ByteDance founder Zhang Yiming has topped the Hurun China Rich List this year, with a net worth of $49.3 billion. This marks the first time Zhang has claimed the top spot, and he is the first person born in the 1980s to achieve this honor.
Following Zhang is Zhong Shanshan, owner of Nongfu Spring, with a net worth of $47.9 billion. Zhong's wealth has significantly declined after customers accused his company of being "disloyal" due to its bottle designs.
The third position is held by Tencent founder Pony Ma, who is worth $44.4 billion. Ma's ranking has improved thanks to strong revenues from Tencent's gaming division.
The Hurun Research Institute reported that many Chinese billionaires experienced a decrease in their wealth this year, with the total collective wealth of billionaires in China falling to $3 trillion, a 10 percent decline from 2023. The total number of billionaires has also decreased, with 753 individuals now on the list, down from 1,185 in 2021.
Rupert Hoogewerf, chairman and chief researcher of the Hurun report, stated, “The Hurun China Rich List has shrunk for an unprecedented third year running, as China's economy and stock markets had a difficult year.”
This year, only 54 new billionaires joined the ranks, marking the lowest addition in two decades. In contrast, India’s wealth landscape has seen significant growth, with the total wealth of the richest Indians surpassing $1 trillion for the first time, reaching $1.1 trillion according to the Forbes 2024 richest Indians list released in October.
India's richest individuals have seen remarkable growth, doubling their wealth since 2019, with an addition of approximately $316 billion in the last year. Over 80 percent of India’s richest have gained wealth, with 58 individuals increasing their net worth by $1 billion or more. The top 12 among them account for nearly half of the combined wealth of the top 100.
As of October 2024, Mukesh Ambani, Chairman and Managing Director of Reliance Industries, leads the Indian and Asian lists with an estimated net worth of $119.5 billion. Ambani has seen a significant increase of $27.5 billion this year. Close behind is Gautam Adani and his family, valued at approximately $116 billion after adding $48 billion in the past year.
Despite Zhang's impressive wealth, it remains less than half of Ambani and Adani’s fortunes, suggesting a brighter outlook for India's economic growth compared to China’s.
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