China stands as one of the globe's leading economies, securing the second position in the GDP list of the world's top seven economic powerhouses. As a colossal economic force, China harbours a substantial cohort of billionaires, housing some of the wealthiest individuals globally. These financial titans span diverse sectors, from technology to real estate and financial services, wielding profound influence and actively shaping the nation's economic landscape.
For the wealthiest denizens of mainland China, the past year has proven to be a period of stagnation. This stagnation, attributed to diminished manufacturing and export activity amid heightened U.S.-China tensions, coupled with a prolonged slump in real estate values and noteworthy defaults, collectively contributed to a decline in the aggregate wealth of the top 100 richest individuals. The combined net worth dwindled from $907.1 billion to $895 billion.
This list unveils the paramount figures among China's billionaires in 2023. Zhong Shanshan, the magnate behind Beverages, and Pharmaceuticals maintains his reign as the foremost billionaire for the third consecutive year, although his fortune experienced a dip from $62.3 billion to $60.1 billion.
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Top 10 Billionaires Of China 2023
The robust engine propelling China's billionaire elite has encountered a setback, evidenced by the decline in the number of mainland Chinese billionaires on Forbes's 37th annual World’s Billionaires list for the second consecutive year. The tally now stands at 495, a drop from 539 the previous year and a substantial decrease from the record 626 in 2021. The repercussions of the pandemic and geopolitical tensions have precipitated a decline in stock prices and hindered economic growth in the world’s second-largest economy.
Below is the list of the 10 billionaires in China, reflective of the Forbes list of Chinese 100 Richest, converted into USD and based on the annual evaluation of wealth and assets published by Forbes magazine in 2023:
- Zhong Shanshan
- Zhang Yiming
- Colin Huang
- Ma Huateng
- William Lei Ding
- Robin Zeng
- Jack Ma
- He Xiangjian
- Wang Chuanfu
- Eric Li
This year witnessed a notable downturn in the collective fortunes of Chinese billionaires, with their aggregate wealth plummeting to $1.67 trillion. This stark decline contrasts sharply with the previous year's figure of $1.96 trillion and a substantial drop from the impressive $2.5 trillion recorded on the 2021 list.
The 2023 billionaire landscape in mainland China, when accounting for passport holders from Hong Kong and Macau, presents a nuanced perspective. Mainland China's exclusive count excludes these additional contributors to the region's wealth dynamics.
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10 Billionaires Of China 2023
1. Zhong Shanshan
Net Worth: $60.1 Billion
Source Of Wealth: Beverages, pharmaceuticals
Residence: Hangzhou
Surpassing the $60.1 Billion mark in net worth, Zhong Shanshan stands as the unparalleled leader in China's wealth landscape. Hailing from Hangzhou, he commands the throne of affluence as the chair of Nongfu Spring, a titan in bottled water and tea production. Clinching the top spot in 2021 after Nongfu Spring's triumphant IPO in Hong Kong, Zhong's financial prowess weathered storms as the shares of his Covid test supplier, Beijing Wantai Biological Pharmacy, faced a downturn. Despite challenges, his grip on the No. 1 position remains unyielding.
2. Zhang Yiming
Net Worth: $43.4 B
Source Of Wealth: Internet media
Residence: Beijing
With a net worth of $43.4 billion, Zhang Yiming, the luminary behind ByteDance, has left an indelible mark on internet media. Residing in Beijing, he founded the globally acclaimed TikTok, a short video social media app. Despite a rollercoaster valuation, sinking from $250 billion to $225 billion amid U.S. market ban speculations, Zhang remains a significant player. Stepping down as CEO and chairman under governmental pressure, he retains a formidable 20% stake in ByteDance.
3. Colin Zheng Huang
Net Worth: $36.2 Billion
Source Of Wealth: E-commerce
Residence: Shanghai
Pioneering the e-commerce landscape, Colin Zheng Huang boasts a net worth of $36.2 billion. Calling Shanghai home, he is the visionary founder of PDD Holdings, formerly known as Pinduoduo. Over the past year, PDD's Nasdaq-traded shares have skyrocketed, fueled by the success of Temu, a budget shopping site challenging competitors in the U.S. market. Despite stepping down as chairman in March 2021, Huang's influence remains palpable, holding nearly 28% of PDD Holdings.
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4. Ma Huateng
Net Worth: $32.1 Billion
Source Of Wealth: Internet media
Residence: Shenzhen
Known as Pony Ma, Ma Huateng commands a net worth of $32.1 billion, spearheading internet media giant Tencent from Shenzhen. Despite a nearly 10% dip in the company's Hong Kong-traded shares, Ma's strategic prowess shines through. Tencent's success extends to investments, notably a 40% stake in Epic Games, the creator of Fortnite, acquired for $300 million in 2013 and is now valued at over $6.8 billion.
5. William Lei Ding
Net Worth: $32 Billion
Source Of Wealth: Online games
Residence: Hangzhou
Seated in Hangzhou with a net worth of $32 billion, William Lei Ding reigns as the CEO of NetEase, a gaming behemoth listed on the Nasdaq and Hong Kong exchanges. Navigating challenges, Ding's fortune surged after China eased restrictions on foreign games. Beyond gaming, NetEase ventures into movies, e-commerce, and online music, showcasing Ding's diversified business acumen.
6. Robin Zeng
Net Worth: $25.8 B
Source Of Wealth: Automotive
Residence: Ningde
Residing in Ningde with a net worth of $25.8 billion, Robin Zeng is the visionary founder and chairman of Contemporary Amperex Technology (CATL), a global giant in electric vehicle batteries. CATL's influence extends to collaborations with major automakers, including BMW and Volkswagen. Zeng's impact resonates globally, with Ford announcing a $3.5 billion collaboration for a Michigan factory.
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7. Jack Ma
Net Worth: $25.1 Billion
Source Of Wealth: E-commerce
Residence: Hangzhou
Once at the top of China's wealth hierarchy, Jack Ma, co-founder of Alibaba, boasts a net worth of $25.1 billion. After a quiet period abroad due to evolving government policies, Ma returned to China in March. Still retaining a 3.8% stake in Alibaba, the company announced a groundbreaking split into six entities, marking a new chapter in Ma's entrepreneurial journey.
8. He Xiangjian
Net Worth: $21.2 Billion
Source Of Wealth: Home appliances
Residence: Foshan
A Foshan resident with a net worth of $21.2 billion, He Xiangjian, co-founder of Midea Group, transcends as a home appliance tycoon. Stepping down as chairman in 2012, he faces challenges as Midea's growth slows in China. Adapting to global markets, Midea strategically sells its products in the U.S. and Europe, diversifying its reach beyond China.
9. Wang Chuanfu
Net Worth: $17.6B
Source of Wealth: Batteries, Automobiles
Residence: Shenzhen
Wang Chuanfu, with a net worth of $17.6 billion, leads BYD as the world's largest EV company by sales. Surpassing Tesla in 2022, BYD accounts for 21% of the global market. Wang's journey from a farm village to heading a major EV company reflects a compelling success story. With Berkshire Hathaway's backing, Wang's BYD plays a pivotal role in reshaping the automobile industry.
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10. Eric Li Shufu
Net Worth: $15.3 Billion
Source of Wealth: Automobiles
Residence: Hangzhou
With a net worth of $15.3 billion, Eric Li, also known as Eric Li Shufu, takes the helm in the automobile industry. Chairing Zhejiang Geely Holding, Li oversees stakes in prominent automakers like Volvo, Daimler, Geely Automotive, and Polestar. Facing challenges with a $4.7 billion dip in his fortune, Li navigates the evolving landscape of car purchases in China, emphasizing sustained growth in the competitive automobile market.
The list is compiled by Forbes, utilizing shareholding and financial information from various sources. Net worth figures are based on exchange rates and stock prices as of October 20, 2023. The editors retain the right to amend the list with new information.
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