AI Boom Propels ByteDance Founder to Top of China Wealth List

Zhang Yiming, the founder of ByteDance, is now the wealthiest person in China with a net worth of $100 billion. The figure marks a 43% increase from the previous year and sets a record for the top spot on the national rankings. The surge comes as the parent company of TikTok deepens its focus on artificial intelligence.

The Hurun Research Institute released the annual list on Tuesday. It counts 1,529 individuals with assets exceeding 5 billion yuan, or about $750 million. That is a 6.6% rise from the previous year. When measured in U.S. dollars, the number of billionaires stands at 1,176, which is 176 more than the number in the United States.

Rupert Hoogewerf, chairman of the Hurun Report, attributed Zhang's rise to the company's AI efforts. He noted that ByteDance's Doubao assistant is the most widely used in the country. According to Hoogewerf, almost all of the wealth increase stems from this sector. AI is now the primary driver of wealth on the list, supporting the fortunes of 160 individuals, or one in ten billionaires.

Other technology leaders also climbed the rankings. Liang Wenfeng, founder of the AI startup DeepSeek, appeared on the list for the first time at seventh place. Chen Tianshi, chair of AI chipmaker Cambricon, ranked tenth. These gains contrast with the performance of established industries.

Zhong Shanshan, a bottled water magnate, dropped to second place with a net worth of $61 billion. His wealth fell by 23%. Robin Zeng, chairman of CATL, the world's largest maker of electric vehicle batteries, held the third position. The shift indicates a changing hierarchy in China's economic power.

Hooogewerf described the current economic environment as a two-speed system. He said entrepreneurs in AI, semiconductors, and robotics saw their fortunes grow, while those in consumer goods, real estate, and traditional manufacturing lost ground. Lei Jun, chairman of Xiaomi, was the largest drop, with his wealth halved to $25.1 billion.

The real estate sector faced its steepest decline on the list. For the first time, no mainland property developer appears in the top 100. Hoogewerf noted that only Hong Kong landlord families remain among the top property names. This reflects a yearslong downturn in China's housing market that continues to weigh on domestic demand.

China's economy grew 4.5% in the third quarter, a figure driven by strong exports. The government has set a 2026 growth target of 4.5% to 5%. While tech sectors benefit from state support, small business owners report that customers are cutting back on spending.

ByteDance retains a minority stake in TikTok's U.S. operations. In January, U.S. investors took the majority position in that venture following national security concerns. Oracle, chaired by Larry Ellison, is among the investors in the U.S. arm. His son David Ellison serves as co-CEO of Skydance Corp., the parent company of CBS News.