ByteDance founder tops China wealth list as AI sector surges

Zhang Yiming, the founder of ByteDance, has regained the position of China's richest person. The new ranking, released on Tuesday by The Hurun Research Institute, places his net worth at $100 billion. This figure represents a 43% increase from the previous year. Rupert Hoogewerf, chairman of the Hurun Report, stated in a written statement that nearly all of this financial growth is attributable to artificial intelligence.

The institute has published this annual list since 1999. The 2026 edition includes a record 1,529 individuals holding wealth above 5 billion yuan, which is approximately $750 million. This number is up 6.6% from last year. When measured in U.S. dollars, 1,176 Chinese billionaires are counted. This total is 176 higher than the number of American billionaires, though it remains slightly below the 1,185 recorded in 2021.

ByteDance is known globally as the parent company of the short-video platforms TikTok and Douyin. Domestically, its AI assistant, Doubao, is the most used in the country. Hoogewerf noted that AI is the largest single source of wealth on the list. One in ten of the 160 individuals who gained status through AI now derive their primary income from that technology.

The rest of the top three reflects a shift in economic power. Zhong Shanshan, a bottled water magnate, dropped to second place with $61 billion, a decrease of 23%. Robin Zeng, chairman of CATL, the world's largest maker of electric vehicle batteries, secured the third spot. New entrants in the technology sector also placed highly. Liang Wenfeng, founder of the AI startup DeepSeek, ranked seventh. Chen Tianshi, chair of AI chipmaker Cambricon, placed tenth.

The data reveals a stark divide between high-tech industries and traditional sectors. Hoogewerf described the economy as moving at two speeds. Wealth surged for entrepreneurs in AI, semiconductors, and robotics. In contrast, fortunes in consumer goods, real estate, and traditional manufacturing shrank. Lei Jun, chairman of Xiaomi, suffered the largest decline. His wealth was cut in half to $25.1 billion.

The property market's long downturn is visible in the rankings for the first time. Hoogewerf observed that no mainland property developer remains in the top 100. The only property-related names left at the top belong to landlord families based in Hong Kong. This shift aligns with recent government data showing the Chinese economy grew 4.5% in the July to September quarter, driven largely by exports.

Small business owners in China have reported tough conditions as consumer spending remains cautious. The Hurun list cross-checked its figures with entrepreneurs, regulators, and industry experts. The results confirm that while the national growth target for the year is set between 4.5% and 5%, the benefits are concentrated in technology and export-oriented sectors rather than domestic consumer markets.