Zhang Yiming, co-founder of TikTok’s parent company, ByteDance, has ascended to the position of China’s richest person, driven by the app’s skyrocketing global popularity. According to the Hurun Research Institute’s latest rich list, Zhang’s net worth has reached $49.3 billion (£38 billion), marking a 43% increase from the previous year.
At 41 years old, Zhang stepped down from his role at the helm of ByteDance in 2021, yet he retains approximately 20% ownership in the firm. TikTok has emerged as one of the most widely used social media platforms globally, even amid rising concerns regarding its connections to the Chinese government.
Despite both ByteDance and TikTok asserting their independence from state influence, the U.S. government is poised to impose a ban on TikTok in January 2025 unless ByteDance divests its interests. Notably, ByteDance’s global profits soared by 60% last year, contributing significantly to Zhang’s personal wealth.
“Zhang Yiming is the 18th new Number One we have had in China in just 26 years,” remarked Rupert Hoogewerf, head of Hurun. “In comparison, the U.S. has only seen four individuals reach the top: Bill Gates, Warren Buffett, Jeff Bezos, and Elon Musk. This reflects the dynamism of the Chinese economy.”
Zhang is not alone in representing China’s booming tech sector; Pony Ma, head of Tencent, ranks third on the list with an estimated wealth of £44.4 billion. However, their fortunes contrast sharply with those of their competitors, many of whom have experienced declines amid a sluggish Chinese economy.
“Only about 30% of the individuals on the list saw an increase in their net worth, while the remainder faced declines,” Hoogewerf noted. “The Hurun China Rich List has contracted for an unprecedented third consecutive year, as China’s economy and stock markets faced challenges. The number of individuals on the list dropped by 12% over the past year, totaling just under 1,100 and down 25% from the peak in 2021.”
He highlighted that smartphone manufacturers, such as Xiaomi, have fared better during this downturn, while the green energy sector has struggled. “Solar panel, lithium battery, and electric vehicle (EV) manufacturers have encountered a challenging year, characterized by intensified competition and gluts, with tariffs further exacerbating uncertainties,” he explained. “Solar panel makers have seen their wealth diminish by as much as 80% from their 2021 peak, while battery and EV manufacturers have lost half and a quarter of their value, respectively.”
