Zhang Yiming, the founder of ByteDance, the parent company of TikTok, has regained the top spot on China's rich list, with a fortune estimated at $100 billion (€89.4 billion). The 43% increase in his wealth is largely attributed to ByteDance's aggressive expansion into artificial intelligence, according to the Hurun Report, which compiles the annual ranking.
Rupert Hoogewerf, chairman of the Hurun Research Institute, highlighted the transformative role of AI in shaping the list. "AI is the biggest single wealth engine on this list: 160 Hurun rich listers — 1 in 10 — now make their money from AI," he said. The report, published since 1999, identified a record 1,529 individuals with fortunes exceeding 5 billion yuan (€645 million), up 6.6% from the previous year.
A two-speed economy
The latest ranking underscores a widening gap in China's economic landscape. While tech entrepreneurs in AI, semiconductors, and robotics have seen their wealth soar, those in consumer goods, real estate, and traditional manufacturing have experienced declines. Hoogewerf described this as a "two-speed economy," with gains polarised across sectors.
China's economy grew 4.5% year-on-year in the third quarter, supported by robust exports, but weak domestic demand and a prolonged property downturn continue to weigh on growth. The property sector's struggles are evident in the list: for the first time, no mainland Chinese property developer appears among the 100 richest individuals, with only Hong Kong-based property-owning families remaining in the upper echelons.
The number of billionaires in China now stands at 1,176, up 155 from last year and 176 more than in the United States, although still below the 2021 peak of 1,185. This surge in billionaire numbers reflects the resilience of China's tech sector, even as broader economic challenges persist.
For European observers, the rise of AI-driven wealth in China carries significant implications. As European policymakers debate EU Inc and startup regulations, the contrast with China's tech-driven growth is striking. Meanwhile, European luxury brands are watching closely, as China's shifting tastes could affect their growth prospects in the world's second-largest economy.
The Hurun list also reflects broader global trends, with AI becoming a dominant force in wealth creation. In Europe, similar dynamics are emerging, though on a smaller scale. The growing use of AI among young people in countries like France is prompting discussions about regulation and education.
As China's tech sector continues to boom, the gap between its fortunes and those of traditional industries is likely to widen. For European businesses and policymakers, understanding these shifts is crucial, particularly as EU unity on China hardens and trade relations evolve.
The Hurun Report's findings offer a snapshot of a country at a crossroads, where innovation is rewarded but inequality persists. Whether China can sustain this AI-driven growth while addressing its structural challenges remains an open question, one that will resonate far beyond its borders.
