Zhang Yiming becomes China's richest person with $75 billion as billionaire count declines

Zhang Yiming, founder of TikTok, has become China's richest person with a wealth of $75 billion, according to the Hurun China Rich List. This marks a significant rise for Zhang, who previously stepped down as CEO of ByteDance in 2021 amid regulatory pressures. China's billionaire count has dropped by a third since 2021, reflecting broader economic challenges. Zhang's wealth increase contrasts with the decline of Zhong Shanshan, the former richest person, whose fortune fell to $73 billion due to a backlash against his company, Nongfu Spring. The rich list highlights a shift in China's economy, with technology and renewable energy sectors gaining prominence. Many individuals on the list are newcomers, indicating a dynamic economic landscape as traditional industries face challenges.