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☆ Founder of TikTok owner ByteDance jumps to top of China’s rich list as number of billionaires shrinks
▼ + stars: | 2024-10-30 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +2 min

SHANGHAI — ByteDance founder Zhang Yiming is China’s richest person, with personal wealth of $49.3 billion, an annual rich list showed Tuesday, although counterparts in real estate and renewables have fared less well. Zhang, 41, who stepped down in 2021 as chief executive of ByteDance, the Beijing-based parent company of TikTok, becomes the 18th individual to be crowned China’s richest person in the 26 years since the Hurun China Rich List was first published. He overtook bottled water magnate Zhong Shanshan, who slipped to second place as his fortune dropped 24%, to $47.9 billion. Despite a legal battle over its U.S. assets, ByteDance’s global revenue grew 30% last year to $110 billion, Hurun said, helping to propel Zhang’s personal fortune. The number of billionaires on the list dropped by 142 to 753, shrinking more than a third from its 2021 peak.

Persons: Zhang Yiming, Zhang, China Rich, Zhong Shanshan, Hurun, Pony Ma, Colin Huang, ”, Rupert Hoogewerf, Lei, Hoogewerf Organizations: SHANGHAI, ByteDance, PDD Holdings Locations: Beijing, China

☆ China lost 36% of its billionaires to years of economic troubles and crackdowns
▼ + stars: | 2024-10-30 | by ( Hannah Abraham | ) www.businessinsider.com time to read: +7 min

According to Hurun's 2024 rich list, China lost 432 billionaires since the high of 1,185 in 2021. Hurun, a private research group that has tracked Chinese billionaires since 1999, said the total peaked in 2021 with 1,185 billionaires, a figure which fell to 753, a decline of 432, or 36% of the total. It comes as some of China's superrich choose to lie low or leave the country, finding covert ways to take their money with them. "The stories of the individuals on the Hurun China Rich List tell the story of the Chinese economy," said Rupert Hoogewerf, Hurun's Chairman and Chief Researcher. AdvertisementThat led, among other things, to regulatory crackdowns on tech platform companies and campaigns against China's rich entrepreneurs.

Persons: —, crackdowns, China's superrich, Zhang Yiming, Bytedance, Yiming, Zhong Shanshan, Rupert Hoogewerf, Robin Zeng, Li, Kerry Brown, Xi, Jack Ma, Alibaba, Brown, Joel Gallo, China shouldn't, it's Organizations: Service, Reuters, King's College London, Ant Group, & Partners, Bloomberg, New York University Shanghai, Communist Locations: China, Taiwan, Greater China

☆ TikTok’s founder is now China’s richest person. But the country’s total number of billionaires has shrunk
▼ + stars: | 2024-10-30 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +4 min

CNN —China has a new richest person – and it’s the entrepreneur behind the wildly popular, and controversial, app TikTok. Zhang Yiming, 41, co-founder of TikTok’s parent company ByteDance, topped the 2024 Hurun China Rich List, released Tuesday. His wealth reached $49.3 billion, as assessed by research, media and investment group Hurun Inc, which publishes the ranking of the country’s richest people. ByteDance also holds China’s popular news app Toutiao and Douyin, TikTok’s sister app in China. Billionaires on the declineOverall, the number of US-dollar billionaires in China shrank to 753, down 142 from the previous year.

Persons: Zhang Yiming, Zhang’s ascendency, Hurun, TikTok, it’s, –, Zhang, Liang Rubo, ByteDance, Zhong Shanshan, Zhong, Ma, Rupert Hoogewerf, ” Organizations: CNN, Hurun Inc Locations: China, India, Britain, Canada, Australia, Beijing, Hong Kong, Macao, Taiwan

Zhang Yiming has built a $49.3 billion fortune since cofounding ByteDance, the Chinese tech giant behind TikTok. He recently became the richest person in China. AdvertisementThe widespread popularity of TikTok has created not only a new generation of social media stars — it's also helped mint China's wealthiest person. Zhang is a highly private person and little is publicly known about his personal life. He has recently, however, been thrust back into the spotlight after being named on the list as the richest person in China.

Persons: Zhang Yiming, cofounding ByteDance, Zhang, —, TikTok, — it's Organizations: Service Locations: China

☆ ByteDance founder tops China's rich list for the first time, beating Tencent and Nongfu heads
▼ + stars: | 2024-10-29 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

ByteDance founder Zhang Yiming for the first time has emerged as China's richest person, according to a list compiled by Hurun Research Institute, leaving behind Nongfu Spring Chairperson Zhong Shanshan who has topped the rankings for three years. Midea founder He Xiangjian and CATL's CEO Zeng Yuqun took fifth and sixth places on the list. "The Hurun China Rich List has shrunk for an unprecedented third year running, as China's economy and stock markets had a difficult year," said Rupert Hoogewerf, Hurun report chairman and chief researcher. The current rich list predominantly comprises entrepreneurs from the technology, consumer electronics and new energy space, from what used to be dominated by real estate developers, Hoogewerf noted. "The stories of the individuals on the Hurun China Rich List tell the story of the Chinese economy," he said.

Persons: Zhang Yiming, Zhong Shanshan, Zhang, Zhong, ByteDance, Hurun, Ma Huateng, Colin Huang, Xiangjian, Zeng Yuqun, Rupert Hoogewerf, Hoogewerf, ByteDance's Zhang, Huang Organizations: Hurun Research Institute, Nongfu, Research Locations: Shanghai, China

☆ Trump’s War on Clean Energy Would Benefit China, Economists Say
▼ + stars: | 2024-06-26 | by ( Lisa Friedman | ) www.nytimes.com time to read: +1 min

In the race for the White House, former President Donald J. Trump has attacked President Biden’s policies to expand renewable energy as a “plan to make China rich” because America’s greatest economic rival also controls many of the parts needed for electric-vehicle batteries, solar panels and other green technology. But eliminating Mr. Biden’s climate policies would end up helping China, economists say, by jeopardizing hundreds of billions of dollars in manufacturing investments that have already been made in the United States and sending that work back to other countries, including China. “From a manufacturing perspective, you’re just ensuring the Chinese edge in these technologies continues to get wider.”Mr. Trump, who has called climate change a “hoax,” has targeted “every one” of Mr. Biden’s policies designed to transition the United States away from fossil fuels. That includes regulations to encourage electric vehicles and solar and wind energy while cracking down on pollution from coal-burning power plants and restricting oil drilling on public lands and in federal waters. The former president has also promised to withdraw the United States from global agreements to reduce greenhouse gas emissions.

Persons: Donald J, Trump, Biden’s, ”, Stuart, Mackintosh, Mr Organizations: White Locations: China, United States

☆ China's battered economy suffers another blow as Moody's slashes its credit outlook
▼ + stars: | 2023-12-05 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Moody's Investors Service slashed its outlook for Chinese government bonds to negative on Tuesday. Beijing has rolled out stimulus packages and ramped up borrowing in a bid to support the embattled Chinese economy in 2023. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementMoody's Investors Service slashed its outlook for China's credit rating on Tuesday, dealing a fresh blow to the world's second-largest economy. Moody's cited stagnant growth and a seemingly never-ending property crisis as factors that could hamper Beijing's ability to repay its debts.

Persons: —, Moody's, that's, –, Read, It's Organizations: Moody's, Service, China's Ministry, Finance, Bloomberg, CSI Locations: Beijing, China, Moody's

☆ Real estate made China rich. Now it's looking more like kryptonite.
▼ + stars: | 2023-11-16 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

It’s a sign a key engine for the world’s second-largest economy is still sputtering, despite Beijing’s stimulus packages. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementChina's property crash worsened last month in a sign the world's second-largest economy is still facing headwinds despite recent government interventions. Evergrande serves as a case in point for how an industry that contributed to China's economic boom for decades has turned into a point of weakness. That's a sign investors are looking past US president Joe Biden's San Francisco summit with Chinese premier Xi Jinping and zeroing back in on China's economic struggles, according to analysts.

Persons: —, That's, that's, Evergrande, Hui Ka Yan, Joe Biden's, Xi Jinping, Hargreaves, Susannah Streeter, Joe Biden Organizations: Service, National Bureau, Statistics, Bloomberg, Cato Institute, CSI Locations: China, Beijing, Chinese, Joe Biden's San Francisco

☆ Opinion | What Republicans Say (and Don’t Say) About the Auto Workers’ Strike
▼ + stars: | 2023-09-23 | by ( Jamelle Bouie | ) www.nytimes.com time to read: +3 min

But beyond the presidential contenders, there were also the ostensibly populist Republicans who have placed workers at the center of their case. They haven’t even blamed management for the strike, despite the fact that the U.A.W. And they haven’t voiced support for the largest, most ambitious organizing goal of the U.A.W. As (my former editor and colleague) Harold Meyerson notes in a piece for The American Prospect:The long-term future of the U.A.W. foreign-owned auto factories that are spread across the South, also falls well short of the levels that U.A.W.

Persons: “, Joe Biden’s, Josh Hawley, J.D, Vance, Ohio, Marco Rubio, Harold Meyerson, ”, Elon Organizations: Republicans, GM, Ford Locations: China, Missouri, Florida, Stellantis

☆ Jiang Zemin made China richer and more unequal
▼ + stars: | 2022-11-30 | by ( John Foley | ) www.reuters.com time to read: +5 min

NEW YORK, Nov 30 (Reuters Breakingviews) - Jiang Zemin, who died on Wednesday, catapulted China into the modern world. And his death comes at an inconvenient time for the current president, Xi Jinping. Chosen as party chief weeks before the violent 1989 suppression of Tiananmen Square protesters who demanded economic and political reforms, Jiang inherited a system riven by infighting. While numbers can deceive in a state-led economy like China’s, Jiang still notched up some encouraging stats. Follow @johnsfoley on TwitterCONTEXT NEWSJiang Zemin, the former president of China, died on Nov. 30.

☆ China's super-rich see fortunes plunge as economy slows
▼ + stars: | 2022-11-08 | by ( Brenda Goh | ) www.reuters.com time to read: +2 min

Nov 8 (Reuters) - China's super-rich saw their wealth tumble by the most in over two decades this year, as the Russia-Ukraine war, Beijing's zero-COVID measures and falling mainland and Hong Kong stock markets pummelled fortunes, an annual rich list said on Tuesday. The Hurun Rich list, which ranks China's wealthiest people with a minimum net worth of 5 billion yuan ($692 million), said only 1,305 people made the mark this year, down 11% from last year. "This year has seen the biggest fall in the Hurun China Rich List of the last 24 years," said Rupert Hoogewerf, chairman and chief researcher of research firm Hurun Report which compiles the list. The founder of TikTok owner ByteDance, Zhang Yiming, took second place, but saw his wealth fall 28% to $35 billion due to a drop in ByteDance's valuation. Tencent founder Pony Ma posted the second largest drop in wealth of $14.6 billion amid sliding tech stock prices, to take fifth place on the list.

☆ China's super-rich like Alibaba's Jack Ma see billions of dollars wiped from their fortunes as the economy slumps
▼ + stars: | 2022-11-08 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

China's super-wealthy have seen their fortunes tumble by the most in 24 years, per the Hurun Rich List. Alibaba founder Jack Ma's net worth dropped 29% to $25.7 billion, as tech bosses took a hit. His ranking on the rich list sank four places to ninth. Overall, the number of people with a net worth of $10 billion dropped by 29 to 56, while the number of dollar billionaires fell by 239 to 946. But Hoogewerf said that despite the declines, the rich list is still 50% bigger than five years ago.

☆ Alibaba’s Jack Ma and China’s super-rich see billions wiped off fortunes as economy slows
▼ + stars: | 2022-11-08 | by ( Story Reuters | ) edition.cnn.com time to read: +2 min

China’s super-rich saw their wealth tumble by the most in over two decades this year, as the Russia-Ukraine war, Beijing’s zero-Covid measures and falling mainland and Hong Kong stock markets pummeled fortunes, according to an annual rich list. Tencent founder Pony Ma posted the second largest drop in wealth amid sliding tech stock prices. The founder of TikTok owner ByteDance, Zhang Yiming, took second place, but saw his wealth fall 28% to $35 billion due to a drop in ByteDance’s valuation. Tencent (TCEHY) founder Pony Ma posted the second largest drop in wealth of $14.6 billion amid sliding tech stock prices, to take fifth place on the list. Alibaba (BABA) founder Jack Ma and his family tumbled four places to be ranked No.

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