Kathmandu. ByteDance founder Zhang Yiming has become China’s richest person due to the company’s expansion in the field of artificial intelligence (AI). A new list by Hurun Research Institute shows that the consumer market and real estate sector are under pressure as the wealth of the technology sector increases.

According to Hurun, the number of Chinese with a net worth of more than 5 billion yuan increased by 6.6 percent from last year to 1,529. The number of billionaires also increased by 155 to 1,176, according to the U. S. dollar calculation.

According to Hurun’s chairman, Rupert Hugewerf, 160 people on the list, or about 10 percent, have made wealth through AI. ByteDance’s ‘Dubao’ has become the most used AI assistant in China. The company is also the owner of the popular short video platform Duin and TikTok.

Bottled water tycoon Zhong Shanshan’s fortune fell 23 percent to $61 billion, dropping to second place. Robin Zeng, the head of the world’s largest company that produces batteries for electric vehicles, is in third place. Liang Wenfeng, founder of AI company DeepSick, is seventh, while Chen Tianxi, president of AI chip maker Cambrican, is in tenth place.

While the wealth of entrepreneurs in the fields of AI, semiconductors and robotics increased, the wealth of consumers and real estate entrepreneurs declined, Hurun said. Lei Jun, the chairman of Chinese electronic goods maker Xiaomi, has lost his wealth by half to $25.1 billion. For the first time, no real estate developer based in mainland China has made the list of the top 100 rich.

While the AI and electric vehicle industries are expanding due to government support, small businesses have been affected by consumers reducing spending. The prolonged slowdown in the real estate market has also weakened domestic demand.

China’s economy grew by 4.5 percent from July to September compared to the same period last year. China is aiming to achieve economic growth of 4.5 to 5 percent this year. This is slightly lower than last year’s five percent growth.