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TikTok parent ByteDance's founder Zhang Yiming reclaims spot as China's richest person, thanks to firm's AI push
CBS News • • business
Key Points:
- ByteDance founder Zhang Yiming topped Hurun Research Institute's list of China's richest people with a net worth of $100 billion, driven primarily by the company's advancements in artificial intelligence.
- The list highlighted the rise of high-tech sectors such as AI, semiconductors, and robotics, while traditional sectors like consumer goods, real estate, and manufacturing faced declines.
- A record 1,529 individuals in China have wealth exceeding 5 billion yuan (~$750 million), with 1,176 billionaires based on U.S. dollar net worth, slightly fewer than the 2021 peak.
- Notable shifts include Zhong Shanshan falling to second place with $61 billion and Xiaomi chairman Lei Jun's wealth halving to $25.1 billion amid consumer sector downturns.
- The list reflects broader economic trends in China, including robust export-driven growth, government support for tech industries, and ongoing challenges in domestic demand and the property market.
