A total of 130 entrepreneurs from Shenzhen made it to the 2023 Hurun China Rich List, a ranking of the wealthiest individuals in China, as the list was unveiled recently.

The list, compiled by the Hurun Research Institute in collaboration with the renowned baijiu brand Hengchang Shaofang, featured 1,241 entrepreneurs who possessed a personal fortune of 5 billion yuan (US$684.3 million) or more. However, the collective wealth of all the listed entrepreneurs saw a decline of 4%, equivalent to 1 trillion yuan, compared to the previous year, settling at 23.5 trillion yuan.

Zhong Shanshan, CEO of the beverage company Nongfu Spring, clinched the title of China’s wealthiest individual, boasting a staggering fortune of 450 billion yuan. Pony Ma, CEO of Shenzhen-based tech giant Tencent, ranked second on the list. Ma’s wealth reached 280 billion yuan, up by 65 billion yuan from last year.

According to Rupert Hoogewerf, Hurun Report chairman and chief researcher, entrepreneurs engaged in online games, semiconductors, software (with a focus on internet security), and food and beverage, enjoyed a prosperous year, witnessing growth in their fortunes. In contrast, those experiencing a downturn in their wealth were predominantly from the real estate, photovoltaic, and steel industries.