ByteDance's founder Zhang Yiming's wealth value has topped 350 billion yuan ($49.15 billion) this year, increasing by 105 billion yuan from 2023, and nominated as China's richest person of 2024, according to the Hurun Research Institute on Tuesday.

This is his first time being nominated as China's richest person, the first one to make the list who was born after the 1980s and an entrepreneur that started from scratch, the report said.

ByteDance's global revenue surpassed 850 billion yuan in 2023, up 30 percent year-on-year, according to the report.

The Hurun Rich List report for 2024 based wealth calculations as a snapshot of Aug 30, 2024. It identified the threshold for top 10 at 165 billion yuan.

A total of 1,094 entrepreneurs with a personal wealth of more than 5 billion yuan made the list this year, the institute said.

Nongfu Spring's Zhong Shanshan and Tencent's Ma Huateng grabbed the second and third spots on the list, with wealth values of 340 billion yuan and 315 billion yuan, respectively.

Moreover, the top five sectors of wealth for listed entrepreneurs are industrial products, consumer goods, general health, real estate as well as food and beverage.

The top three cities with the highest concentration of entrepreneurs on the list are Beijing, Shanghai and Shenzhen.