China Wealth Gap: AI surge drives top rankings

Zhang Yiming, the founder of ByteDance, has returned to the top of China's richest people list, with his personal wealth reaching $100 billion.

The Hurun Research Institute released its annual rankings on Tuesday, marking the 27th year of publication since 1999. The list now includes a record 1,529 individuals with net worths exceeding 5 billion yuan, approximately $750 million, a 6.6% increase from the previous year. When measured in U.S. dollars, 1,176 people qualified as billionaires, up 155 from last year. This figure places China 176 ahead of the United States in billionaire count, though it remains slightly below the 1,185 recorded in 2021.

Rupert Hoogewerf, chairman of the Hurun Report, attributed Zhang's 43% wealth increase almost entirely to artificial intelligence. He noted that ByteDance's Doubao is currently the most used AI assistant in China. The company also owns the short-video platforms Douyin and TikTok. Hoogewerf stated that AI serves as the largest single wealth engine on the list, with 160 individuals, or one in ten, deriving their income from the sector.

The rankings reveal a sharp division between high-tech sectors and traditional industries. Zhong Shanshan, a bottled water magnate, fell to second place with a net worth of $61 billion, down 23%. Robin Zeng, chairman of CATL, the world's largest electric vehicle battery maker, took third place. New entrants included Liang Wenfeng, founder of AI startup DeepSeek, who ranked seventh, and Chen Tianshi, chair of AI chipmaker Cambricon, who placed 10th.

Hoogewerf described the year's economic gains as polarized, noting that entrepreneurs in AI, semiconductors, and robotics surged forward while those in consumer goods, real estate, and manufacturing saw their wealth decline. Lei Jun, chairman of Xiaomi, experienced the largest drop, with his wealth halving to $25.1 billion. For the first time, no mainland property developer appeared in the top 100, leaving only Hong Kong landlord families in that tier.

China reported 4.5% economic growth for the July-September quarter, driven by exports, which brings the country closer to its annual target of 4.5% to 5%. While government support has boosted technology and electric vehicle sectors, small business owners report tight conditions as consumer spending remains subdued. The property market downturn continues to weigh on domestic demand, a trend clearly reflected in the shrinking fortunes of real estate executives on the Hurun list.