The co-founder of ByteDance, the parent company of TikTok, has surged to the title of China’s richest individual amid the app’s growing global popularity. According to the Hurun Research Institute’s latest rich list, Zhang Yiming’s net worth has reached $49.3 billion (£38 billion), marking a 43% increase from 2023.
At 41, Zhang stepped down from his leadership role in 2021 but reportedly still owns around 20% of the company. TikTok has emerged as one of the most widely used social media platforms worldwide, despite ongoing concerns in various countries regarding its connections to the Chinese government.
While both ByteDance and TikTok maintain that they operate independently of the Chinese state, the U.S. plans to ban TikTok in January 2025 unless ByteDance divests the app. Despite this pressure, ByteDance’s global profits rose by 60% last year, significantly boosting Zhang’s wealth.
“Zhang Yiming is the 18th new Number One we’ve had in China in just 26 years,” noted Rupert Hoogewerf, head of Hurun. “In contrast, the U.S. has seen only four individuals—Bill Gates, Warren Buffett, Jeff Bezos, and Elon Musk—hold the top position. This highlights the dynamism within the Chinese economy.”
Tech Titans in the Spotlight
Zhang is not the only tech mogul on the list. Pony Ma, CEO of Tencent, ranks third with an estimated fortune of £44.4 billion. However, their wealth isn’t solely due to their companies’ successes; their competitors have struggled in a year marked by economic challenges in China.
Only about 30% of the individuals on the Hurun list saw an increase in their net worth, with the remainder experiencing declines. “The Hurun China Rich List has shrunk for an unprecedented third consecutive year, reflecting the difficulties faced by China’s economy and stock markets,” Hoogewerf stated. The number of individuals on the list fell by 12% in the past year, totaling just under 1,100, and down 25% from the peak in 2021.
The report highlights a mixed year for various sectors, noting that smartphone manufacturers like Xiaomi have performed well, while the green energy sector has faced setbacks. “Solar panel, lithium battery, and EV manufacturers have encountered a challenging environment due to increased competition, leading to oversupply, alongside tariff uncertainties,” Hoogewerf explained. “Solar panel makers, in particular, have seen their wealth drop by as much as 80% from their 2021 highs, while battery and EV manufacturers experienced declines of 50% and 25%, respectively.”