China saw the number of billionaires fall once again, according to Hurun, amid an ongoing economic slowdown. A social media giant took the throne as the country’s richest individual.
The number of US dollar billionaires fell 142 year-on-year to 753 as of 30 August 2024, according to a report by the Hurun Research Institute. Since peaking in 2021 at 1,185, the country’s billionaire count fell by 432, or a decrease of over one-third.
ByteDance founder Zhang Yiming took the top position for the first time with $49.3 billion of wealth. His social media empire saw global revenue grow 30 percent last year to $110 billion with Tiktok accumulating nearly 200 million US users. Zhang surpassed bottled water billionaire Zhong Shanshan ($47.9 billion, down 24 percent) who was followed by Tencent founder Pony Ma Huateng ($44.4 billion, up 13 percent).
Mega Wealthy Population
The total number of individuals with a minimum wealth of 5 billion Chinese yuan ($700 million) fell 12 percent to 1,094. The total wealth of this group decreased 10 percent to $3 trillion.
«The Hurun China Rich List has shrunk for an unprecedented third year running, as China’s economy and stock markets had a difficult year,» commented Rupert Hoogewerf, Hurun Report chairman and chief researcher.
