HONG KONG (AP) — ByteDance founder Zhang Yiming tops the list of China's richest people, according to the Hurun Research Institute, although many of them have seen their net worth plunge over the past year.

The institute, which publishes the annual Hurun China Rich List, found that the total wealth of entrepreneurs on the list this year was $3 trillion, down 10% from the previous year.

The number of billionaires based on their net worth in U.S. dollars was also down 142, to 753. Hurun tallied 1,185 billionaires since 2021.

“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 Rupert Hoogewerf, chairman and chief researcher of the Hurun report.

ByteDance’s Zhang came in No. 1 for the first time this year, with a net worth of $49.3 billion, according to Hurun. ByteDance, which is the parent company of popular short-video platforms Douyin and TikTok, saw its revenue grow to $110 billion last year.

He is also the first individual born in the 1980s to top the Hurun list.

Bottled water magnate Zhong Shanshan fell to second place in 2024 with $47.9 billion, after his brand Nongfu Spring faced backlash in February when consumers accused it of disloyalty to China due to designs of its bottles.

The backlash wiped out billions in market value for Nongfu Spring.

Coming in third is Tencent founder Pony Ma with a net worth of $44.4 billion, as the gaming firm saw its revenues rise.

This year’s China Rich List had just 54 new names added to the list, the lowest figure in two decades. New additions include Charlwin Mao and Miranda Qu Fang, the founders of Xiaohongshu, a social media and lifestyle platform popular with young users.

China’s economy has lagged in the aftermath of the COVID-19 pandemic as the country grapples with a real estate crisis and a volatile stock market. Policymakers are expected to unveil major stimulus measures to encourage consumption and spending, which have declined in recent months.