ByteDance founder Zhang Yiming becomes China richest person again

ByteDance founder Zhang Yiming has returned to the top of the annual list of the richest people in China. Euronews and CBS News both report that the rise in his fortune was driven by the expansion of the TikTok parent company into artificial intelligence. [1][3]

According to Euronews, Zhang topped the list compiled by the Hurun Research Institute with a fortune of 100 billion dollars, or 89.4 billion euros. His wealth rose by 43 percent, which the institute chairman Rupert Hoogewerf said was driven almost entirely by artificial intelligence. [1]

The latest rankings released on Tuesday show a shift in the Chinese economy. CBS News reported that high tech sectors in China are growing while traditional areas, including the consumer sector and real estate, remain under pressure. [3]

The Hurun Research Institute has published its annual rich list since 1999. According to CBS News, the latest list identified a record 1,529 people who hold fortunes of more than 5 billion yuan, which is equivalent to about 750 million dollars. Euronews reported that one in ten people on the list now generate their wealth from artificial intelligence. [1][3]