ByteDance founder tops China's rich list for the first time, beating Tencent and Nongfu heads

Group 1 - ByteDance founder Zhang Yiming has become China's richest person with a personal wealth of $49.3 billion, surpassing Zhong Shanshan, whose wealth decreased by 24% to $47.9 billion [2] - ByteDance's profits surged around 30% last year, driven by the popularity of its app TikTok, which has over a billion active monthly users globally [2] - Pony Ma Huateng, CEO of Tencent, saw his wealth rise by 13% to $44.4 billion, while Colin Huang of Pinduoduo experienced a 9% decline in wealth [3] Group 2 - The number of individuals in China with wealth exceeding 5 billion yuan ($700 million) has decreased by 12% to 1,094, with a total combined wealth of $3 trillion, down 10% from the previous year [4] - The Hurun China Rich List has contracted for the third consecutive year, reflecting challenges in China's economy and stock markets [5] - The current rich list is increasingly dominated by entrepreneurs from technology, consumer electronics, and new energy sectors, moving away from the previous dominance of real estate developers [5]