TikTok’s Success Catapults ByteDance Co-founder Zhang Yiming to Top of China’s Rich List Amid Economic Challenges
Zhang Yiming, co-founder of ByteDance, has claimed the title of China’s wealthiest individual, driven by the explosive popularity of TikTok, the social media platform owned by ByteDance. According to the latest Hurun China Rich List, Zhang’s net worth has surged 43% from last year, reaching $49.3 billion (£38 billion).
Despite stepping down from a management role in ByteDance in 2021, the 41-year-old still holds a 20% stake in the company, allowing him to benefit from its rapid international growth. TikTok’s rise has made it one of the world’s most popular apps, even as concerns over its ties to the Chinese government continue to prompt scrutiny in countries like the United States.
The U.S. government has announced plans to ban TikTok by January 2025 unless ByteDance sells the app, citing security concerns. Nevertheless, ByteDance has thrived, with its global profits increasing by 60% last year—a key factor in boosting Zhang’s personal fortune.
“Zhang Yiming is the 18th new Number One we have had in China in just 26 years,”
noted Rupert Hoogewerf, chairman of Hurun. “In comparison, the U.S. has only had four Number Ones—Bill Gates, Warren Buffett, Jeff Bezos, and Elon Musk. This highlights the dynamism within the Chinese economy.”
Tech Fortunes Lead China’s Rich List
Zhang is not the sole representative of China’s tech sector on the rich list. Tencent’s CEO, Pony Ma, ranks third with a wealth of £44.4 billion. However, wealth gains were limited; only 30% of individuals on the list saw an increase in their fortunes as China’s economic slowdown impacted many industries.
“The Hurun China Rich List has shrunk for an unprecedented third year, with a 12% drop in individuals over the past year and a 25% decrease since its peak in 2021,”
said Hoogewerf.
Sectors like smartphone manufacturing showed resilience, with companies such as Xiaomi reporting strong results. However, green energy companies faced challenges amid heightened competition and tariff threats. Solar panel producers saw their wealth plunge as much as 80% from 2021 highs, while lithium battery and EV makers saw declines of 50% and 25% respectively.
The rich list data provides a snapshot of China’s evolving economic landscape, where rapid tech growth and economic pressures coexist, shaping the fortunes of the country’s wealthiest individuals.
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