ByteDance’s Zhang Yiming tops China rich list with US$99.7 billion as AI fuels fortunes

ByteDance founder Zhang Yiming has reclaimed the title of China’s richest person with a nearly US$100 billion fortune, as artificial intelligence powers a surge in wealth among China’s top entrepreneurs, according to the Hurun Research Institute.

The 43-year-old Zhang, who topped the ranking in 2024, saw his wealth rise 43 per cent to US$99.7 billion – a record for China’s richest individual – as TikTok owner ByteDance aggressively expanded into AI, according to the 28th edition of the Hurun China Rich List released on Tuesday.

The rankings included 1,529 individuals with fortunes exceeding 5 billion yuan (US$750 million) as of September 1, up 6.6 per cent from last year and surpassing the previous peak of 1,460 individuals set in 2021.

In terms of US dollar billionaires, the number rose by 155 to 1,176, the institute said, 176 more than in the US.

Zhang – with ByteDance’s Doubao emerging as China’s most-used AI assistant – took the top spot as AI became the biggest single wealth engine on this year’s list, said Rupert Hoogewerf, the institute’s founder. Altogether, 160 people, or about one in 10 on the list, now make their money from AI.

Liang Wenfeng, 41, founder of AI start-up DeepSeek, was “the sensation of the year” after debuting on the China list and ranking No 7 with US$41.7 billion. Liang appeared on the 2025 Hurun Global Rich List, in a multiway tie with others for No 757, but this year’s inclusion on the China list was his first.

Chen Tianshi, 41, of AI chipmaker Cambricon Technologies, broke into the top 10 with US$30.5 billion.

Wang Xingxing, 36, founder of humanoid robot maker Unitree Robotics, debuted as the year’s second-highest new entry at No 78 following the company’s listing in August. His fortune was estimated at US$10.3 billion.

Last year’s richest person, bottled water tycoon Zhong Shanshan, slipped to second place overall with US$61 billion, down 23 per cent, as Nongfu Spring shares retreated from last year’s peak and his vaccine company, Wantai Bio, saw its share price halve.

Robin Zeng Yuqun, founder and chairman of Contemporary Amperex Technology Ltd, the world’s largest electric vehicle battery maker, moved up to third with US$57.3 billion. Tech giant Tencent Holdings’ Pony Ma Huateng dropped to fourth with US$51.5 billion.

Jack Ma Yun, co-founder of tech heavyweight Alibaba Group Holding, and family were listed at No 13 with US$27.5 billion, while Alibaba chairman Joe Tsai ranked 68th with US$11 billion. Alibaba owns the South China Morning Post.

02:56

Musk is the world’s first trillionaire: will the second come from China?

Hoogewerf said the record total number of entries on the list came even as most saw their wealth decline, with 911 either falling or standing still, against 785 gainers.

Gains were polarised, with AI, semiconductor and robotics entrepreneurs surging while consumer, property and traditional manufacturing sectors lagged, creating “a two-speed economy,” he added.

Around 100 individuals on the list made their fortunes from renewable energy and storage this year, with Zhang Hejun, founder of inverter and energy storage manufacturer Deye, as the biggest riser.

“Their stories tell of consolidation: scale and storage won, overcapacity lost,” Hoogewerf said.

“Wealth is also concentrating,” he said. “The number of individuals worth 100 billion yuan or more has grown from zero a decade ago to 43 today and is likely to double over the next five years, while those worth 10 billion yuan or more have climbed from almost zero 20 years ago to over 800.”

Hoogewerf also pointed to the global backdrop. Elon Musk has again become a US dollar trillionaire, while AI firm Anthropic is reportedly targeting a US$1.5 trillion valuation in a planned initial public offering.

China’s first yuan trillionaires were “a matter of when, not if”, Hoogewerf said. He identified Zhang Yiming and Liang among the strongest candidates to reach the milestone.