Entrepreneurs entering the Hurun China Rich List 2024 are mainly from the high-tech sector, especially from new energy, with others representing fields such as consumer electronics, e-commerce and biotechnology. CEOs in the new-energy sector, including those from Contemporary Amperex Technology Co (CATL), BYD and Geely, have seen their wealth surge in recent years. A similar trend is visible across other high-tech industries, with CEOs from DJI, Xiaomi, Luxshare Precision, Oppo and Vivo witnessing substantial increases in their fortunes. “This phenomenon combines a favorable national development environment with the strengths of private enterprises,” Bian Yongzu, Executive Deputy Editor-in-Chief of Modernization of Management magazine, told the Global Times.
ByteDance Founder Zhang Yiming, 41, has become China's richest person for the first time, with a fortune reaching CNY350 billion – a rise of CNY105 billion from the previous year. ByteDance's global revenue surpassed CNY850 billion last year, a 30% year-on-year increase. Despite threats to ban it in the U.S., TikTok's revenue in the country reached a record CNY110 billion in 2023, with 170 million Americans using the app throughout the year.
“Accelerating shifts in global supply chains have further propelled China's push for technological self-reliance, creating a favorable environment for high-tech firms to grow and thrive, with their numbers and development pace steadily rising,” Bian said. He noted that the Chinese government has significantly increased its support for private enterprises in recent years, particularly small and micro-sized firms, creating a fairer and more equitable environment for their growth. Many individuals on the rich list are private-sector entrepreneurs, primarily from high-tech industries, and this substantial increase in representation is closely tied to China's current development stage, strategic priorities and supportive policies, Bian said, as reported by the Global Times.
