China’s Richest in Each Province: Zhang Yiming, Zhong Shanshan, and Ma Huateng Lead Beijing, Zhejiang, and Guangdong

It’s the time again for the annual wealth reckoning, and this year’s “500 Richest” list, just released, paints a fascinating picture of China’s economic landscape. Who’s leading the charge in your province? The answer, as always, is a reflection of the dynamic shifts in technological innovation and consumer trends.

Here’s a snapshot of the top names: Beijing’s wealthiest individual remains Zhang Yiming of ByteDance, while Zhong Shanshan of Nongfu Spring leads the way in Zhejiang. Guangdong boasts the wealth of Pony Ma, while Huang Zheng of PDD Holdings, Inc. tops the list in Shanghai. Also making their mark on the list are industry leaders like Wei Jianjun, the Zhang Hongchao brothers, the Zhang Xinghai family, and Zhou Qunfei of Lens Technology.

This year’s collective wealth held by the 500 wealthiest entrepreneurs (or families) reached 13.7 trillion yuan, a healthy 11% increase year-over-year. The average net worth of those on the list is approximately 27.38 billion yuan. The entry threshold to make the cut was a comfortable 6.62 billion yuan, with a significant 341 entrepreneurs holding over 10 billion yuan in net worth.

The big winner? Zhang Yiming of ByteDance, who tops the list with an estimated 481.57 billion yuan, primarily thanks to his 21% stake in the company. His rise is a testament to the power of the digital media industry, especially in AI.

Further down the list, Lei Jun and his family saw their fortunes soar, thanks to Xiaomi Corporation and Shunwei Capital. They currently sit in sixth place having gained a significant amount of wealth among the top 10, demonstrating the power of consumer technology. In a notable shift, Liang Wenfeng of DeepSeek surged onto the list, breaking into the top ten.

Looking at industry trends, the TMT (Technology, Media, and Telecommunications) sector retains its dominance, with pharmaceuticals and consumer staples close behind. TMT saw a staggering 110 entrepreneurs make the list, amassing a total of 3.34 trillion yuan in wealth, a significant increase from the previous year. This sector’s growth is fueled by innovation in semiconductors, artificial intelligence, and consumer electronics—with all three industries mutually benefitting each other; and semiconductors are the main driver behind the TMT sector’s incredible wealth increases. Semiconductor entrepreneurs contributed 36 individuals to the list, occupying 7% of the total list.