TikTok parent ByteDance's founder is China's richest person again

Beijing — ByteDance founder Zhang Yiming reclaimed the top spot on a list of China's richest people, driven by his company's push into artificial intelligence.The rankings released by The Hurun Research Institute on Tuesday reflected that the country's high-tech sectors were rising while others, like the consumer sector and real estate, were under pressure. The institute, which has published the list annually since 1999, found a record 1,529 people with more than 5 billion yuan (about $750 million), up 6.6% from last year. The number of billionaires based on their net worth in U.S. dollars rose to 1,176, up 155 people - 176 more than in the U.S. That was slightly below the 1,185 people in 2021. Zhang topped the list with $100 billion, up 43%, "almost all of it on the back of AI," and the amount was a record high for China's richest person, Rupert Hoogewerf, Hurun Report chairman, said in a statement. Hoogewerf noted that ByteDance's Doubao is China's most used AI assistant. ByteDance founder Zhang Yiming in Beijing in April 2019. Gilles Sabrie / Bloomberg via Getty Images / Gilles Sabrié AI is the biggest single wealth engine on the list: 160 people - one in 10 - now make their mon...