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ByteDance founder Zhang Yiming is now China 's richest person, according to Hurun Research Institute's China Rich List .
41-year-old Zhang , with a personal wealth of $49.3 billion , beat Nongfu Spring founder Zhong Shanshan , who lost his number one spot after topping the list for three years .
China has 1,094 individuals with wealth exceeding 5 billion yuan ( $700 million ) down by 12% or 147 individuals from the previous year .
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