Zhang Yiming Tops China's Wealth Rankings at $100 Billion

Zhang Yiming's personal wealth reached a record $100 billion this year, a 43% increase that placed him at the top of China's richest people list.

Rupert Hoogewerf, chairman of the Hurun Report, attributed the majority of that gain to ByteDance's expansion into artificial intelligence. The company operates the short-video platforms TikTok and Douyin. Its AI assistant, Doubao, is currently the most used in China.

AI has become the primary driver of new wealth in the country. According to the institute, 160 individuals on the list now derive their income from the sector. That represents one in ten of the total billionaires counted.

The Hurun Research Institute published the rankings on Tuesday. It identified a record 1,529 individuals with assets exceeding 5 billion yuan, or approximately $750 million. That number is up 6.6% from the previous year. When measured in U.S. dollars, the count of billionaires rose to 1,176. That is 176 more than the number of U.S. billionaires, though it remains slightly below the 1,185 recorded in 2021.

The rise of the technology sector coincided with a drop in other industries. Zhong Shanshan, the bottled water magnate, fell to second place with a net worth of $61 billion, down 23%. Robin Zeng, chairman of CATL, the world's largest electric vehicle battery maker, held the third position. Liang Wenfeng, founder of the AI startup DeepSeek, made his debut on the list at seventh place. Chen Tianshi, chair of AI chipmaker Cambricon, ranked tenth.

Hoogewerf described the economic environment as a two-speed system. Wealth surged for entrepreneurs in AI, semiconductors, and robotics. Conversely, fortunes in consumer goods, real estate, and traditional manufacturing shrank. Lei Jun, chairman of Xiaomi, experienced the steepest decline. His wealth halved to $25.1 billion, marking the largest drop on the list.

The real estate sector's struggle was starkly visible in the top tier. For the first time, no mainland property developer appeared in the top 100. The only property-related names remaining at the top are Hong Kong landlord families. This trend aligns with China's recent economic data. The country reported 4.5% economic growth for the July to September quarter, driven by exports. The government has set an annual growth target of 4.5% to 5% for 2026, a range slightly lower than the 5% expansion target for the previous year.

Hurun compiled the data by cross-checking information with entrepreneurs, regulators, and industry experts. The institute acknowledged limitations in the process. The list reflects the ongoing shift in China's economy toward high-tech manufacturing and away from traditional property development and consumer spending.