SHANGHAI, Oct 29 Reuters ByteDance founder Zhang Yiming is China39;s richest person, with personal wealth of 49.3 billion, an annual rich list showed on Tuesday, although counterparts in real estate and renewables have fared less well.

Zhang, 41, who stepped down as chief executive of ByteDance in 2021, becomes the 18th individual to be crowned China39;s richest person in the 26 years since the Hurun China Rich List was first published.

He overtook bottled water magnate Zhong Shanshan, who slipped to second place as his fortune dropped 24 to 47.9 billion.

Despite a legal battle over its U.S. assets, ByteDance39;s global revenue grew 30 last year to 110 billion, Hurun said, helping to propel Zhang39;s personal fortune.

Third on the list was Tencent39;s lowprofile founder, Pony Ma, while Colin Huang, founder of PDD Holdings, slipped to fourth place from third last year, even as his firm39;s discountfocused ecommerce platforms, Pinduoduo and Temu, continue to show healthy revenue growth.

The number of billionaires on the list dropped by 142 to 753, shrinking more than a third from its 2021 peak.

Chinas economy and stock markets had a difficult year, said Hurun Report Chairman Rupert Hoogewerf.

The most dramatic falls in fortunes have come from China39;s real estate sector, he added, while consumer electronics is clearly rising fast, with Xiaomi founder Lei Jun adding 5 billion to his wealth this year.

Solar panel, lithium battery and EV makers have had a…