The rankings released by The Hurun Research Institute on Tuesday reflected that the country’s high-tech sectors were rising but others like consumer and real estate were under pressure.

The institute, which has published the list annually since 1999, found a record 1,529 people with more than 5 billion yuan (about $750 million), up 6.6% from last year.

The number of billionaires based on their net worth in U.S. dollars rose to 1,176, up 155 people — 176 more than the U.S. That was slightly below the 1,185 people in 2021.

Zhang topped the list with $100 billion, up 43%, “almost all of it on the back of AI,” and the amount was a record high for China’s richest person, Rupert Hoogewerf, Hurun Report chairman, said in a statement. Hoogewerf noted that ByteDance’s Doubao is China’s most used AI assistant.

ByteDance is also the parent company of popular short-video platforms Douyin and TikTok.

“AI is the biggest single wealth engine on this list: 160 Hurun rich listers — 1 in 10 — now make their money from AI,” he said.

Bottled water magnate Zhong Shanshan fell to second place with $61 billion, down 23%, while Robin Zeng, chairman of CATL, the world’s largest maker of batteries for electric vehicles, came third, Hurun said.

Hurun cross-checked its information with entrepreneurs, regulators, industry experts and others to compile the list, while acknowledging limitations.

Chinese artificial intelligence startup DeepSeek founder Liang Wenfeng, a new face on the list, ranked seventh. AI chipmaker Cambricon chair Chen Tianshi was 10th.

“This year’s gains were polarised — entrepreneurs in AI, semiconductors and robotics surged ahead, whilst those in consumer, real estate and traditional manufacturing saw their wealth shrink — a two-speed economy,” Hoogewerf said.

China last week said its economy grew 4.5% in the July-September quarter from a year ago, fueled by robust exports, moving closer to meeting its official annual growth target for the year. For the whole year, Chinese leaders have set a growth target of 4.5% to 5%, down from last year’s 5% expansion.

While some industries were thriving thanks to government support for technologies such as AI and electric vehicles, owners of small businesses reported tough times as their customers cut back on spending.

China’s domestic demand has been weighed down by a yearslong downturn in its property market.

The Hurun list reflected that too.

Hoogewerf said Lei Jun, chairman of Chinese smart consumer electronics maker Xiaomi, was this year’s “biggest faller,” with his wealth halved to $25.1 billion. Consumer fortunes also fell across the board, Hoogewerf said.

“Today, for the first time ever, not a single mainland property developer remains in the Top 100 — the only property names left at the top are the Hong Kong landlord families,” he said.