The co-founder of TikTok’s parent company, ByteDance, has become the richest person in China due to the app’s growing popularity. Zhang Yiming’s wealth is now estimated at $49.3 billion (£38 billion), which is 43% more than it was in 2023. Although he stepped down from running the company in 2021, he still owns about 20% of it.
TikTok is one of the most popular social media apps worldwide, but some countries are worried about its connections to the Chinese government. The U.S. plans to ban TikTok in January 2025 unless ByteDance sells it. Despite this pressure, ByteDance’s profits increased by 60% last year, boosting Zhang’s fortune.
Rupert Hoogewerf, the head of the Hurun Research Institute, noted that Zhang Yiming is the 18th person to be the richest in China in just 26 years. In comparison, the U.S. has only had four notable billionaires: Bill Gates, Warren Buffett, Jeff Bezos, and Elon Musk. This shows how dynamic China’s economy is.
Zhang isn’t the only tech billionaire in China. Pony Ma, the head of Tencent, is third on the list with an estimated wealth of £44.4 billion. However, many other billionaires have seen their wealth decline this year due to challenges in China’s economy. Only about 30% of the people on the rich list had an increase in their wealth, while most experienced a decrease.
The Hurun China Rich List has shrunk for three years in a row, as China’s economy and stock markets struggled. The list has 12% fewer individuals than last year and is down 25% from its peak in 2021.
Hoogewerf mentioned that while smartphone companies like Xiaomi had a good year, the green energy sector faced difficulties. Companies making solar panels, lithium batteries, and electric vehicles have struggled due to increased competition, leading to a drop in their wealth. Solar panel makers, for example, have seen their wealth decrease by up to 80% from their 2021 highs.
