Mainland China’s stock market experienced a surge following measures implemented to combat the ongoing property slump and stimulate economic growth. The benchmark CSI 300 index rose by 12%, pushing collective wealth back above the $1 trillion mark, with a 15% increase from the previous year. The minimum net worth required to make it to China’s top 100 also increased to $3.9 billion, up from $3.4 billion in 2023, reflecting the overall growth in fortunes.
While 60 individuals saw an increase in their net worth, 22 experienced a decline. One notable figure in the latter category is Zhong Shanshan, the founder of Nongfu Spring, whose wealth diminished by $9.3 billion due to intense competition in China’s bottled-water market. Despite this decline, Zhong retained the top rank for the fourth consecutive year. On the other hand, Ma Huateng, the chairman of Tencent Holdings, saw the biggest gain, adding $14.7 billion to his fortune, reaching $46.8 billion and moving up to the second position.
ByteDance co-founder Zhang Yiming slipped to third place despite a 5% increase in his net worth to $45.6 billion, as the company continues to face regulatory challenges overseas. PDD Holdings founder Colin Huang also saw an increase in wealth, pushing his net worth to $43.9 billion, but he dropped to the fourth position. Another notable gainer is Zhu Yi, chairman of Biokin Pharmaceutical, whose net worth more than doubled to $8.2 billion following a significant deal with a U.S. biopharma company.
The list saw the addition of eight newcomers, including the three co-founders of online games developer miHoYo, Toy magnate Wang Ning, and Zong Fuli, the youngest woman on the list. Additionally, ten tycoons made a return to the list after previously dropping off, such as the chairman of chipmaker Cambricon Technologies, Chen Tianshi. Among the drop-offs is Yang Huiyan, chairman of Country Garden Holdings, a debt-laden property developer that suspended trading of its shares in April.
The methodology used to compile the list of China’s richest individuals involved obtaining shareholding and financial information from various sources, with net worth figures based on exchange rates and stock prices as of October 18, 2024. Private companies were valued using financial ratios and comparisons with publicly traded counterparts. The list also includes entrepreneurs from mainland China whose citizenship is not from the People’s Republic of China, but whose wealth primarily originates from the mainland. The editors reserve the right to make amendments to the list based on new information.
Overall, China’s richest individuals saw a mix of gains and losses in their fortunes in 2024, reflecting the dynamic nature of the country’s economy and market conditions. Despite challenges such as regulatory hurdles and intense competition, many tycoons managed to increase their wealth significantly. With ongoing efforts to stimulate economic growth and address structural issues, the landscape of China’s wealthiest individuals continues to evolve, showcasing both resilience and adaptability in the face of challenges.
