TikTok parent ByteDance's founder is China's richest person again

Zhang Yiming, the founder of TikTok's parent company ByteDance, has reclaimed the status of China's wealthiest individual, propelled by his firm's advancements in artificial intelligence.

The rankings released by The Hurun Research Institute on Tuesday showed that China's high-tech sectors are ascending, contrasting with pressures facing areas like real estate and consumer goods.

The institute, which has compiled this list yearly since 1999, documented a record 1,529 individuals possessing over 5 billion yuan (approximately $750 million), marking a 6.6% increase from the prior year.

Zhang secured the top position with a valuation of $100 billion, an increase of 43%. Rupert Hoogewerf, chairman of the Hurun Report, stated that "almost all of it [the wealth] on the back of AI."

Hoogewerf also pointed out that ByteDance's Doubao functions as China's most utilized AI assistant, noting that AI is the primary wealth driver, with 160 people, or one in ten, deriving their fortunes from this field.

While ByteDance maintains a minority stake in TikTok's U.S. operations, these were shifted to a new joint venture in January, largely comprising American investors following national security concerns that nearly led to the platform's ban in the U.S.

Bottled water magnate Zhong Shanshan dropped to second place with $61 billion, a 23% decrease, while Robin Zeng, chairman of CATL—the world's leading battery manufacturer for electric vehicles—claimed third place, according to Hurun.

Hoogewerf observed that "This year's gains were polarised - entrepreneurs in AI, semiconductors and robotics surged ahead, whilst those in consumer, real estate and traditional manufacturing saw their wealth shrink - a two-speed economy."

Furthermore, Hoogewerf noted that "Today, for the first time ever, not a single mainland property developer remains in the Top 100 - the only property names left at the top are the Hong Kong landlord families."