China’s rich list: ByteDance founder Zhang Yiming places No. 1 [Video]

HONG KONG –

ByteDance founder Zhang Yiming tops the list of China’s richest people, according to the Hurun Research Institute, although many of them have seen their net worth plunge over the past year.

The institute, which publishes the annual Hurun China Rich List, found that the total wealth of entrepreneurs on the list this year was US$3 trillion, down 10 per cent from the previous year.

The number of billionaires based on their net worth in U.S. dollars was also down 142, to 753. Hurun tallied 1,185 billionaires since 2021.

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“The Hurun China Rich List has shrunk for an unprecedented third year running, as China’s economy and stock markets had a difficult year,” said Rupert Hoogewerf, chairman and chief researcher of the Hurun report.

ByteDance’s Zhang came in No. 1 for the first time this year, with …