ByteDance founder Zhang Yiming tops China's rich list on AI growth

A new peak for ByteDance

ByteDance founder Zhang Yiming has reclaimed the top position on China's wealth list, reaching a record net worth of $100 billion. This figure represents a 43% increase from the previous year, marking a significant milestone for the owner of TikTok and Douyin. According to the Hurun Research Institute, nearly all of this wealth growth is attributed to the company's expansion into artificial intelligence.

The report highlights ByteDance's Doubao as the most widely used AI assistant in China. This success positions the company as a leader in the transition toward automated services. While the company remains famous for short-video content, its pivot toward AI tools is now the primary driver of its valuation and the founder's personal fortune.

The Hurun Research Institute, which has published these rankings since 1999, noted that Zhang's wealth is a record high for any individual in the country. This surge comes at a time when the broader Chinese economy is showing signs of divergence between different industries. While the high-tech sector thrives, other traditional pillars of wealth are showing signs of significant strain.

The AI wealth engine

Artificial intelligence has emerged as a dominant force in the creation of personal wealth in China. Rupert Hoogewerf, the chairman of Hurun Report, stated that AI is the biggest single wealth engine on the list, with 160 people—roughly 1 in 10—now making their money from the sector. This concentration of wealth suggests that the transition to AI-driven technologies is moving faster than many anticipated.

Several new faces have appeared on the list due to the AI boom. Liang Wenfeng, the founder of the startup DeepSeek, entered the rankings at seventh place. Additionally, Chen Tianshi, the chair of AI chipmaker Cambricon, ranked tenth. These entries reflect a broader trend of investment flowing into the hardware and software infrastructure required to power modern AI systems.

The growth in the high-tech sector is not limited to software alone. The report also notes significant gains for entrepreneurs in the semiconductor and robotics industries. These fields are benefiting from government support aimed at securing technological advantages. This shift is creating a distinct environment where high-tech success is decoupled from the performance of traditional manufacturing.

A polarized economy

The current wealth landscape in China is described as a two-speed economy. While tech leaders are seeing record gains, those in traditional sectors are facing a difficult period. The report shows that wealth in the consumer and real estate sectors has shrunk significantly. This polarization is evident in the rankings, where the biggest winners are in high-tech and the biggest losers are in older industries.

The property market, once a primary source of wealth for the nation's elite, has seen a dramatic collapse. For the first time in the history of the Hurun list, not a single mainland property developer remains in the Top 100. The only property-related names left at the top are landlord families based in Hong Kong, illustrating the severity of the domestic downturn.

Consumer fortunes have also faced a broad decline across the board. For example, Lei Jun, the chairman of Xiaomi, saw his wealth halved to $25.1 billion, making him the biggest faller this year. This trend reflects a broader cooling of domestic demand as customers cut back on spending, putting pressure on small businesses and traditional consumer electronics brands.

Broader economic context

These wealth shifts occur against a backdrop of complex national economic data. China recently reported a 4.5% economic growth for the July-September quarter, which was fueled by robust exports. This growth brings the country closer to its official annual target of 4.5% to 5%, which was lowered from last year's 5% expansion. The reliance on exports highlights a shift in how the country is generating momentum.

Despite the growth in exports and high-tech sectors, domestic demand remains weighed down by a yearslong downturn in the property market. While government support for electric vehicles and AI provides a boost to some areas, many small business owners report tough times. This creates a landscape where the success of the nation's wealthiest individuals is increasingly tied to global trade and advanced technology rather than local property development.

The Hurun Research Institute compiled this year's data by cross-checking information with entrepreneurs, regulators, and industry experts. While they acknowledge the limitations of such a massive undertaking, the data provides a clear picture of a changing hierarchy. The rise of the AI-rich and the fall of the property-rich marks a definitive turning point in the distribution of wealth in China.