The global surge in TikTok’s popularity has propelled ByteDance co-founder Zhang Yiming to become China’s wealthiest individual.
According to the Hurun Research Institute’s rich list, Zhang Yiming’s net worth has soared to $49.3 billion (£38 billion), marking a 43% increase from 2023. The 41-year-old stepped down as ByteDance CEO in 2021 but retains an estimated 20% ownership of the company.
TikTok, despite facing significant scrutiny over its ties to the Chinese government, has become one of the world’s most popular social media platforms. While ByteDance and TikTok assert their independence from the Chinese state, the U.S. plans to ban TikTok in January 2025 unless ByteDance divests its ownership.
ByteDance’s global profits surged by 60% last year, significantly boosting Zhang Yiming’s personal wealth.
“Zhang Yiming is the 18th person to top our list in 26 years,” noted Rupert Hoogewerf, head of Hurun. “By contrast, the U.S. has had only four: Bill Gates, Warren Buffett, Jeff Bezos, and Elon Musk. This highlights the dynamic nature of the Chinese economy.”
Tech Fortunes Zhang Yiming is not the only tech mogul on the list. Pony Ma, CEO of Tencent, ranks third with a personal wealth of £44.4 billion.
Their wealth is not solely due to their companies’ successes but also because their competitors have fared worse during a challenging year for China’s economy. Approximately 30% of the individuals on the list saw their net worth increase, while the rest experienced declines.
How did Zhang Yiming become one of the richest people on the planet? “The Hurun China Rich List has shrunk for an unprecedented third consecutive year, reflecting the difficulties in China’s economy and stock markets,” said Hoogewerf. The number of individuals on the list decreased by 12% in the past year to just under 1,100, and by 25% from the peak in 2021.
The data revealed a favorable year for smartphone manufacturers like Xiaomi, while the green energy market faced setbacks. “Solar panel, lithium battery, and EV makers encountered a challenging year with increased competition, leading to an oversupply and uncertainty from potential tariffs,” Hoogewerf explained. “Solar panel makers’ wealth plummeted by as much as 80% from their 2021 peak, while battery and EV manufacturers saw declines of half and a quarter, respectively.”
