Mainland China’s stock market has experienced a surge in growth due to measures aimed at stopping the property slump and boosting economic activity. The benchmark CSI 300 index has risen by 12% in the past year, leading to a collective wealth exceeding $1 trillion once again after dropping below that mark two years ago. The minimum net worth required to make the top 100 list of China’s richest individuals has also increased to $3.9 billion, up from $3.4 billion in the previous year.
While 60 fortunes have seen an increase in wealth this year, 22 individuals have experienced declines in their net worth. Notably, water and beverage tycoon Zhong Shanshan, founder of Nongfu Spring, saw the biggest drop in dollar terms, with his wealth shrinking by $9.3 billion to $50.8 billion, although he retained the top spot for the fourth consecutive year. On the other hand, Ma Huateng, chairman of Tencent Holdings, saw the largest gain, adding $14.7 billion to reach $46.8 billion and securing the second position on the list.
ByteDance co-founder Zhang Yiming slipped to the third spot despite a 5% increase in his net worth, reaching $45.6 billion. Regulatory challenges have posed obstacles for the company, with ByteDance recently suing the U.S. government over laws mandating the sale of the TikTok app. PDD Holdings founder Colin Huang fell to fourth place, with his wealth increasing to $43.9 billion despite facing pressure from scaling up supply chain investments and supporting vendors.
Newcomers to the list include Cai Haoyu, Liu Wei, and Luo Yuhao, co-founders of miHoYo, an online games developer known for its anime-styled games that have garnered global popularity. Additionally, toy magnate Wang Ning and Zong Fuli, the youngest woman on the list, have made their debut. Ten tycoons have re-entered the ranks after dropping off in previous years, with the wealthiest among them being chairman of chipmaker Cambricon Technologies, Chen Tianshi, with a net worth of $7.27 billion.
However, 17 individuals have dropped off the list, including Yang Huiyan, chairman of property developer Country Garden Holdings, which suspended trading of its shares on the Hong Kong stock exchange in April. The methodology for compiling the list involves using shareholding and financial information obtained from various sources, with net worth figures based on current exchange rates. Special thanks are given to professionals who helped with reporting and valuations for the list of China’s richest in 2024.
