The soaring global popularity of TikTok has resulted in the co-founder of its parent company, ByteDance, becoming China’s wealthiest individual.
As per a rich list compiled by the Hurun Research Institute, Zhang Yiming now holds a fortune of $49.3 billion (£38 billion) – a 43% increase from 2023. The 41-year-old stepped down from his leadership position at the company in 2021, but reportedly retains around 20% ownership of the firm.
Despite facing pressures in the US, where there are concerns about TikTok’s connections to the Chinese government, ByteDance’s global profits surged by 60% last year, contributing to Zhang Yiming’s personal wealth growth.
Zhang Yiming is not the sole representative of China’s vast tech sector on the list. Pony Ma, the head of tech giant Tencent, ranks third on the list with an estimated personal wealth of £44.4 billion.
However, the fortunes of these individuals are not solely attributed to their companies’ successes, as their competitors have fared less well in a year when China’s economy has faced challenges.
According to Mr. Hoogewerf, the Hurun China Rich List has contracted for the third consecutive year, reflecting the difficulties in China’s economy and stock markets. The number of individuals on the list has decreased by 12% in the past year to just under 1100 individuals, a 25% decline from the peak in 2021.
Mr. Hoogewerf noted that it has been a favorable year for smartphone manufacturers like Xiaomi, while the green energy market has encountered obstacles. Solar panel, lithium battery, and electric vehicle manufacturers have faced a tough year due to increased competition, oversupply, and uncertainties related to tariffs.