Bloomberg Intelligence says China will lead AI models and 7 other tech sectors by 2030
The report says the U.S. and China are on track for joint AI leadership, while Bloomberg Economics sees China's GDP growth slowing to 3.6%
Beijing, October 28 - China witnessed an unprecedented surge in its mega-wealthy population this year, with an astounding 1,529 individuals amassing fortunes exceeding 5 billion yuan (approximately RM3.06 billion), according to the annual Hurun China Rich List. This staggering figure surpassed the previous record of 1,460 set in 2021, marking a significant milestone. The list, released on Tuesday, highlights the meteoric rise of tech tycoons and underscores China's burgeoning AI prowess.
Liang Wenfeng, the visionary behind AI startup DeepSeek, etched his name into history by entering the list at number seven, boasting an estimated wealth of US$41.7 billion. His ascent to this prestigious position was propelled by DeepSeek's groundbreaking R1 reasoning model, which ignited a sell-off in US tech stocks. This year's rich list encapsulated China's "two-speed economy," where the tech sector experienced exponential growth while traditional wealth dwindled.
According to Rupert Hoogewerf, chief researcher at the Hurun Research Institute, the list offers a glimpse into the country's rapidly evolving economic landscape. Of the top 100 wealthiest individuals, a remarkable 60% amassed their fortunes in sectors strategically targeted by China's "Made in China 2025" initiative, which aims to attain technological leadership within a decade.
Hoogewerf remarked, "This was the year 'Made in China 2025' came home," as the list reflected the tangible fruits of the nation's ambitious technological ambitions.
ByteDance founder Zhang Yiming reclaimed the top spot as China's richest man in 2024, boasting an estimated fortune of US$99.7 billion, setting a new record on the list. He surpassed Nongfu Spring founder Zhong Shanshan, commonly referred to as the "Bottled Water King." ByteDance, the parent company of TikTok and Douyin, has grappled with escalating regulatory scrutiny globally; however, its AI chatbot Doubao has garnered an impressive user base of nearly 420 million monthly active users, a commanding lead over domestic competitors.
Other notable figures in the top 10 include CATL founder Robin Zeng, Tencent's Pony Ma, NetEase's William Ding, and Cambricon's Chen Tianshi.
Written by urgent.news from Malay Mail's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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