The rising 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 rich list, Zhang’s net worth is now $49.3 billion (£38 billion), a 43% increase from 2023.
Although Zhang stepped down as CEO in 2021, he retains approximately 20% ownership of the company. TikTok has emerged as one of the world’s leading social media platforms, despite concerns in various countries regarding its connections to the Chinese government. While both ByteDance and TikTok assert their independence, the U.S. plans to ban TikTok in January 2025 unless ByteDance divests from it.
Despite facing significant pressure in the U.S., ByteDance’s global profits surged by 60% last year, boosting Zhang’s personal wealth. Rupert Hoogewerf, head of Hurun, noted that “Zhang Yiming is the 18th new Number One we’ve had in China in just 26 years,” in contrast to only four in the U.S. (Bill Gates, Warren Buffett, Jeff Bezos, and Elon Musk), highlighting the dynamism of the Chinese economy.
Zhang is not the only tech giant on the list; Pony Ma, CEO of Tencent, ranks third with an estimated wealth of £44.4 billion. However, their fortunes contrast with competitors who struggled in a challenging year for China’s economy. Only about 30% of individuals on the list saw their net worth increase, while the remainder experienced declines.
The Hurun China Rich List has contracted for the unprecedented third consecutive year due to economic difficulties, with the number of individuals on the list dropping by 12% to just under 1,100, and down 25% from the peak in 2021.
Hoogewerf highlighted that while smartphone manufacturers like Xiaomi performed well, the green energy sector faced challenges. Solar panel, lithium battery, and electric vehicle makers experienced significant declines, with solar manufacturers’ wealth plummeting by as much as 80% from their 2021 highs, while battery and EV producers saw reductions of 50% and 25%, respectively.
