The key facts
- Zhang Yiming topped the Hurun ranking with a fortune of $100 billion, up 43%
- China has a record 1,529 people with fortunes above 5 billion yuan and 1,176 billionaires
- For the first time, the top 100 includes no developers from mainland China
Zhang Yiming is number one again
The founder of ByteDance — TikTok's parent company — Zhang Yiming has once again topped the list of China's richest people according to the Hurun Report. His fortune is estimated at $100 billion (€89.4 billion), 43% more than a year earlier; according to Hurun chairman Rupert Hoogewerf, the growth was driven 'almost entirely' by artificial intelligence, on which the company is betting. Euronews reported on the publication of the ranking.
An economy of two speeds
The Hurun Research Institute, which has compiled the ranking since 1999, counted a record 1,529 people with fortunes of more than 5 billion yuan (€645 million) — 6.6% more than a year ago. The number of billionaires in China reached 1,176: 155 more than last year and 176 more than in the US, although this is still below the 2021 peak of 1,185. 'AI is the single biggest source of wealth on this list:' 160 people on the list, that is one in ten, now make their money from artificial intelligence,' Euronews quoted Hoogewerf as saying.'},{
A contrast with real estate
The ranking was released against the backdrop of the Chinese economy growing 4.5% year-on-year in the third quarter thanks to strong exports, while weak domestic demand and a prolonged downturn in the property market continue to hold back growth. Hoogewerf described the picture as an 'economy of two speeds': the fortunes of entrepreneurs in AI, semiconductors and robotics rose sharply, whereas figures from the consumer sector, real estate and traditional manufacturing lost capital. Notably, for the first time there was not a single property developer from mainland China among the hundred richest people in China — only families from Hong Kong owning major real estate assets remained at the top.
