Rich, richer, Zhang Yiming
This is China’s wealthiest man
With Tiktok, Zhang Yiming not only became famous, but also the richest man in China. Overall, the number of millionaires in the People’s Republic is decreasing.
The founder of the social media app Tiktok has been named China’s richest man for the first time. Zhang Yiming’s fortune was estimated at $49.3 billion, according to Shanghai-based Hurun magazine’s new rich list. The 41-year-old belongs to a new generation of Chinese entrepreneurs who are more international than their operations.
The Bytedance group founded by Zhang, which also includes Tiktok, was able to increase its global sales by 30 percent last year. Tiktok has almost 200 million users in the USA alone. In China, Tiktok goes by the name Douyin.
Number of billionaires in China is declining
For the first time in three years, entrepreneur Zhong Shanshan had to give up his top spot in the ranking. With assets of $47.9 billion, the 70-year-old, who controls, among other things, the Chinese drinking water brand Nongfu Shan, made it to second place. Ma Huateng, founder of the Chinese tech giant Tencent, was ranked third with an estimated fortune of $44.4 billion.
According to Hurun, the number of super-rich people in China fell by a total of 142 last year. According to this, there were still 753 people in the People’s Republic with assets of at least one billion US dollars. Since the peak of 1,185 in 2021, China has lost 432, or just over a third, of its billionaires. The reasons given were the country’s economic difficulties and the weak performance of the stock markets.
DPA
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Source: Stern
