Search icon
Download the all-new Republic app:
NIFTY 50 23,727.65 Down stock -25.80 (-0.11%)
NIFTY 100 24,572.50 Down stock -27.25 (-0.11%)
NIFTY 500 22,402.70 Down stock -9.60 (-0.04%)
NIFTY MIDCAP 50 15,926.80 Down stock -28.45 (-0.18%)
INDIA VIX 13.18 Down stock -0.34 (-2.53%)
NIFTY MIDCAP 150 21,080.70 up stock 4.55 (0.02%)
NIFTY SMALLCAP 50 8,934.10 up stock 40.35 (0.45%)
NIFTY BANK 51,233.00 Down stock -84.60 (-0.16%)
NIFTY AUTO 22,685.55 up stock 127.80 (0.57%)
NIFTY FMCG 56,439.30 up stock 304.25 (0.54%)
NIFTY IT 43,668.90 Down stock -159.45 (-0.36%)
NIFTY MEDIA 1,874.15 Down stock -6.30 (-0.34%)
NIFTY METAL 8,817.60 Down stock -73.80 (-0.83%)
NIFTY PHARMA 22,558.90 Down stock -13.15 (-0.06%)
NIFTY PRIVATE BANK 24,838.85 up stock 5.50 (0.02%)
NIFTY REALTY 1,074.75 Down stock -0.90 (-0.08%)
NIFTY OIL & GAS 10,747.55 up stock 57.90 (0.54%)
NIFTY COMMODITIES 8,206.25 Down stock -40.70 (-0.49%)
NIFTY ENERGY 35,084.95 Down stock -62.80 (-0.18%)
LEADMINI 188 up stock 0.20 (0.11%)
ZINCMINI 261.25 up stock 0.25 (0.1%)
SILVERMIC 89730 up stock 72.00 (0.08%)
GOLDGUINEA 59188 up stock 50.00 (0.08%)
GOLDM 72900 up stock 28.00 (0.04%)
COTTONCNDY 56540 up stock 20.00 (0.04%)
SILVER 89675 up stock 29.00 (0.03%)
CRUDEOIL 6609 Down stock -237.00 (-3.46%)
NATURALGAS 177.5 Down stock -0.30 (-0.17%)
NATGASMINI 177.5 Down stock -0.30 (-0.17%)
MENTHAOIL 942.2 Down stock -1.20 (-0.13%)
ZINC 260.7 Down stock -0.25 (-0.1%)
ALUMINIUM 220.5 Down stock -0.20 (-0.09%)
LEAD 187 Down stock -0.10 (-0.05%)
NIFTY 50 23,727.65 Down stock -25.80 (-0.11%)
NIFTY 100 24,572.50 Down stock -27.25 (-0.11%)
NIFTY 500 22,402.70 Down stock -9.60 (-0.04%)
NIFTY MIDCAP 50 15,926.80 Down stock -28.45 (-0.18%)
INDIA VIX 13.18 Down stock -0.34 (-2.53%)
NIFTY MIDCAP 150 21,080.70 up stock 4.55 (0.02%)
NIFTY SMALLCAP 50 8,934.10 up stock 40.35 (0.45%)
NIFTY BANK 51,233.00 Down stock -84.60 (-0.16%)
NIFTY AUTO 22,685.55 up stock 127.80 (0.57%)
NIFTY FMCG 56,439.30 up stock 304.25 (0.54%)
NIFTY IT 43,668.90 Down stock -159.45 (-0.36%)
NIFTY MEDIA 1,874.15 Down stock -6.30 (-0.34%)
NIFTY METAL 8,817.60 Down stock -73.80 (-0.83%)
NIFTY PHARMA 22,558.90 Down stock -13.15 (-0.06%)
NIFTY PRIVATE BANK 24,838.85 up stock 5.50 (0.02%)
NIFTY REALTY 1,074.75 Down stock -0.90 (-0.08%)
NIFTY OIL & GAS 10,747.55 up stock 57.90 (0.54%)
NIFTY COMMODITIES 8,206.25 Down stock -40.70 (-0.49%)
NIFTY ENERGY 35,084.95 Down stock -62.80 (-0.18%)
LEADMINI 188 up stock 0.20 (0.11%)
ZINCMINI 261.25 up stock 0.25 (0.1%)
SILVERMIC 89730 up stock 72.00 (0.08%)
GOLDGUINEA 59188 up stock 50.00 (0.08%)
GOLDM 72900 up stock 28.00 (0.04%)
COTTONCNDY 56540 up stock 20.00 (0.04%)
SILVER 89675 up stock 29.00 (0.03%)
CRUDEOIL 6609 Down stock -237.00 (-3.46%)
NATURALGAS 177.5 Down stock -0.30 (-0.17%)
NATGASMINI 177.5 Down stock -0.30 (-0.17%)
MENTHAOIL 942.2 Down stock -1.20 (-0.13%)
ZINC 260.7 Down stock -0.25 (-0.1%)
ALUMINIUM 220.5 Down stock -0.20 (-0.09%)
LEAD 187 Down stock -0.10 (-0.05%)

Published 15:40 IST, October 29th 2024

TikTok parent ByteDance's founder is now China's richest person

ByteDance, which is the parent company of popular short-video platforms Douyin and TikTok, saw its revenue grow to $110 billion last year.

Zhang Yiming is China's richest person now. | Image: Reuters

ByteDance founder Zhang Yiming tops the list of China's richest people, according to the Hurun Research Institute, although many of them have seen their net worth plunge over the past year. The institute, which publishes the annual Hurun China Rich List, found that the total wealth of entrepreneurs on the list this year was $3 trillion, down 10 per cent from the previous year. The number of billionaires based on their net worth in US dollars was also down 142, to 753. Hurun tallied 1,185 billionaires since 2021.

“The Hurun China Rich List has shrunk for an unprecedented third year running, as China's economy and stock markets had a difficult year,” said Rupert Hoogewerf, chairman and chief researcher of the Hurun report.

ByteDance's Zhang came in No. 1 for the first time this year, with a net worth of $49.3 billion, according to Hurun. ByteDance, which is the parent company of popular short-video platforms Douyin and TikTok, saw its revenue grow to $110 billion last year. He is also the first individual born in the 1980s to top the Hurun list.

Bottled water magnate Zhong Shanshan fell to second place in 2024 with $47.9 billion, after his brand Nongfu Spring faced backlash in February when consumers accused it of disloyalty to China due to designs of its bottles. The backlash wiped out billions in market value for Nongfu Spring.

Coming in third is Tencent founder Pony Ma with a net worth of $44.4 billion, as the gaming firm saw its revenues rise.

This year's China Rich List had just 54 new names added to the list, the lowest figure in two decades. New additions include Charlwin Mao and Miranda Qu Fang, the founders of Xiaohongshu, a social media and lifestyle platform popular with young users.

China's economy has lagged in the aftermath of the COVID-19 pandemic as the country grapples with a real estate crisis and a volatile stock market. Policymakers are expected to unveil major stimulus measures to encourage consumption and spending, which have declined in recent months.

Updated 15:40 IST, October 29th 2024

LIVE TV

Republic TV is India's no.1 English news channel since its launch.