ByteDance founder Zhang Yiming tops the list of China’s richest people with a fortune of $49.3 billion, according to the recently-released Hurun China Rich List. Despite his staggering net worth, China’s richest billionaire still trails far behind India’s richest man - Reliance Industries chairman Mukesh Ambani - whose wealth exceeds $102 billion.
The Hurun Research Institute, which publishes the annual Hurun China Rich List, found that the total wealth of entrepreneurs on the China list this year was $3 trillion, down 10% from the previous year.
“The Hurun China Rich List has shrunk for an unprecedented third year running, as China’s economy and stock markets had a difficult year,” said Rupert Hoogewerf, chairman and chief researcher of the Hurun report.
India vs China: In numbers
China’s shrinking list of billionaires stands in contrast to India’s growing fortune.
According to the Hurun India Rich List released August, “India is emerging as Asia’s wealth creation engine! While China saw a 25% decline in its number of billionaires, India experienced a 29% increase, reaching a record 334 billionaires.”
However, India is still far behind China when it comes to the total number of billionaires - China has 753 billionaires to India’s 334.
{{/usCountry}}However, India is still far behind China when it comes to the total number of billionaires - China has 753 billionaires to India’s 334.
{{/usCountry}}This year’s China Rich List had just 54 new names added to the list, the lowest figure in two decades. On the other hand, the number of billionaires in 2024 Hurun India Rich List hit triple century, with all the top 20 sectors adding new faces to the list.
Zhang Yiming vs Mukesh Ambani
Zhang Yiming, 41, has a net worth of $49.3 billion, according to Hurun. According to the Bloomberg Billionaires Index, Yiming’s current net worth stands closer to $43 billion.
He is the founder of ByteDance, the parent company of popular short-video platforms Douyin and TikTok which saw its revenue grow to $110 billion last year.
Meanwhile, India’s richest man is Mukesh Ambani, whose net worth touches $102 billion. Ambani saw his wealth grow by 25% over last year.
As per the Hurun India Rich List, Reliance Industries' share price has risen over the past year due to strategic investments in energy and retail, projected earnings growth, and positive developments in its telecom arm, Jio, driven by recent price hike.
(With inputs from AP)