Hurun has estimated Zhang Yiming's net worth at $49.3 billion. The 41-year-old Zhang belongs to a new generation of Chinese entrepreneurs who are more focused on the international market than their predecessors.
The owner of TikTok, ByteDance, which was also founded by Zhang, increased its global revenue by 30% last year. TikTok, known as Douyin in China, boasts 200 million users solely in the United States.
Zhong Shanshan has lost his top spot on the list of the richest people for the first time in three years. The 70-year-old's net worth of $47.9 billion, largely stemming from the bottled water brand Nongfu Spring, has placed him in second place.