The surging global popularity of TikTok has propelled Zhang Yiming, the co-founder of its parent company ByteDance, to become China’s richest person, with a staggering net worth of $49.3 billion. This marks a 43% increase from the previous year, solidifying his position at the top of the Hurun Research Institute’s rich list.
Despite stepping down from his role at ByteDance in 2021, Zhang Yiming still retains around 20% ownership of the company, which has seen immense success with the rise of TikTok. The social media app has captured the attention of users worldwide, becoming one of the most popular platforms despite concerns about its ties to the Chinese government.
In the face of mounting pressure from the US, which intends to ban TikTok unless ByteDance sells it by January 2025, the company has continued to thrive. ByteDance’s global profit surged by 60% last year, contributing to Zhang Yiming’s exponential increase in personal wealth.
Zhang Yiming’s rise to the top of China’s rich list reflects the dynamism of the country’s tech sector, with other prominent figures like Pony Ma of Tencent also making the list. However, the overall economic landscape in China has been challenging, with only a minority of individuals experiencing an increase in their net worth.
The Hurun China Rich List has shrunk for the third consecutive year, highlighting the difficulties faced by China’s economy and stock markets. Despite this, certain sectors like smartphone manufacturers have seen success, while others like green energy have struggled.
As China’s tech industry continues to flourish, individuals like Zhang Yiming and Pony Ma stand out as leaders in a competitive and evolving market. Their success underscores the rapid growth and innovation happening within China’s economy, despite broader economic challenges.
