China Wealth: AI Boom Pushes ByteDance Founder to Top

Zhang Yiming is now China's wealthiest person with a net worth of $100 billion.

The founder of ByteDance regained the top spot on the Hurun Rich List released on Tuesday. His personal fortune increased by 43% due to the company's expansion into artificial intelligence.

The rankings show a sharp divide in the Chinese economy. High-tech sectors are driving new wealth, while consumer goods and real estate face continued pressure. The Hurun Research Institute has published this list every year since 1999. This year's edition includes a record 1,529 individuals with assets exceeding 5 billion yuan, or about $750 million. That total is up 6.6% from last year.

The number of billionaires measured in U.S. dollars rose to 1,176. This marks an increase of 155 people and puts China's count 176 higher than the United States. The figure remains slightly below the 1,185 people recorded in 2021.

Rupert Hoogewerf, chairman of the Hurun Report, attributed Zhang's rise to the success of Doubao. He called Doubao the most used AI assistant in China. Hoogewerf stated that AI is the largest single wealth engine on the list. One in ten people on the list, or 160 individuals, now earn their money from AI.

ByteDance owns TikTok and Douyin, two major short-video platforms. In January, TikTok's U.S. operations came under the control of mostly American investors following years of national security concerns. ByteDance retains a minority stake in the U.S. arm of the business. Oracle, chaired by Larry Ellison, is one of the investors in that venture. His son, David Ellison, serves as co-CEO of Skydance Corp., the parent company of CBS News.

Other billionaires saw mixed results. Zhong Shanshan, a bottled water magnate, fell to second place with $61 billion, a drop of 23%. Robin Zeng, chairman of CATL, the world's largest maker of electric vehicle batteries, took third place.

New entrants reflect the tech boom. Liang Wenfeng, founder of the AI startup DeepSeek, ranked seventh. Chen Tianshi, chair of AI chipmaker Cambricon, placed tenth. Hurun officials cross-checked data with entrepreneurs, regulators, and industry experts to compile the list.

Hoogewerf described the economic climate as a two-speed system. Entrepreneurs in AI, semiconductors, and robotics surged ahead. Those in consumer, real estate, and traditional manufacturing saw their wealth shrink. China reported 4.5% economic growth for the July to September quarter last week. That pace moves the country closer to its 2026 annual growth target of 4.5% to 5%.

The property sector's decline is visible in the rankings. Lei Jun, chairman of Xiaomi, was the biggest faller this year. His wealth halved to $25.1 billion. For the first time, no mainland property developer remains in the top 100. The only property names left at the top are Hong Kong landlord families.