ByteDance founder Zhang Yiming claims the title of China’s richest individual for the first time, as his wealth reached 350 billion yuan (around US$49 billion), according to the Hurun Research Institute’s 2024 Rich List.

Tencent founder Pony Ma ranked third with 315 billion yuan (around US$44.1 billion), while Alibaba’s Jack Ma placed tenth despite a 3% wealth decrease, now at 165 billion yuan (around US$23.1 billion).

The list reports a reduction in wealthy Chinese entrepreneurs. This year’s list includes 1,094 individuals with personal wealth of over 5 billion yuan (around US$700 million), a 12% decrease from the previous year.