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Pinduoduo and ByteDance Chiefs Were Two of the Three Richest Billionaires under 40 in 2019

By Ding Yi / Mar 09, 2020 03:36 PM / Society & Culture

Photo: VCG

Photo: VCG

The founders of two of China’s biggest unicorns were among the world’s top three young billionaires in 2019, according to a report which measured the wealth of 53 billionaires aged 40 and under from nine countries.

Huang Zheng, the 40-year-old founder of e-commerce upstart Pinduoduo, grew his fortune by 20% to $18 billion in 2019, claiming the second spot on the list. Zhang Yiming, the 37-year-old founder of TikTok owner ByteDance, came in third with a net worth of $13.8 billion, though his wealth was down by 1% from the previous year, according to Hurun Global 40 & Under Self-Made Billionaires 2020, which was published Monday. The wealth calculations were as of Jan. 31.

However, Huang and Zhang lagged far behind Facebook’s 35-year-old Mark Zuckerberg, who took the crown with $84 billion, up $4 billion from a year ago, the report said.

Zhang Bangxin, 39, founder of New York-listed education service provider TAL, climbed five places to become the world’s sixth richest young entrepreneur with a net worth of $10.4 billion, as the Covid-19 outbreak drove demand for online education. Shenzhen-based commercial drone maker DJI’s 40-year-old founder, Wang Tao, ranked ninth with a fortune of $6.8 billion, according to the report.

The list saw18 new faces, eight of whom were from China including Kuaishou’s Cheng Yixiao, Meituan-Dianping’s Mu Rongjun and OKCoin’s Xu Mingxing. That was three times the number the United States had.

According to the report, the e-commerce industry produced the highest number with eight billionaires, followed by the social media sector with seven billionaires.

Overall, a total of 19 young Chinese billionaires made it onto the list, one less than the United States. Others were scattered across India, Australia, Singapore, Sweden, the United Arab Emirates, Canada and Russia.

Contact reporter Ding Yi (dingyi@caixin.com)

Related: China Has More Billionaires Than U.S. And India Combined: Hurun Report


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