AI Boosts Zhang's Wealth

The wealth gap in China's tech sector widened this week as artificial intelligence firms outpaced traditional businesses. Zhang Yiming, the founder of ByteDance, reclaimed the top spot on the Hurun Rich List. His net worth rose 43% to reach $100 billion, setting a new record for the country's wealthiest individual.

The surge in value was driven by ByteDance's AI products. Rupert Hoogewerf, chairman of the Hurun Research Institute, stated that the increase came almost entirely from the company's AI efforts. ByteDance operates Doubao, which Hoogewerf identified as the most widely used AI assistant in China. The company also owns the short-video platforms TikTok and Douyin.

Other major fortunes saw different trajectories. Zhong Shanshan, a bottled water magnate, fell to second place with a $61 billion net worth, a 23% decline. Robin Zeng, chairman of CATL, the world's largest electric vehicle battery maker, ranked third. Liang Wenfeng, founder of DeepSeek, entered the list for the first time at number seven. Chen Tianshi, chair of chipmaker Cambricon, placed tenth.

The total number of billionaires in China grew to 1,529 people worth more than 5 billion yuan. That figure represents a 6.6% increase from the previous year. In U.S. dollars, the count of billionaires reached 1,176, up by 155. This total remains slightly below the 1,185 recorded in 2021.

Hoogewerf described the market as polarized. He noted that 160 people on the list, or one in ten, now derive their wealth from AI. Wealth in AI, semiconductors, and robotics rose sharply. Conversely, fortunes in consumer goods, real estate, and traditional manufacturing shrank.

The list reflects the broader economic conditions in China. The country reported 4.5% economic growth for the July to September quarter. This growth was supported by exports and brought the nation closer to its 2026 target of 4.5% to 5%. While tech sectors received government backing, small business owners reported harder times as domestic demand faced pressure from a property downturn.

Lei Jun, chairman of Xiaomi, experienced the largest drop in wealth. His net worth halved to $25.1 billion. Hoogewerf observed that consumer fortunes declined across the board. No mainland property developer remains in the top 100, with only Hong Kong landlord families holding positions. ByteDance's U.S. operations were reorganized in January under American investors, though ByteDance retains a minority stake.