China's Richest Person Was Born in the 1980s

ByteDance founder Zhang Yiming has claimed the top spot on China's Hurun China Rich List, as reported by the Hurun Research Institute. Zhang's net worth stands at $49.3 billion; he's the first individual born in the 1980s to lead the list. ByteDance, the parent company behind Douyin and TikTok saw its revenue jump to $110 billion last year.

Still, the overall financial picture for China's wealthiest has dimmed a bit. The collective wealth of entrepreneurs featured on the list dwindled by 10% to $3 trillion, and the number of billionaires (valued in US dollars) decreased by 142 and now totals 753. This year, only 54 new billionaires were introduced, the fewest in two decades. Rupert Hoogewerf, chairman of Hurun, remarked that the list has contracted for an "unprecedented third year" due to economic hurdles.

Zhong Shanshan, the bottled water magnate, slipped to second place with a $47.9 billion fortune, following market backlash against his brand Nongfu Spring. Gaming titan Pony Ma of Tencent secured the third spot with $44.4 billion, buoyed by rising revenues. Newly listed figures include Charlwin Mao and Miranda Qu Fang of Xiaohongshu, a social media platform favored by young users. (This story was generated by Newser's AI chatbot. Source: the AP)