REVEALED: TikTok owner Zhang Yiming tops list of China's most wealthy

• Co-founder of ByteDance has become China's richest person with a net worth of $49.3 billion, thanks to the global success of TikTok
• Despite concerns over its ties to the Chinese state and a potential US ban, ByteDance's profits surged by 60% last year
• The Hurun Research Institute notes that only 30% of China's richest saw their net worth increase in a year of economic challenges

The surging global popularity of TikTok has propelled Zhang Yiming, co-founder of its parent company ByteDance, to become China's richest person.

According to the Hurun Research Institute's latest rich list, Zhang is now worth $49.3 billion (£38 billion), a 43% increase from 2023.

Zhang Yiming becomes richest person in China. Photo credit: Shreeva via Getty images
Source: Getty Images

Although Zhang stepped down from his role in 2021, he still holds approximately 20% of the firm.Although Zhang stepped down from his role in 2021, he still holds approximately 20% of the firm.

TikTok owner becomes richest man in China

TikTok has solidified its position as one of the most popular social media apps worldwide, despite concerns in some countries about its ties to the Chinese state.

Both ByteDance and TikTok have repeatedly asserted their independence from the Chinese government. However, the US has announced intentions to ban TikTok by January 2025 unless ByteDance sells the app.

Even amid this intense pressure, ByteDance reported a 60% increase in global profits last year, significantly boosting Zhang Yiming's personal fortune.

"Zhang Yiming is the 18th new Number One we have had in China in just 26 years," said Rupert Hoogewerf, head of Hurun. "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 alone in representing China's tech sector on the rich list. Pony Ma, CEO of Tencent, is third on the list with an estimated wealth of £44.4 billion.

Despite their success, the fortunes of many Chinese tech moguls have been affected by the country's sputtering economy. Approximately 70% of individuals on the list saw a decline in their net worth over the past year.

"The Hurun China Rich List has shrunk for an unprecedented third year running, as China’s economy and stock markets had a difficult year," Hoogewerf noted.

The number of individuals on the list decreased by 12% in the past year to just under 1,100, down 25% from the high point of 2021.

The data highlighted a strong year for smartphone manufacturers like Xiaomi, while the green energy market faced challenges due to increased competition and tariff threats.

"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," Hoogewerf added.

Former exec at TikTok parent firm sues

Meanwhile, Legit.ng earlier reported that former US-based executive of ByteDance, the Chinese company that owns TikTok, has sued it for wrongful dismissal, saying he was fired for sounding the alarm over what he called its "culture of lawlessness."

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Source: Legit.ng