ByteDance founder Zhang Yiming tops China’s rich list

Associated Press

HONG KONG (AP) — 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% from the previous year. The number of billionaires based on their net worth in U.S. dollars was also down 142, to 753. Hurun tallied 1,185 billionaires since 2021.