CHINA’S RICHEST PEOPLE IDENTIFIED

Zhang Yiming has made it to the number one on China’s list of richest people.

The ByteDance founder’s wealth has been estimated at $49.3 billion and has been the reason why he’s been named China’s richest person in the 26 years since the list was first published.

Zhang stepped down as ByteDance’s chief executive in 2021 but his wealth has increased even more since, despite a current legal battle over the company’s United States assets.

Former number one Zhong Shanshan has now dropped to second place. The water magnate’s fortune dropped by 24% to $47.9 billion.

Third on the list is Pony Ma, Tencent’s founder.

Temu and Pinduoduo founder Colin Huang lost his third place and is now China’s fourth richest person. Both companies continue to show healthy revenue growth which could mean even more wealth for Huang.

China’s real estate sector has taken a hard knock with most real estate moguls losing millions over the last year.

Consumer electronics have had a great year with solar panels, lithium batteries, and electronic vehicle (EV) makers adding billions of dollars to their wealth.

Image credit: CNN