His counterparts in real estate and renewables, however, have fared less well in the Hurun China Rich List.
Zhang Yiming, founder and global CEO of ByteDance, poses in Palo Alto, California, US, on Mar 4, 2020. SHANGHAI: ByteDance founder Zhang Yiming is China 's richest person, with a personal wealth of US$49.3 billion, an annual rich list showed on Tuesday , although counterparts in real estate and renewables have fared less well.
He overtook bottled water magnate Zhong Shanshan, who slipped to second place as his fortune dropped 24 per cent to US$47.9 billion., ByteDance's global revenue grew 30 per cent last year to US$110 billion, Hurun said, helping to propel Zhang's personal fortune.
"China’s economy and stock markets had a difficult year," said Hurun Report Chairman Rupert Hoogewerf. "Solar panel, lithium battery and EV makers have had a challenging year, as competition intensified, leading to a glut, and the threat of tariffs added to uncertainties," said Hoogewerf, who is also the list's chief researcher.
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