As Asia’s economic landscapes evolve, the contrasting fortunes of India and China’s wealthiest individuals underscore the shifts in economic momentum across the continent
ByteDance founder Zhang Yiming has claimed the title of China’s wealthiest individual with a net worth of $49.3 billion, as per the latest Hurun China Rich List. However, even with this remarkable fortune, Zhang’s wealth is only half of Mukesh Ambani’s, India’s richest man and Reliance Industries chairman, whose fortune exceeds $102 billion, economictimes.indiatimes.com reported.
Ambani’s lead reflects broader economic trends in the two countries, with India’s billionaire count steadily rising as China’s continues to shrink.
The Hurun Research Institute’s report revealed that total wealth among China’s billionaires has decreased by 10%, now totaling $3 trillion. This marks the third consecutive year of decline, attributed to China’s economic challenges and fluctuating stock markets. Hurun chairman Rupert Hoogewerf remarked, “The Hurun China Rich List has shrunk for an unprecedented third year running, as China’s economy and stock markets had a difficult year.”
ByteDance’ net worth still trails Mukesh Ambani’s, whose assets have grown significantly due to Reliance Industries’ expanding portfolio in energy, retail, and telecom. Reliance’s telecom arm, Jio, recently boosted earnings after implementing price increases, contributing to Ambani’s 25% wealth surge over the past year
India vs. China: Diverging Billionaire Fortunes
In contrast to China’s wealth contraction, India has witnessed an unprecedented increase in billionaire numbers. The Hurun India Rich List, published in August, highlighted India’s rapid wealth creation, which has positioned it as Asia’s emerging “wealth creation engine.” China saw a 25% drop in its billionaire count, while India achieved a 29% increase, now boasting 334 billionaires. However, China still leads in absolute numbers with 753 billionaires, compared to India’s total of 334.
China’s rich list saw just 54 new additions this year, the lowest in 20 years, reflecting the country’s challenging economic environment. Meanwhile, India’s list broke records, with contributions from all major sectors adding new names to its billionaire ranks.
Ambani vs. Zhang: A Wealth Comparison
Zhang Yiming, at 41, has amassed his wealth through ByteDance, the parent company of the globally popular platforms Douyin and TikTok. ByteDance generated an impressive revenue of $110 billion last year, securing Zhang’s position as China’s richest.
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