Founder of TikTok owner ByteDance jumps to top of China's rich list

ByteDance founder Zhang Yiming has been named China's richest person, with a net worth of $49.3 billion, according to the Hurun China Rich List. He surpassed Zhong Shanshan, whose wealth dropped 24% to $47.9 billion.

Despite facing legal challenges over its U.S. assets, ByteDance's global revenue surged 30% to $110 billion last year, boosting Zhang's fortune.

Meanwhile, the list recorded a drop of 142 billionaires, totaling 753, largely due to declines in the real estate sector and intensified competition in solar and battery manufacturing.