The founder of ByteDance, the company that owns TikTok, Zhang Yiming, has become the richest person in China, according to the Hurun Research Institute's ranking, as reported by Tengri Life.
It is noted that the threshold for inclusion in the ranking was set at a net worth of 5 billion yuan (approximately 700 million USD), with calculations made at the end of August.
The 41-year-old Yiming's wealth is estimated at 49.3 billion dollars. ByteDance's global revenue increased by 30 percent last year, reaching 110 billion USD. Despite stepping down as CEO of the company back in 2021, the growth in its revenue has positively impacted his personal fortune.
The owner of bottled water company Nongfu Spring and pharmaceutical firm Beijing Wantai Biological Pharmacy Enterprise, 70-year-old Zhong Shanshan, has lost the top position in the rankings for the first time in three years. He has fallen to second place with a fortune of 47.9 billion dollars, which is 24 percent (or 15.5 billion USD) less than last year. This represents the most significant decline in a year.
In February, his bottled water business faced negative reactions; however, another key revenue source—a company specializing in infectious disease diagnostics—performed well.
Hurun Research identified 1,094 individuals with a net worth of approximately 700 million USD, which is a decrease of 12 percent, or 147 people, compared to last year. The total wealth of entrepreneurs on the list amounted to 3 trillion USD, which is 10 percent less than the previous year.
The founder of the bottled water company has been recognized as the richest person in China.
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