By Casey Hall

SHANGHAI (Reuters) – ByteDance founder Zhang Yiming is China's richest person, with personal wealth of $49.3 billion, according to an annual rich list released on Tuesday. His wealth has grown despite challenges faced by counterparts in real estate and renewables.

Zhang, 41, who stepped down as chief executive of ByteDance in 2021, becomes the 18th individual to be named China’s richest since the Hurun China Rich List was first published 26 years ago. He surpassed bottled water magnate Zhong Shanshan, whose fortune fell 24% to $47.9 billion, slipping him to second place.

Despite ongoing legal disputes regarding its U.S. assets, ByteDance’s global revenue grew 30% last year to $110 billion, according to Hurun, significantly contributing to Zhang’s personal wealth.

Third on the list is Tencent’s founder, Pony Ma, while Colin Huang of PDD Holdings dropped to fourth place. However, his e-commerce platforms, Pinduoduo and Temu, continue to show healthy revenue growth.

The number of billionaires listed decreased by 142, totaling 753, which is more than a third less than the peak in 2021. Rupert Hoogewerf, Chairman of Hurun Report, stated that “China’s economy and stock markets had a difficult year.”

The most substantial declines in wealth were noted in China's real estate sector, while the consumer electronics sector showed rapid growth, with Xiaomi’s Lei Jun increasing his wealth by $5 billion this year.

On the other hand, solar panel, lithium battery, and electric vehicle makers experienced challenging times due to intensified competition and market oversupply. Hoogewerf noted the solar panel sector saw wealth decrease by as much as 80% from its 2021 peak, while battery and electric vehicle makers' fortunes dropped by half and a quarter, respectively.