TikTok parent company founder tops China's rich list amid AI boom

TikTok parent company ByteDance's founder Zhang Yiming has reclaimed his position as China's richest person, fuelled by the company's expansion into artificial intelligence.

Zhang topped the Hurun Report's rich list with a fortune of $100 billion (€89.4bn), up 43%, “almost all of it on the back of AI,” according to its chairman, Rupert Hoogewerf.

“AI is the biggest single wealth engine on this list: 160 Hurun rich listers — 1 in 10 — now make their money from AI,” he added.

The Hurun Research Institute, which has published the ranking annually since 1999, identified a record 1,529 individuals with fortunes exceeding 5 billion yuan (€645mn), up 6.6% from last year.

China now has 1,176 billionaires, up 155 from last year and 176 more than the US, although still below its 2021 peak of 1,185.

The ranking comes as China's economy grew 4.5% year-on-year in the third quarter, supported by strong exports, while weak domestic demand and a prolonged property downturn continued to weigh on growth.

“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,” Hoogewerf said.

The property sector's struggles were also reflected in the ranking. For the first time, no mainland Chinese property developer featured among the 100 richest people, with only Hong Kong property-owning families remaining at the top.