupply, and the threat of tariffs that has increased uncertainties," he explains.

The founder of TikTok becomes the richest

The founder of ByteDance, Zhang Yiming, meanwhile, became the richest person in China, according to the Hurun Research Institute. According to the institute, the total wealth of the entrepreneurs on the list this year was USD 3 trillion, down 10% from the previous year. Zhang of ByteDance topped the list for the first time this year, with a net worth of $49.3 billion, according to Hurun. ByteDance, the parent company of popular video platforms Douyin and TikTok, saw its revenues grow to $110 billion last year. It is also the first person born in the 1980s to top the Hurun list.

Overcome the bottled water king

Zhang has ousted the 'king of bottled water', 70-year-old Zhong Shanshan, who had been top dog for three years until his company, Nongfu Spring, saw its share price plummet 40% after being accused on social media of being 'pro-Japanese'. The list of the rich, which also includes entrepreneurs from Hong Kong, Macau and Taiwan, has seen an unprecedented drop since the ranking was compiled, as "China's economy and stock markets have had a difficult year," said Hurun Report chairman Rupert Hoogewerf. The drop in the number of the super-rich is also the result of the fall of the old guard of wealthy real estate developers, decimated by the collapse of China's once booming property market.

Tencent's number one

In third place is the number one tech giant Tencent's Pony Ma Huateng, 53, with USD 44.4 billion, up 13%. Tencent's revenues increased by 9.8%, while profits grew by 36% thanks to the growth of overseas games. At the end of last year, WeChat had 1.3 billion users.

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