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Business trends

ByteDance and Pinduoduo founders crash Hurun rich list

Majority of Chinese billionaire fortunes shrank as trade war took toll

NEW YORK -- Pinduoduo's Huang Zheng made it onto the Hurun Global Rich List for the first time, and ByteDance CEO Zhang Yiming stood out as the biggest gainer in greater China, as his fortune rose $9.2 billion over the past year. Together the two tech founders contribute $29 billion to an otherwise shrinking 2019 list of Chinese fortunes.

Though 52 Chinese newcomers, led by Huang, have joined the ranks of billionaires, 213 greater China magnates who made last year's list did not meet the $1 billion cutoff this time. Of those who remain, 65% have smaller fortunes than a year ago.

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