The father of TikTok, ByteDance founder Zhang Yiming has become China’s richest person, according to Hurun Research Institute's latest list, surpassing Nongfu Spring’s Zhong Shanshan, who held the top spot for three years.
Zhang, with a net worth of $49.3 billion, moved up from fifth place last year, while Zhong’s wealth dropped 24% to $47.9 billion following criticism of his bottled water company.
Tencent Holdings (HKG:0700, OTC:TCEHY) CEO Pony Ma ranked third, with his wealth rising 13% to $44.4 billion.
China's billionaire count fell by 142 to 753 as total billionaire wealth dropped 10% to $3 trillion, reflecting economic and stock market challenges.
The list now largely comprises leaders from tech and new energy sectors rather than real estate.]