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ByteDance founder Zhang Yiming reclaims top spot in China's rich list, thanks to his firm's AI push

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ByteDance founder Zhang Yiming reclaims top spot in China's rich list, thanks to his firm's AI push

Business News Tech AI ByteDance founder Zhang Yiming reclaims top spot in China's rich list, thanks to his firm's AI push

ByteDance founder Zhang Yiming reclaims top spot in China's rich list, thanks to his firm's AI push

The rankings released by The Hurun Research Institute on Tuesday reflected that the country's high-tech sectors were rising but others like consumer and real estate were under pressure.

ByteDance founder Zhang Yiming reclaimed the top spot on a list of China's richest people , driven by his company's push into artificial intelligence . The rankings released by The Hurun Research Institute on Tuesday reflected that the country's high-tech sectors were rising but others like consumer and real estate were under pressure. The institute, which has published the list annually since 1999, found a record 1,529 people with more than 5 billion yuan (about $750 million), up 6.6% from last year.

S. S. That was slightly below the 1,185 people in 2021. Zhang topped the list with $100 billion, up 43%, "almost all of it on the back of AI," and the amount was a record high for China's richest person, Rupert Hoogewerf, Hurun Report chairman, said in a statement. Hoogewerf noted that ByteDance's Doubao is China's most used AI assistant. ByteDance is also the parent company of popular short-video platforms Douyin and TikTok . "AI is the biggest single wealth engine on this list: 160 Hurun rich listers - 1 in 10 - now make their money from AI," he said. Bottled water magnate Zhong Shanshan fell to second place with $61 billion, down 23%, while Robin Zeng, chairman of CATL, the world's largest maker of batteries for electric vehicles, came third, Hurun said.


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