By The surging global popularity of TikTok has seen the co-founder of its parent company, ByteDance, become China’s richest person.
According to the Hurun Research Institute’s rich list, Zhang Yiming is now worth $49.3 billion (£38 billion) – 43% more than in 2023. The 41-year-old stepped down from his role in charge of the company in 2021, but is understood to own around 20% of the firm.
TikTok has become one of the most popular social media apps in the world, despite deep concerns in some countries about its ties to the Chinese state. While both companies insist they are independent of the Chinese government, the US intends to ban TikTok in January 2025 unless ByteDance sells it.
Despite facing that intense pressure in the US, ByteDance’s global profit increased by 60% last year, driving up Zhang Yiming’s personal fortune.
“Zhang Yiming is the 18th new Number One we have had in China in just 26 years,” said Hurun head 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.”
Zhang is not the only representative of China’s huge tech sector on the list. Pony Ma, boss of the tech conglomerate Tencent, is third on the list with an estimated personal wealth amounting to £44.4 billion.
However, the Hurun China Rich List has shrunk for an unprecedented third year running, as China’s economy and stock markets had a difficult year. Only around 30% of the people on the list had an increase in their net worth, while the rest saw a decline.
“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,” Hoogewerf said.
