Zhang Yiming tops China wealth list at $100 billion on AI surge

ByteDance founder Zhang Yiming is now the wealthiest person in China, with a net worth of $100 billion.

The Hurun Research Institute released the updated rankings on Tuesday. Zhang’s fortune increased by 43% to reach that record high. Rupert Hoogewerf, chairman of the Hurun Report, stated that the gain came almost entirely from the company’s artificial intelligence efforts. ByteDance’s Doubao assistant is currently the most used AI tool in the country.

The list has tracked China’s elite since 1999. It now includes 1,529 individuals with assets exceeding 5 billion yuan. That figure represents a 6.6% increase from the previous year. When measured in U.S. dollars, 1,176 people qualified as billionaires. This count is 155 higher than the prior year and 176 more than the current number in the United States. It falls slightly short of the 1,185 individuals recorded in 2021.

AI is the dominant source of new wealth in this cycle. Hoogewerf noted that 160 people, or one in ten on the list, now derive their fortunes from the sector. New entrants reflect this trend. Liang Wenfeng, founder of the startup DeepSeek, ranked seventh. Chen Tianshi, chair of AI chipmaker Cambricon, placed tenth.

Other sectors experienced a decline. Zhong Shanshan, a bottling water executive, dropped to second place with $61 billion, a 23% decrease. Robin Zeng, chairman of battery maker CATL, finished third. Lei Jun, chairman of Xiaomi, suffered the largest drop on the list. His wealth halved to $25.1 billion. Hoogewerf described the economy as two-speed, with AI and semiconductor entrepreneurs surging while consumer and real estate owners saw their wealth shrink.

No mainland property developer remains in the top 100 for the first time. Only Hong Kong landlord families hold positions in the upper tier. This shift mirrors the domestic property downturn that has weighed on Chinese demand. China reported 4.5% economic growth for the third quarter, driven by exports. The full-year target set by leaders stands at 4.5% to 5%.

TikTok’s U.S. operations shifted in January to be controlled mostly by American investors. This move addressed national security concerns that nearly led to a ban. ByteDance retains a minority stake in the U.S. arm. Oracle, chaired by Larry Ellison, is an investor in that venture. His son David Ellison co-leads Skydance Corp., the parent company of CBS News.