The global rise of TikTok has made Zhang Yiming, co-founder of its parent company ByteDance, China’s wealthiest individual, with an estimated fortune of $49.3 billion (Sh7.3 trillion).
This marks a 43% increase in his net worth since 2023, according to the Hurun Research Institute’s latest China Rich List.
Though Zhang, 41, stepped down as ByteDance CEO in 2021, he still holds around a 20% stake in the company, which has seen massive success through TikTok, now one of the world’s most popular social media platforms.
Despite concerns from several countries about ByteDance’s potential ties to the Chinese government, both ByteDance and TikTok assert they operate independently.
The U.S., however, has announced a planned ban on TikTok in January 2025 unless ByteDance divests its ownership.
ByteDance has maintained strong profitability despite global scrutiny, reporting a 60% profit increase last year, contributing to Zhang’s wealth growth.
“Zhang Yiming is the 18th new Number One in China in the last 26 years,” said Rupert Hoogewerf, head of Hurun.
In comparison, the U.S. has had just four leading billionaires over the same period: Bill Gates, Warren Buffett, Jeff Bezos, and Elon Musk.
China’s tech sector remains a prominent contributor to the country’s wealth rankings, with Tencent’s Pony Ma holding the third position with a fortune of £44.4 billion (Sh7.6 trillion).
However, unlike Zhang, many other wealthy Chinese individuals have seen a decline, as China’s economy faced challenges this past year. Only 30% of those on the list saw an increase in net worth.
“The Hurun China Rich List has seen its numbers decline for the third consecutive year as the country’s economy and stock market struggled,” Hoogewerf noted. The list has shrunk by 12% over the last year, now featuring just under 1,100 individuals, a 25% drop from 2021’s peak.
Despite these trends, some sectors showed resilience. Smartphone companies, like Xiaomi, fared well, while the green energy sector, including solar, battery, and EV manufacturers, faced stiffer competition and tariffs, leading to significant declines in wealth, with solar companies seeing reductions of up to 80% from their 2021 highs.
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