TikTok founder becomes China’s richest man

Mr Zhang is not the only representative of China’s huge tech sector on the list.

Pony Ma, boss of the tech conglomerate, Tencent, is third on the list with an estimated personal wealth amounting to £44.4bn.

But their fortunes are not just explained by their companies successes – their rivals have made less in a year in which China’s economy has sputtered.

In fact, only approximately 30% of the people on the list had an increase in their net worth – the rest saw a decline.

“The Hurun China Rich List has shrunk for an unprecedented third year running, as China’s economy and stock markets had a difficult year,” said Mr Hoogewerf.

“The number of individuals on the list was down by 12% in the past year to just under 1100 individuals and 25% from the high point of 2021.”

He said the data showed it had been a good year for smartphone manufacturers such as Xiaomi, while the green energy market had stumbled.

“Solar panel, lithium battery and EV makers have had a challenging year, as competition intensified, leading to a glut, and the threat of tariffs added to uncertainties,” he said.

“Solar panel makers saw their wealth down as much as 80% from the 2021 peak, whilst battery and EV makers were down by half and a quarter respectively.”