Zhang Yiming has been named China’s richest man, with a net worth of $49.3 billion, according to the 2024 Hurun China Rich List
ByteDance, the parent company of TikTok, generated a record $110 billion in revenue in 2023, contributing to Yiming’s wealth
The Hurun China Rich List revealed a 12% decrease in the number of billionaires, dropping to just under 1,100 individuals due to economic challenges.
TikTok’s founder, Zhang Yiming, has become China’s richest man after amassing a net worth of almost KSh 6 trillion.
The 41-year-old topped the Hurun China Rich List for the first time with $49.3bn (about KSh 6.4 trillion).
The Hurun Research Institute released the new rankings in association with premium baijiu brand Hengchang Shaofang as the Hurun China Rich List 2024, a ranking of the richest individuals in China.
he list of China’s richest includes all those with a net worth over KSh 90.3 billion. The Hurun China Rich List has shrunk the third year running, as China’s economy and stock markets had a difficult year.
The number of individuals on the list was down by 12% in the past year to just under 1100 individuals and 25% from the high point of 2021, when there were 1465 individuals.
Top 10 richest men in China
1. Zhang Yiming
The 41-year-old topped the Hurun China Rich List for the first time with US$49.3 billion (about KSh 6.4 trillion).
ByteDance which owns TikTok generated a record US$110 billion in revenue in 2023.
2. Zhong Shanshan
Zhong Shanshan dubbed the ‘Bottled Water King’ dropped one place to second with US$47.9 billion (about KSh 6.18 trillion). The 70-year-old’s main business, Nongfu Spring, saw its share price down 40%.
3. Pony Ma Huateng
The 53 year old also fell down one place to third with US$44.4 billion (about KSh 5.7 trillion). Ma Huateng is a Chinese businessman, investor and philanthropist who is the co-founder, chairperson and chief executive officer (CEO) of Tencent.
4. Colin Huang Zheng
Zheng, 44, dropped out of the top 3 with US$34.5 billion (about KSh 4.45 trillion) despite Pinduoduo’s revenue up 86% year-on-year. Huang was briefly Number One in China, as the share price surged in the middle of the year, on the back of the continued success of its Temu platform.
5. He Xiangjian & family
Dubbed the ‘Kitchen Appliances King’ the He Xiangjian & family was up three places to 5th with US$33 billion (about KSh 4.26 trillion).
6. Robin Zeng Yuqun
Yuqun, 56, was down two places to 6th with US$28.2 billion (about KSh 3.64 trillion). CATL’s revenue in the first half of this year fell slightly compared with the same period last year, but net profit rose by 15%. CATLs specialises in the manufacturing of lithium-ion batteries for electric vehicles.
7. William Ding Lei
Lei, 53, ranked 6th with US$28.2 billion (about KSh 3.64 trillion). NetEase’s income last year was up by 7% on the back of a strong performance of its game business, which accounted for 80% of the business.
8. Li Ka-shing
Li Ka-shing, 96, and his eldest son Victor Li Tzar Kuoi saw their wealth drop 5% from last year to rank 6th with US$28.2 billion (about KSh 3.64 trillion), up one place. Cheung Kong and CK Hutchison, their two main listed companies, have expanded their investment portfolios to include real estate, retail, telecommunications, infrastructure, ports and energy.
9. Lee Shau-kee
The 96-year-old Lee Shau-kee’s wealth rose 9% to give him a Top 10 spot for the first time with US$24.6 billion (about KSh 3.2 trillion).
10. Jack Ma Yun
Jack Ma Yun, 60, saw his wealth decline 3% compared to last year, with US$23.2 billion (about KSh 2.99 trillion) to rank 10th.
Ma, who retired five years ago, now has 35% of his wealth from investments, with the rest from Alibaba and his stake in the unicorn Ant Group.
