Even as China’s richest, Zhang Yiming's wealth of $49.3 billion is still less than half of Mukesh Ambani’s

Zhang Yiming is China's richest man with a fortune of $49.3 billion, which is less than half of Mukesh Ambani's net worth of over $102 billion.

Updated on: Oct 30, 2024, 09:02:34 IST

By Sanya Jain

Prefer HTon Google

Share via

Copy link

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.

ByteDance founder Zhang Yiming (L) and Reliance Industries Chairman Mukesh Ambani (R).

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.

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)

ABOUT THE AUTHOR
Sanya Jain
Sanya Jain is an Assistant Editor with Hindustan Times Digital. She has nearly a decade of experience in covering offbeat stories that speak to the everyday experience - from viral videos to human interest copies that spark conversation. Her interests stretch across business, pop culture, social media trends, entertainment and global affairs. Before joining Hindustan Times, Sanya spent two years with Moneycontrol and five years with NDTV. She holds an undergraduate degree in English literature from St Stephen’s College, Delhi, and a master’s in journalism from the Xavier Institute of Communications, Mumbai. Sanya has a sharp eye for spotting emerging trends and looking for newsworthy angles to elevate viral posts into meaningful narratives. She was the first one, for example, to cover Narayana Murthy’s remark on 70-hour work weeks that sparked a national conversation. She is equally at ease writing about business leaders as about the common man, about issues of national importance and memes that amuse social media. Sanya enjoys speaking with content creators, newsmakers and entrepreneurs to transform everyday moments into engaging, slice-of-life stories that resonate with readers. When she is not working, Sanya can be found curled up with a good book. Born and raised in Lucknow, she has spent the last several years in Delhi. She is deeply interested in animal welfare and now spends a lot of her time running after her destructive orange cat.Read More

Discover the latest Trending News, viral videos, social media stories and unusual events from India and around the world. Stay updated with the topics everyone is talking about.