ByteDance founder Zhang Yiming has reclaimed the top spot on China's 2026 Hurun Rich List with a record $99.7 billion fortune, as AI and semiconductors created a new billionaire class while property and consumer fortunes shrank.
Previously, Zhang Yiming topped the ranking in 2024. His wealth rose 43 per cent, driven almost entirely by ByteDance's expansion into artificial intelligence. Doubao, ByteDance's AI chatbot, had nearly 420 million monthly active users, putting it well ahead of its domestic competitors.
He overtook Nongfu Spring founder Zhong Shanshan, known as the "Bottled Water King". Zhong fell to second place with $61 billion, down 23 per cent.
DeepSeek founder Liang Wenfeng entered the list in seventh place, with an estimated fortune of $41.7 billion. Many of the 263 people making their first appearance came from fields such as semiconductors, AI and robotics. DeepSeek's R1 reasoning model, released last year, helped lift Liang's wealth and prompted a sell-off in US tech stocks.
The Hurun China Rich List counted 1,529 people with wealth exceeding 5 billion yuan ($750 million), up 6.6 per cent on last year and above the 2021 record of 1,460. China had 1,176 billionaires, 155 more than last year and 176 more than the US, but fewer than the 2021 peak of 1,185.
China's 2015 plan aims to establish technological leadership within 10 years. Sixty percent of the list's top 100 built their fortunes in industries covered by that initiative.
This was the year 'Made in China 2025' came home.
AI is the biggest single wealth engine on this list: 160 Hurun rich listers — 1 in 10 — now make their money from AI
AI is the main source of wealth for 160 Hurun rich listers, or 1 in 10, Hoogewerf said. It’s the list's largest individual wealth engine.
This year's gains were polarised - entrepreneurs in AI, semiconductors and robotics surged ahead, whilst those in consumer, real estate and traditional manufacturing saw their wealth shrink - a two-speed economy
Wealth rose unevenly this year, Hoogewerf said. Entrepreneurs in AI, semiconductors and robotics saw fortunes climb, while those in consumer businesses, real estate and traditional manufacturing lost ground.
Today, for the first time ever, not a single mainland property developer remains in the Top 100 - the only property names left at the top are the Hong Kong landlord families
No mainland Chinese property developer appeared in the 100 richest for the first time. At the top, property-owning families remained only from Hong Kong.
Hoogewerf said Lei Jun, chairman of Xiaomi, was this year's "biggest faller", with his wealth halved to $25.1 billion. Consumer fortunes fell across the board.
Last year's expansion was 5%, while Chinese leaders are targeting growth of 4.5% to 5% in 2026. In the third quarter, exports remained strong, but weak domestic demand and a prolonged property slump constrained China's economy, which grew 4.5% year-on-year.
The Hurun Research Institute has published the ranking annually since 1999. The 28th edition of the Hurun China Rich List was released on Tuesday. The rankings included individuals with fortunes exceeding 5 billion yuan as of September 1.
Zhou Qunfang, founder of touchscreen maker Lens Technology, kept the top spot on Hurun's list of China's richest women, released on Wednesday, with a fortune of $18.9 billion.
To assemble the list, Hurun consulted entrepreneurs, regulators, industry experts and others, while noting that the information has limitations.
The top 10 included Tencent's Pony Ma, NetEase's William Ding, Cambricon's Chen Tianshi and CATL founder Robin Zeng. CATL chairman Robin Zeng, whose company is the world's largest maker of batteries for electric vehicles, ranked third. AI chipmaker Cambricon chair Chen Tianshi ranked 10th.
A funding round of 100 billion yuan would be a record for China's AI industry and could put DeepSeek's value at around 500 billion yuan. The company is reportedly close to finishing the round.
TikTok and Douyin are among ByteDance's products, and the company faces increasing regulatory scrutiny around the world. In January, TikTok transferred its US-based operations to a new joint venture, largely owned by American investors, after years of national security-related concerns that nearly led to a US ban. ByteDance retains a minority stake in TikTok's US arm.
Reports say DeepSeek is close to closing a 100 billion yuan funding round, which would be a record for China's AI industry and value the company at about 500 billion yuan.
