At the age of 41, Mr. Zhang, who relinquished his role as ByteDance's CEO in 2021, has secured the prestigious title of China's richest individual, joining an esteemed group of 18 individuals who have held this distinction since the inception of the Hurun China Rich List 26 years ago.
Mr. Zhang's remarkable success surpasses that of Mr. Zhong Shanshan, who previously held the title.bottled water tycoon, who fell to second place as his wealth decreased by 24% to $47.9 billion.
Despite ongoing legal challenges regarding its U.S. operations, ByteDance experienced a 30% increase in global revenue last year, reaching $110 billion, which significantly contributed to Zhang's wealth.
In third place is Pony Ma, the discreet founder of Tencent, while Colin Huang, the founder of PDD Holdings, dropped from third to fourth, even as his discount-driven e-commerce platforms, Pinduoduo and Temu, continue to report strong revenue growth.
The total number of billionaires on the list has decreased by 142, bringing the count down to 753, a decline of more than one-third from its peak in 2021.
Rupert Hoogewerf, Chairman of the Hurun Report, noted that "China’s economy and stock markets faced a challenging year."
He highlighted that the most significant declines in wealth have been observed in the real estate sector, while the consumer electronics industry is experiencing rapid growth, with Xiaomi's founder, Lei Jun, adding $5 billion to his net worth this year.
Hoogewerf also pointed out that solar panel, lithium battery, and electric vehicle manufacturers encountered a tough year due to intensified competition, leading to oversupply, and the looming threat of tariffs has added to the uncertainties. He reported that solar panel manufacturers saw their wealth plummet by as much as 80% from the peak in 2021, while battery and EV manufacturers experienced declines of 50% and 25%, respectively.