The rising global popularity of TikTok has propelled Zhang Yiming, co-founder of its parent company ByteDance, to become China’s richest person.
According to a wealth ranking by the Hurun Research Institute, Zhang’s net worth has reached $49.3 billion (£38 billion), reflecting a 43% increase from 2023.
Although the 41-year-old stepped down from his leadership role in the company in 2021, he reportedly retains ownership of about 20% of the firm.
TikTok has emerged as one of the world’s most popular social media platforms, despite significant concerns in several countries regarding its connections to the Chinese government.
While both ByteDance and TikTok assert their independence from the Chinese state, the U.S. plans to ban TikTok in January 2025 unless ByteDance divests its ownership.
Despite facing intense scrutiny in the U.S., ByteDance’s global profits surged by 60% last year, contributing to the growth of Zhang Yiming’s personal wealth.
“Zhang Yiming is the 18th new Number One we have had in China in just 26 years,” said head of Hurun Rupert Hoogewerf.
“The US, by comparison, has only four Number Ones: Bill Gates, Warren Buffett, Jeff Bezos and Elon Musk.
“This gives an indication of some of the dynamism in the Chinese economy.”
Tech fortunes
Mr. Zhang is not the only representative from China’s vast tech sector featured on the list. Pony Ma, head of the tech conglomerate Tencent, ranks third, with an estimated personal wealth of £44.4 billion.
However, their fortunes are not solely attributed to the success of their companies; their rivals have struggled financially in a year marked by economic challenges in China.
In fact, only about 30% of the individuals on the list experienced an increase in their net worth, while the remainder saw a decline.
“The Hurun China Rich List has shrunk for an unprecedented third year running, as China’s economy and stock markets had a difficult year,” said Mr Hoogewerf.
“The number of individuals on the list was down by 12% in the past year to just under 1100 individuals and 25% from the high point of 2021.”
He said the data showed it had been a good year for smartphone manufacturers such as Xiaomi, while the green energy market had stumbled.
“Solar panel, lithium battery and EV makers have had a challenging year, as competition intensified, leading to a glut, and the threat of tariffs added to uncertainties,” he said.
“Solar panel makers saw their wealth down as much as 80% from the 2021 peak, whilst battery and EV makers were down by half and a quarter respectively.”