ByteDance founder Zhang Yiming becomes the richest Chinese in 2024

HONG KONG: ByteDance founder Zhang Yiming has topped China's 2024 rich list, according to the Hurun Research Institute, despite a challenging year that saw net worths decline for many of the country's wealthiest.

Zhang, whose company owns the popular short-video platforms Douyin and TikTok, is the first person born in the 1980s to lead the Hurun China Rich List, with an estimated net worth of US$49.3 billion.

The annual Hurun report revealed that the combined wealth of China's top entrepreneurs has dropped to $3 trillion, down 10 percent from the previous year. The number of billionaires also decreased significantly, with 753 billionaires on this year's list, down by 142 compared to last year.

"The Hurun China Rich List has shrunk for an unprecedented third consecutive year, as China's economy and stock markets faced challenges," said Rupert Hoogewerf, chairman and chief researcher of the Hurun report.

Zhang's success reflects ByteDance's strong performance, with the company's revenue reaching $110 billion last year. Bottled water mogul Zhong Shanshan, founder of Nongfu Spring, came in second with a net worth of $47.9 billion. His company faced a market backlash earlier in the year when consumers criticized its bottle designs, which led to a drop in market value. Tencent founder Pony Ma ranked third, with his gaming and tech giant reporting strong revenue growth, bringing his net worth to $44.4 billion.

This year's list saw just 54 new entries, the lowest in two decades. Among the newcomers were Charlwin Mao and Miranda Qu Fang, the founders of the popular social media and lifestyle platform Xiaohongshu.

China's economic recovery has slowed following the COVID-19 pandemic. The country is still contending with a real estate crisis and stock market volatility. Policymakers are expected to introduce stimulus measures to encourage consumer spending and revive growth.