Even as China’s richest, Zhang Yiming’s wealth of $49.3 billion is still less than half of Mukesh Ambani’s | Trending

teDance founder Zhang Yiming tops the l of China’s richest people with a fortune of $49.3 billion, according to the recently-released Hurun China Rich L. Despite his staggering net worth, China’s richest billionaire still trails far behind India’s richest man – Reliance Industries chairman Mukesh Ambani – whose wealth exceeds $102 billion. teDance founder Zhang Yiming (L) and Reliance Industries Chairman Mukesh Ambani (R). The Hurun Research Institute, which publishes the annual Hurun China Rich L, found that the total wealth of entrepreneurs on the China l this year was $3 trillion, down 10% from the previous year. “The Hurun China Rich L has shrunk for an unprecedented third year running, as China’s economy and stock markets had a difficult year,” said Rupert Hoogewerf, chairman and chief researcher of the Hurun report. India vs China: In numbersChina’s shrinking l of billionaires stands in contrast to India’s growing fortune. According to the Hurun India Rich L released August, “India is emerging as Asia’s wealth creation engine! While China saw a 25% decline in its number of billionaires, India experienced a 29% increase, reaching a record 334 billionaires.” However, India is still far behind China when it comes to the total number of billionaires – China has 753 billionaires to India’s 334. This year’s China Rich L had just 54 new names added to the l, the lowest figure in two decades. On the other hand, the number of billionaires in 2024 Hurun India Rich L hit triple century, with all the top 20 sectors adding new faces to the l. Zhang Yiming vs Mukesh AmbaniZhang Yiming, 41, has a net worth of $49.3 billion, according to Hurun. According to the Bloomberg Billionaires Index, Yiming’s current net worth stands closer to $43 billion. He is the founder of teDance, the parent company of popular short-video platforms Douyin and TikTok which saw its revenue grow to $110 billion last year. Meanwhile, India’s richest man is Mukesh Ambani, whose net worth touches $102 billion. Ambani saw his wealth grow 25% over last year. As per the Hurun India Rich L, Reliance Industries’ share price has risen over the past year due to strategic investments in energy and retail, projected earnings growth, and positive developments in its telecom arm, Jio, driven recent price hike. (With inputs from AP)