Nongfu Spring’s Zhong Shanshan retains the No.1 spot for fifth straight year
SINGAPORE (November 6, 2025) – The collective net worth of tycoons on the 2025 Forbes list of China’s 100 Richest rose US$320 billion to $1.35 trillion, from $1.03 trillion last year. The complete list can be found here and in the November issue of Forbes Asia.
China’s stock markets have been on a roll, fueled by the AI boom and hopes of more stimulus measures by the Chinese government to combat a sluggish economy and the fallout of a trade war with the U.S. The benchmark CSI 300 index rose 15% since fortunes were last measured a year ago. Overall, two-thirds of those on the list this year are wealthier.
Zhong Shanshan, founder of Nongfu Spring, remains at No. 1 for the fifth year in a row. The biggest gainer in dollar terms, Zhong saw his wealth expand by $26.3 billion to $77.1 billion as the water and beverage giant reported double-digit growth in both net profit and revenue for the first six months of 2025.
ByteDance cofounder Zhang Yiming moves up to No. 2, adding $23.7 billion to take his wealth to $69.3 billion. Its short video app TikTok warded off a potential shutdown in the U.S. after President Trump signed an executive order in September for a new joint venture company, majority owned by American investors, to oversee the popular social media platform.
Tencent Holdings chairman Ma Huateng slipped one spot to No. 3, despite his wealth rising by more than a third to $62.8 billion. Shares of the internet juggernaut, which has been investing in AI, jumped more than 40% in the past year on rising sales of online games and increased advertising on its superapp Weixin, better known as WeChat overseas.
Robin Zeng of CATL takes the fourth spot on the list, with his fortune expanding by $16.4 billion to $53.5 billion. Rounding out the top five is William Ding of NetEase, who also saw his wealth increase to $47.5 billion, up from $27.4 billion last year.
The global craze for Labubu dolls made Pop Mart International Group founder Wang Ning (No. 13) the biggest gainer in percentage terms. The toy mogul’s wealth soared more than fourfold from a year ago to $22.2 billion, from $5.5 billion last year. Cambricon Technologies chairman and CEO Chen Tianshi (No. 15) nearly tripled his net worth to $21 billion, from $7.27 billion last year. Dubbed the Nvidia of China, the AI chipmaker in August reported its first-ever, half-year net profit of $140 million since its 2020 IPO.
Meituan chairman and CEO Wang Xing (No. 55) saw the biggest wealth decline this year in both dollar and percentage terms, with his net worth shrinking by $6.2 billion, or over 42%, to $8.4 billion as a price war with Alibaba and JD.com hit the food-delivery heavyweight’s bottom line.
There are eight newcomers to the list, including DeepSeek founder Liang Wenfeng, who appears at No. 34 with $11.5 billion. The homegrown AI firm stormed onto the world stage by launching its cost-effective AI model in January, which sent Chinese tech stocks soaring. Amid the worldwide AI boom, Zhou Chaonan (No. 85, $5.3 billion), founder of data center operator Range Intelligent Computing Technology Group, also made her debut on this year’s list.
Six tycoons returned to the ranks after dropping off previously, including Qian Dongqi (No. 93, $5.05 billion), founder of robot vacuum maker Ecovacs Robotics, which saw net profit in the first half of this year jump over 60% to $138 million on higher sales of its home appliances.
Among the 14 listees who dropped off is Wang Jianlin, chairman of Dalian Wanda Group and once China’s richest person, whose property conglomerate has been selling off assets amid a liquidity crunch. The minimum net worth to make the list rose to $4.6 billion from $3.9 billion last year.
The top 10 richest in China are:
- Zhong Shanshan; US$77.1 billion
- Zhang Yiming; $69.3 billion
- Ma Huateng; $62.8 billion
- Robin Zeng; $53.5 billion
- William Ding; $47.5 billion
- Colin Huang; $45.3 billion
- Lei Jun; $36.8 billion
- Jack Ma; $31 billion
- He Xiangjian; $29.8 billion
- Zheng Shuliang; $25.4 billion
This list of mainland China’s richest was compiled using shareholding and financial information obtained from families and individuals, stock exchanges, analysts, private databases and other sources. Net worth figures are based on exchange rates and stock prices on October 17, 2025. Private companies are valued by using financial ratios and other comparisons with similar companies that are publicly traded. Some family fortunes were split. In order to facilitate comparisons among individuals with similar backgrounds, a number of entrepreneurs from mainland China whose citizenship is not People’s Republic of China but whose main source of wealth is the mainland were included.
The full list of China’s 100 Richest can be accessed at www.forbes.com/china.
About Forbes
Forbes is an iconic global media brand that has symbolized success for over a century. Fueled by journalism that informs and inspires, Forbes spotlights the doers and doings shaping industries, achieving success and making an impact on the world. Forbes connects and convenes the most influential communities ranging from billionaires, business leaders and rising entrepreneurs to creators and innovators. The Forbes brand reaches more than 140 million people monthly worldwide through its trusted journalism, signature ForbesLive events and 49 licensed local editions in 81 countries.
For media queries, please contact: Catherine Ong Associates
Catherine Ong, cell: +65 9697 0007, Email: cath@catherineong.com
Sharon Cheah, cell: +65 9658 2942, Email: sharon@catherineong.co